IIT Mandi increases funding for startups to Rs 50 lakh
A startup will now be able to raise up to Rs 50 Lakh in seed capital from IIT Mandi Catalyst compared to earlier maximum of Rs 15 Lakh.Updated: Aug 27, 2019 18:13 IST
IIT Mandi Catalyst is all set to disburse over Rs 10 Cr to startups over next 5 years. A startup will now be able to raise up to Rs 50 Lakh in seed capital from IIT Mandi Catalyst compared to earlier maximum of Rs 15 Lakh. This comes after National Science and Technology Entrepreneurship Development Board, Department of Science and Technology, GoI, approved setting up of Seed Support System program at IIT Mandi Catalyst.
Under the Seed Support System program, statups will have to spend minimum three months in residency at IIT Mandi. During this time, Catalyst will provide an additional grant of 1.5 Lakh to initiate work on the idea and prove its worth. Entrepreneurs that successfully show their idea’s worth will then be eligible to raise funds upto Rs. 50 Lakh.
Faculty in-charge for Catalyst, Dr Puran Singh said, IIT Mandi is committed to building a strong ecosystem in the region and increasing in funding for startups is a strong step in this direction. We have a vision to make Kamand Valley a favoured destination for startups from across the country.
In last three years, IIT Mandi has disbursed over Rs 1 crore worth of grants and investments to over 30 startups that have gone through its 3-month residential program. During this program, startups are provided technical mentoring by faculty of IIT Mandi while they build prototype or test and improve their product.
Startups looking to raise this fund need to visit website of IIT Mandi Catalyst (iitmandicatalyst.in) and submit an application. The first set of pitch sessions will be held on Sept 14-15 during the Annual Flagship Event called ‘Himalayan Startup Trek 2019’.