Telangana government support startup incubation centre T-Hub said that it has been selected under the Startup India Seed Fund Scheme by the union government’s Department for Promotion of Industry and Internal Trade (DPIIT) to disburse Rs 5 crore among eligible startups with an objective to support and fuel early-stage funding in startups.
The organisation said that the fund will be disbursed to the eligible startups through debt or convertible debentures instruments. “The fund will be utilized to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation,” said T-Hub in a statement.
Incubation centre said that the Incubator Seed Management Committee (ISMC) which consists of prominent investors, mentors, established entrepreneurs, academic partners, and state government representatives, has been set up by T-Hub to assess the fund and select the startups.
T-Hub said it will be disbursing this fund to 15 startups in the span of three years. The seed fund allocated to T-Hub is sector agnostic and will focus on supporting technology startups and innovations which are Minimum Viable Product (MVP) ready and need funds for their early growth.
“This fund is a huge validation of our strategy and execution of equipping startups with the means to reach their full potential, especially at the early growth stages. We are supporting our startups by leveraging the network of partners that back our mission and this is just a start to provide opportunities to access funding and grants,” said T-Hub CEO M Srinivas Rao.