The Indian startup industry is getting a huge boost with startup business grants, from the Government and private sector. Numerous reports hint to a promising future for the Indian startup sector.
According to Nasscom’s Indian Startup Ecosystem Report, India has the 3rd largest startup ecosystem in the world, with a 108% growth in funding. Compared to 2017, investments in startups in 2018 were more than double.
Moreover, factors such as evolving technology, increasing demand within the domestic market and a developing startup ecosystem such as shared coworking spaces, and collaborative networks, are driving startups in various industries.
Despite a vibrant startup ecosystem in the country, finding funds and investors for early-stage, and growth-stage startups and entrepreneurs is a challenge. Ideas and businesses are driven by passion, but they require money to sustain it. In addition, they require support in knowledge, acceleration, incubation and overall supportive systems.
We’ve put together a list of 7 startup business grants that could help Indian enterprises:
1. PRISM’s Technopreneur Promotion Program (TePP)
The TePP is an initiative of the Department of Science and Technology, Govt. of India. The program aims to support individual innovations to transform them into successful enterprises with the help of promotion and funding.
Individuals can utilize this program in the form of startup business grants to take an innovative idea to the next stages and commercialize it. With a ticket size of Rs. 2 Lac to Rs. 100 Lac, the programme provides grants at various stages: conceptualization, fabrication, development, trial, and application through to making it a commercial enterprise.
Focus area: technology-based innovation
2. Multiplier Grants Scheme (MGS)
The Department of Electronics and Information Technology offers the Multiplier Grants Scheme with the aim to support and fund industries such as IT, analytics, enterprise software, Internet of Things, artificial intelligence and technology hardware.
The scheme aims to encourage and accelerate the development of innovative products created in the Indian industries. The grant offers a maximum of Rs 2 Cr for a duration of 2 years.
Focus area: Startups that are into electronics and information technology.
3. Nasscom – the most sought after startup business grant
Nasscom’s 10,000 startups programme was started in 2013 with the idea of funding 10,000 Indian startups in 10 years. This is the process followed: selected startups are helped to raise money from VCs, government funds, and angel investors, among others. The startups get to work with accelerators, are mentored and are helped to foster strategic partnerships with Nasscom’s network.
Focus sectors: healthcare, agriculture, education, smart cities and infrastructure and AI across industries
4. Unlimited India
Unlimited India is an organization that helps early-stage social entrepreneurs grow their startups, which are social enterprises. The organization supports early-stage startups in the first 0-5 years.
Selected startups and social enterprises are provided induction workshops, helped with milestone setting, offered personalized coaching, site visits, networking, funding, and other support. 38% of the enterprises it supports are for-profit startups.
Focus Sectors: Agriculture, Livelihoods, Education, Environment, Sports, Gender Equality, Health & Well-being, Energy, Water & Sanitation, Financial inclusion, Inclusive Development, and Housing.
5. Zone Startups
A part of the Ryerson Futures Network that operates accelerator programs around the world, Zone Startups India helps a startup with a full spectrum of services and resources for building companies: funding, mentorship, access to talent, networking opportunities and soft landing to the North American market.
Zone Startups India accepts online applications throughout the year. Applicants do not need to apply with a formal business plan at this stage. The grant fund size is between Rs 50 Lac and Rs 3 crore.
Preferred sector: technology
6. Amity Innovation Incubator
The Amity Innovation Incubator fund is a set up of different investment stakeholders through which businesses can generate financial support. The Amity Innovation Funds helps entrepreneurs and startups with:
- Direct investments into ventures via Amity Capital Ventures
- Raising debt/equity via financial institution schemes
- Investors through HNI investors and VC funds
Through their Accelerator and Entrepreneur-in-Residence programs, the organization aims to help startups to scale nationally and internationally. The organization has incubated more than 100 startups to date.
Focused sector: technology and innovation
7. Amrita TBI
One of the lesser known startup business grants in India, Amrita TBI is a non-profit startup incubator. Partly supported by the Govt. of Indi, it funds, mentors and nurtures startups and entrepreneurs at the early and growth stage.
It funds up to Rs 1 Cr per startup as well as provides options for VCs and angel investor networks.
In other news
Startup India – WhatsApp Grand Challenge
WhatsApp has recently launched the Startup India – WhatsApp Grand Challenge. The grant will be given to five winners who are bringing change in any of the following sectors:
Focus areas: healthcare, rural economy, financial and digital inclusion, education and citizen safety as the themes for the startup challenge.
Ticket size: $2,50,000 to 5 winning startups
Want to read more about starting up and funding your venture? Read on: