MeitY launches EoI for second edition of SAMRIDH programme

The accelerator selection process will be led by an expert panel consisting of government, industry and investor representatives.

The application process will continue till October 2. The programme has allocated a budget of up to Rs 20 lakh per group to develop incubation programmes for early-stage startups.

As part of the first edition of the SAMRIDH program, 22 selected accelerators from 12 states provided support to 175 domestic startups

The Secretary, Ministry of Electronics and Information Technology (MeitY), has invited expressions of interest (EoI) for the second edition of the Startup Accelerator programme of the MeitY for Product Innovation, Development, and Growth (SAMRIDH).

MeitY is currently accepting applications till October 2 from existing and upcoming accelerators to offer incubation services to startups. As part of this, the ministry will work with selected accelerators to offer individual financial support of up to INR 40 lakhs to startups.

According to the Economic Times, the second batch will see 125 startups incubated by existing and upcoming accelerators over a six-month programme. The selection process will be led by an expert committee comprising representatives from the government, industry and investors.

Under the program, selected accelerators will be given a budget of up to INR 20 lakh per cohort to develop incubation programs for early-stage startups. Apart from financial support, selected startups will also receive mentorship in product development, business planning, customer acquisition, investor relationship management, and more.

A single group can support a maximum of 10 startups and at least 5 startups from the technology sector, we read in the EoI.

The document also noted that as many as 22 accelerators from 12 states supported 175 domestic startups in the first batch of the SAMRIDH program. The list included organizations such as India Accelerator, LetsVenture Foundation, T-Hub Foundation, IIM Calcutta Innovation Park and others.

Notably, angel investing platform LetsVenture was recently selected to participate in the program and is reportedly investing $100,000 in eight early-stage startups.

SAMRIDH, run under the auspices of MeitY Startup Hub and Digital India Corporation, was first launched in 2021 under the National Software Products Policy, 2019. Through this initiative, MeitY aims to support 300 startups with a total funding of INR 99 Cr over four years.