Union Minister of Electronics and Information Technology (MeitY) Ashwini Vaishnaw launched the 'Startup Accelerators of MeitY for Product Innovation, Development and Growth' (SAMRIDH) program on Wednesday.
The MeitY Startup Hub (MSH) will implement this initiative that aims to form a suitable platform to enable the Indian software product startups to source investments and thereby enhance their offerings and scale their respective businesses.
Vaishnaw explained that SAMRIDH will roll out funding assistance to startups and also rope in different skillsets to assist in becoming a successful business. Earlier, he had claimed that the government will be supporting startups and entrepreneurs in their most challenging initial risk phase through this scheme.
“Employment in traditional as well as new age industries is a stated mission of our government and is also the vision of Prime Minister Shri Narendra Modi. Initiatives and schemes like SAMRIDH will help accelerate the implementation of that vision,” the cabinet minister’s statement was quoted in the Business Standard.
300 startups will be provided customer support, opportunities to expand internationally and also connects with investors in the coming three years via SAMRIDH.
Startups will receive investments up to Rs 40 lakh on the basis of their present valuation and equally matching investments will also be facilitated through other accelerators or investors.