NIDHI Seed Support Scheme (NIDHI SSS)
NIDHI Seed Support Scheme is to provide financial assistance to startups with promising ideas, innovations, and technologies. To ensure timely availability of the seed support to the deserving incubatee startups within SIIC, we want to enable them to take their venture to the next level and facilitate towards their success in the market place. 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 investors/ venture capitalist or they will reach a position to seek loans from commercial banks /financial institutions.
Milestone based equity / debt funding
upto INR 50 Lakhs
Who can apply
- Startup should be a registered company in India with minimum of three months of incubation with SIIC IIT Kanpur.
- The share holding by Indian promoters in the incubate start up should be at least 51%.
- Incubate has to be an Indian start-up. 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 as Indian citizens for the purpose of this scheme.
- Startup should have completed a prototype and must be ready with some potential customers. The startup should have Minimum Viable Product/Revenue Generating/ Committed Revenue. The seed support would generally cater to early stage financing for commercialization of the indigenous ideas , innovations and technologies.
- The team should show potential and credibility for raising second stage funding
- The team must be willing to share equity in the startup.
- The startup has to be a physical incubate with minimum of three months of residency at the Incubation Centre.
- The physically incubated startup should be at the stage of MVP/Revenue Generation/Committed Revenue.
- The call for applications closes on 1st March 2021
Terms of Seed funding
- Investment mode : Equity ownership/ Combination of Equity-Debt/ Debt funding
- CA Certified Utilization Certificate and statement of Expenditure. The expenditure has to be executed as per approved disbursement schedule.
- Reporting : Monthly reporting to Portfolio Manager, Bi-annual presentation to Seed Fund Committee and submission of Annual Financials/ MIS.