SAMRIDH Scheme: What is it? Know key features

The Ministry of Electronics and Information Technology launched the Start-up Accelerators MeitY for Product Innovation, Development, and Growth (SAMRIDH) scheme. Know what is it and its key features.

Created On: Aug 26, 2021 19:36 IST
Electronics and Information Technology Minister Ashwini Vaishnaw, Source: PTI
Electronics and Information Technology Minister Ashwini Vaishnaw, Source: PTI

SAMRIDH Scheme: The Ministry of Electronics and Information and Technology (MeitY) on August 25, 2021, launched the Start-up Accelerators MeitY for Product Innovation, Development, and Growth (SAMRIDH). The scheme aims to boost the start-up ecosystem in India and aid in creating a conducive platform for Indian Software Product start-ups to secure investments for scaling their products and business. The MeitY Start-up Hub (MSH) is implementing the SAMRIDH scheme.

PM Narendra Modi in his Independence Speech on August 15, 2021, had said that start-ups are the new types of wealth creators in our country. The Indian government is relentlessly working towards making Indian start-ups and the start-up ecosystem the best in the world. The Electronics and Information Technology Minister Ashwini Vaishnaw in an event had said that the Indian government will support the start-ups and entrepreneurs in the initial risk phase.

What is SAMRIDH scheme?

The Ministry of Electronics and Information Technology on August 25, 2021, launched the Start-up Accelerators MeitY for Product Innovation, Development, and Growth (SAMRIDH) scheme. Implemented by the MeitY Start-up Hub (MSH), the scheme aims at creating a conducive platform for Indian Software Product start-ups to secure investments for scaling their products and business.

How will SAMRIDH scheme select start-ups?

The scheme will select start-ups in India that are all set for the acceleration stage. The Government will offer financial assistance, mentorship, and other required support to the selected start-ups at this stage.

The scheme will initially aid in accelerating 300 start-ups by offering customer connect, international expansion opportunities, and investor connects in the next 3 years.

What will SAMRIDH scheme offer to start-ups?

(i) An investment of up to Rs 40 lakh to the start-up based on current valuation,

(ii) Provide growth state of the start-up through selected accelerators,

(iii) Facilitate equal matching investment by the accelerator/investor,

How will SAMRIDH scheme benefit India and its start-up ecosystem?

The scheme will aid in providing financial support to the start-ups and improving the level of skill sets required to be successful. Technology and energy of the youth and start-ups ecosystem is crucial for inclusive development, said Vaishnaw at the launch event of the SAMRIDH scheme

Society today, especially those living in the remote parts of the country, requires a lot of initiatives, new services, and new products that will induce a better life for the marginalized sections of society. Leveraging the potential of start-ups and schemes such as SAMRIDH will help in realizing the vision of better life and inclusive development across the country.

The scheme will further accelerate the growth of the start-up ecosystem in India. The Indian start-up ecosystem has witnessed the emergence of 63 unicorns. With a total valuation of $168 billion, the Indian start-up ecosystem is now the 3rd largest unicorn hub. A Unicorn is referred to as a private start-up valued at over $1 billion.

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