Pune: The Savitribai Phule Pune University’s SPPU Research Park Foundation has received seed capital of Rs5 crore under the Startup India scheme where selected start-ups will be provided seed funds.
The SPPU Research Park Foundation is a Section 8 company working in the field of startups. The foundation has received the fund through the Seed Fund Scheme under the Startup India program of the Central government. This is an opportunity for deserving start-ups to grow in scale.
Any registered company, group, or individual can apply for this seed fund. Eligibility conditions have been announced at https://seedfund.startupindia.gov.in/.
Apoorva Palkar, the director of the Center for Innovation, Incubation and Linkages, said start-ups can apply for the concept, product development, product testing, market-entry, and commercialisation.
Palkar said the applications received will be scrutinised by a committee of experts. Applicants will be notified of the result within 45 days. About 20% of the funds will be provided to the start-ups in the initial stage, while the remaining will be converted into debentures. Only start-ups registered under Department of Industrial Policy and Promotion (DIPP) can apply for this fund. Companies older than two years will not be able to apply.
Palkar said, “Savitribai Phule Pune University’s Center for Innovation, Incubation, and Collaboration and Research Park Foundation provides guidance on start-ups to students. This seed fund will help many start-ups to realise their innovations.”