SAMRIDH Scheme

SAMRIDH Scheme Latest News

Two persons, including a chartered accountant, have been arrested for allegedly cheating the Ministry of Electronics and Information Technology (MeitY) of over Rs 3 crore under the pretext of the government-run SAMRIDH scheme for startups.

About SAMRIDH Scheme

• The Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) is a flagship programme of the Ministry of Electronics & IT (MeitY) for startup acceleration under the National Policy on Software Products–2019.
• Objective: 
  • It aims to support existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale. 
  • Among others, the program focuses on accelerating the startups by providing customer connect, investors connect and connect to international markets.
• An investment of up to Rs 40 lakh to the start-up based on the current valuation and growth stage of the Start-Up will be provided through selected accelerators. It will also facilitate equal matching investment by the accelerator.
• Implemented by: The scheme is being implemented by MeitY Start-up Hub (MSH), Digital India Corporation (DIC).
• In the first round of the cohort, 22 Accelerators spread across 12 states are supporting 175 startups, selected through a multilevel screening process.
  • List of accelerators comprises government supported organizations, academic institutions, the private sector, and early-stage start-up funding platforms. 
  • These accelerators then select 5-10 startups each in the focused areas of health-tech, ed-tech, agri-tech, consumer-tech, fin-tech, Software as a Service (SaaS), and sustainability through a multi-level screening process.
• The Accelerators have to provide services to the Start-Ups which include the following:
  • Expert diagnostic for market research and product positioning.
  • Mentoring startups through experts based on tech vertical
  • Legal Assistance for all matters: IP, Incorporation, and other matters
  • Connected learning and networking through shared platform
  • Co-learning
  • Weekly meets between founders of all startups
  • Demo Day: Presentation with venture capitalists (VCs)and angel investors
  • Assistance to startups in negotiating and closing investment deals with VCs and angel investors

Source: NIE

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