SAMRIDH Scheme launched
GS Paper - 3 (Economy)
The Ministry of Electronics and Information Technology (MeitY) launched Startup Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH) programme on 25 August 2021. SAMRIDH will create a conducive platform for Indian software product startups to enhance their products and secure investments for scaling their business. The programme is being implemented by MeitY Start-up Hub (MSH).
- The SAMRIDH initiative will not only provide funding support to startups, but will also help in bringing skill sets together which will help them become successful.
- Technology can play a role in accelerating and in taking the quantum jump in reaching out to people which would have taken many years. Using the energy of startups these areas can be reached within months, the ministry said.
- The SAMRIDH scheme will pick up startups that are ready for acceleration stage and will provide them with funding support, mentorship and a lot of other support that is required by startups at this stage.
- The SAMRIDH programme will focus on accelerating 300 start-ups by providing customer connect, investor connect, and international expansion opportunities in the next three years.
- Also, an investment of up to Rs 40 lakh to startups, based on their current valuation and growth stage will be provided through selected accelerators. It will also facilitate equal matching investment by the accelerator or investor.
- The programme aims to further the Indian startup growth which has seen the emergence of 63 unicorns (Startups with over $1 billion valuation), making India the third largest unicorn hub globally with a total valuation of $168 billion.