The Ministry of Electronics and Information Technology (MeitY) has launched the second cohort of the Startup Accelerators of MeitY for Product Innovation, Development, and Growth (Samridh) scheme, aimed at supporting 125 promising startups. This initiative seeks to accelerate the growth of India’s software product industry by providing startups with crucial funding and mentorship. Startups selected under the scheme will receive financial support of up to ₹40 lakh, along with access to potential accelerators and business development opportunities.
With a focus on enhancing product development and attracting investment for business growth, the second cohort follows the success of the first batch, which included 22 accelerators from 12 states, covering sectors like health tech, edtech, agritech, fintech, and sustainability.
India’s accelerator ecosystem is still maturing, with over 500 incubators but fewer accelerators. The Samridh scheme aims to close this gap by partnering with accelerators such as K-Start, T-Hub, and Axilor Ventures to provide tailored six-month programs for startups. These programs are designed to guide startups in areas like product innovation, business planning, investor relations, and international expansion. Each participating accelerator will receive a budget of up to ₹20 lakh to create customized acceleration programs for startups.
The initiative is part of the government’s 100-day agenda to drive sustainable growth in the software product industry. MeitY has also invited existing and upcoming accelerators to apply for partnerships in the Samridh scheme, with applications open until October 2. Eligible accelerators must have at least three years of incubation experience and must have supported over 50 startups.
The Samridh scheme, launched in 2021 under the National Policy on Software Products – 2019, aims to support 300 startups with a total funding of ₹99 crore over four years. Startups will benefit from services including product development, networking with angel investors, and strategies for international market expansion.
Summary:
- MeitY’s second Samridh cohort will support 125 startups with funding and mentorship, offering up to ₹40 lakh for each startup.
- The scheme partners with accelerators to provide tailored programs focusing on product development, business planning, and international expansion.
- Launched in 2021, the initiative aims to support 300 startups over four years with a total funding of ₹99 crore.