`Shining Telangana': DPIIT selects T-Hub to disburse Rs 5 crore among startups
With an aim to provide value-driven and effective growth for the startups, T-Hub this year announced its focus on providing funding avenues for its startups
By Newsmeter Network Published on 19 Jan 2022 4:54 AM GMT
Hyderabad: Telangana's startup ecosystem enabler T-Hub has been selected by the Centre'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.
Under Startup India Seed Fund Scheme, T-Hub will be disbursing this fund to 15 startups in the span of three years. Interested startups can apply for the fund at https://seedfund.startupindia.
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.
The fund allocated is sector agnostic. It is to support technology startups and innovations that are Minimum Viable Product ready and in need of funds for their early growth, TĀHub said on Tuesday announcing selection under the scheme.
With an aim to provide value-driven and effective growth for the startups, T-Hub this year announced its focus on providing funding avenues for its startups, and receiving the Startup India Seed Fund is one of the steps towards this focus, T-Hub said.
The fund will be disbursed to the eligible startups through debt or convertible debentures instruments. It will be utilized to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialization.
"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 grant," said M Srinivas Rao, CEO, T-Hub.
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.
