STPI Awards Seed Funding to Boost Tech Startups' Growth

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Posted by pallavi on 2024-08-09 09:08:08 |

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In a significant move during Digital India Week 2022, the Software Technology Parks of India (STPI) has allocated substantial seed funding to accelerate the growth of promising tech startups. Through its Next Generation Incubation Scheme (NGIS) and Centres of Entrepreneurship (CoEs) programs, STPI has disbursed a total of ₹342.5 lakh to 28 startups.

The NGIS initiative awarded up to ₹25 lakh each to 15 startups, while 13 startups under the CoEs program received funding of up to ₹5 lakh. This support aims to help these startups in various fields including HealthTech, EdTech, FinTech, IoT, and more, as they work on product commercialization and scaling operations.

The announcement, made in the presence of Dr. Rajendra Kumar, Additional Secretary at the Ministry of Electronics and IT (MeitY), along with other senior MeitY officials, marks a significant milestone for STPI. The organization continues to play a crucial role in fostering India's tech startup ecosystem through its state-of-the-art incubation facilities, technological labs, and extensive mentoring and market connection services.

STPI’s ongoing commitment includes supporting startups in concept validation, prototype development, market research, and other essential early-stage tasks. This initiative is part of STPI’s broader effort to drive innovation and entrepreneurship across the country.

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