MeitY to Support Accelerators Via SAMRIDH Program

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Accelerators who wish to apply should have been in the business of incubation for more than three years and supported more than 50 start-ups….

The Ministry of Electronics and IT (MeitY) has announced the launch of SAMRIDH program. The SAMRIDH scheme will support existing and upcoming Accelerators to select and accelerate potential product based startups to scale. The program will focus on accelerating the startups by providing customer connect, investor connect and
internationalization connect services

Accelerators who wish to apply should have been in the business of incubation for more than three years and supported more than 50 start-ups of which at least 10 have received non-public investment.

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Selection of accelerators will be done by an expert committee comprising representatives from Government, Industry, and Investors. Accelerators with prior experience of running cohorts shall be prioritized over other incubations applying for SAMRIDH.

It is proposed that MeitY Startup Hub (MSH), shall act as the implementing agency
for SAMRIDH. MSH will take equity in Start-Ups for Government’s contribution via
Promissory/SAFE Note, same as accelerator which will be utilized for self
sustainability of the program.

The accelerator will not be allowed to take any equity for services provided
under the scheme and value addition so achieved due to such services, as
scheme provisions financial support to the accelerator.

However, Accelerators are encouraged to take equity from the start-ups from such
investments in the selected start-up based on a SAFE / Promissory Note.

For the Government funding in the start-up, Meity Startup Hub, the proposed
implementing agency of SAMRIDH will utilize the same investment vehicle as
the accelerator / investor which will be utilized for self sustainability of the
program.

Document Here – https://www.meity.gov.in/writereaddata/files/SAMRIDH%20Scheme%20Document.pdf

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