Sponsoring Agency: Startup Incubation and Innovation Centre
Type of Fund: Seed Money
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 04/30/2021
Size of the Fund: Less than USD $50,000
Startup Incubation and Innovation Centre, IIT KANPUR, invites applications for BIRAC initiative – Sustainable Entrepreneurship and Enterprise Development Fund (BIRAC SEED Fund).
The idea behind BIRAC’s initiative – Sustainable Entrepreneurship and Enterprise Development Fund (BIRAC SEED Fund) is to provide capital assistance to startups with new and meritorious ideas, innovations and technologies.
BIRAC Seed Fund aims to enable startups to graduate to a level where they can raise investments from angel investors/venture capitalists or seek loans from commercial banks /financial institutions. Thus the seed support is positioned to act as a bridge between promoters’ investment and Venture/Angel investment.
What you get
Equity based funding support up to INR 30 Lakhs to buy equipment, supplies and for hiring employees.
Guidelines for BIRAC SEED Fund support:
• The startup should be registered under Company Act 2013 and have at least 51% shareholders as Indian citizens.
• The equity support is up to 30 lakhs to cover the startup costs
• The Equity support as stated herein before can be up to 10% of the paid up capital of the startup.
• A legal binding agreement shall be entered into between the incubator and the startup to govern the terms of the equity support.
• No startup will receive BIRAC funding support more than once.
• The expert committee will review the milestone and evaluate the equity support strategy and other progress parameters.
Eligibility Criteria
Any startup, registered in India, working in biotechnology domain may apply, fulfilling the following criteria:
• Upto five years of incorporation/registration
• If it’s turnover for any of the financial years has not exceeded INR 25 crore
• And is working towards innovation, development, deployment or commercialization of new products, process or services driven technology or intellectual property
More information at: https://siicincubator.com/programs/birac-seed/
