The Ministry of Commerce and Industry issued guidelines for Startup India Seed Fund Scheme (SISFS).
This Scheme would enable the startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists, or seek loans from commercial banks or financial institutions. Its main aim is to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
An Experts Advisory Committee (EAC) will be constituted by Department for Promotion of Industry and Internal Trade (DPIIT), which will be responsible for the overall execution and monitoring of the Startup India Seed Fund Scheme.
The EAC will evaluate and select incubators for allotment of Seed Funds, monitor progress, and take all necessary measures for efficient utilization of funds towards fulfilment of objectives of Startup India Seed Fund Scheme.