The Ministry of Electronics and Information Technology (MeitY) has officially launched the second cohort of the SAMRIDH scheme, aimed at fostering product innovation and growth within India’s software product industry. This initiative, launched by MeitY Secretary S. Krishnan on Monday, will provide funding and mentorship to 125 selected startups, with each startup eligible for initial funding of up to ₹40 lakh. This initiative aims to provide startups with the necessary resources, mentorship, and networking opportunities to foster innovation and growth in the tech ecosystem. By launching the second cohort of the SAMRIDH scheme, MeitY reaffirms its commitment to empowering startups and helping them overcome common challenges they face during their early stages.
The second SAMRIDH cohort will focus on facilitating the development of startups by offering them access to funding, guidance from industry experts, and strategic partnerships. With this program, MeitY aims to create a vibrant ecosystem where startups can thrive and contribute to India’s economic growth. By continuing to support startups through the second cohort of the SAMRIDH scheme, MeitY is paving the way for the next generation of innovators and entrepreneurs, ensuring that they have the tools they need to succeed in a competitive market.
As part of its 100-day agenda, the Government of India aims to nurture a total of 300 startups through potential accelerator partnerships. This program offers startups the opportunity to refine their products and secure additional funding to scale their businesses.
India currently hosts over 500 incubators, but its accelerator ecosystem remains in its early stages. Among the few existing accelerators are K-Start, Talks, Axilor Ventures, Byron, GSF Accelerator, Gain Accelerator, and T-Hub. Unlike incubators, which focus on long-term sustainability, accelerators often emphasize rapid growth.
The inaugural cohort of the SAMRIDH scheme featured 22 accelerators from 12 states, chosen through open calls for proposals in specialized areas such as health tech, edtech, agri tech, consumer tech, fintech, software-as-a-service (SaaS), and sustainability. Notably, the angel investment platform Lets Venture was recently selected for the program, with plans to invest up to $100,000 in approximately eight early- and seed-stage startups, as confirmed by CEO Shanti Mohan.
MeitY is now inviting applications from both established and emerging accelerators to collaborate in offering 6-month accelerator programs for startups annually. An expert committee comprising representatives from government, industry, and investment sectors will oversee the selection process.
