Salient Features of the NIDHI- SEED SUPPORT (SS) PROGRAM, Department of Science & Technology (DST)

While the Incubators are able to support the “Space, Services and Knowledge” requirements of startups, a wide gap exists in financial support required by a technology-driven start-up in its initial phase which is not being appropriately addressed.

The basic idea of seed support is providing financial assistance to potential startups with promising ideas, innovations, and technologies. This would enable some of these incubatee startups with innovative ideas/technologies to graduate to a level where they will be able to raise investments from angel/Venture capitalists or reach a position to seek loans from commercial banks /financial institutions.

Thus the proposed seed support disbursed by an incubator to an incubatee is positioned to act as a bridge between the development and commercialization of innovative technologies/products/services in a relatively hassle-free manner. NIDHI- SEED SUPPORT (SS) PROGRAM aims at providing financial assistance to startups for proof of concept, prototype development, product trials, market entry, commercialization, etc.

Eligibility Conditions for Incubatee Start-Ups for Seed support

The eligibility criteria for a startup to apply for the Nidhi- Seed Support (SS) Program are as follows:

1. The applicant startup must be a company registered in India, preferably a DPIIT registered/applied startup, and should have completed a minimum of 3 months of association with the incubator in its resident or virtual incubation program.

2. The applicant startup should have developed clarity on Unique Selling Preposition (USP) through customer validation and value proposition for its targeted customers.

3. This support is not meant for Indian Subsidiaries of MNCs/foreign companies. Persons holding Overseas Citizens of India (OCI). Persons of Indian Origin (PIO) would be considered Indian citizens for the purpose of this scheme.

4. The shareholding by Indian promoters in the incubate startup should be at least 51%.

5. Preference will be given to startups, who have not availed any funding from any Government of India /State Govt. body.

Broad Areas and Items to be covered under the Seed Support Assistance

The start-ups would be supported primarily on the following from the seed support:

1. The incubator at its discretion shall recommend heads on which the funds provided can be utilized by the startup and any caps on heads.

2. It is recommended that the seed fund be utilized largely for technology development and de-risking activities, scale-up, market entry, product development, mentoring, seeking consultancy, IPR issues, and all such startup activities.

3. Generally, not more than 10% of the fund can be directed towards team salaries.

List of Startups of IIMCIP who have received Seed Funding through NIDHI SSS Program

Sr No Name of the Incubatee Company State First Disbursement Date Website Industry Sector
1 Truckhall Private Limited West Bengal Feb-19 Manufacturing & Logistics
2 Ben & Gaws Private Limited West Bengal Feb-19 Manufacturing & Logistics
3 Synergy Teletech Private Limited Uttar Pradesh Jul-19 Clean Technology
4 Kitbag Tech Private Limited Delhi Dec-19
Education & Skill Dev
5 My3DSelfie Private Limited  Assam Mar-19 Deep Technology
6 RCHobbyTech Solutions Private Limited Assam Aug-20 Deep Technology
7 Talento Consulting Private Limited Delhi Mar-20 Education & Skill Dev
8 Krishworks Technology And Research Labs Private Limited West Bengal Mar-19 Education & Skill Dev
9 Satadru Technologies Private Limited West Bengal Mar-19 Manufacturing & Logistics
10 VNU Software Private Limited Delhi Jul-19 Healthcare
11 Monosha Biotech Private Limited West Bengal Aug-21 Healthcare
12 Technixia Automation Private Limited West Bengal Jun-21 Deep Technology
13 Recordent Private Limited Delhi Oct-21 FinTech
14 PrimedeQ India Private Limited Karnataka Sep-21 Healthcare
15 Tender Buds Teas & Crafts Private Limited (Aromica Tea) Assam Sep-21 Agriculture & Food