NIDHI SSS

riidl is hosting a seed fund with a corpus of INR 10 crore under the scheme " National Initiative for Developing and Harnessing Innovations - Seed Support System (NIDHI-SSS)" of the Department of Science and Technology.

What's in it for you?

The sole objective of the NIDHI-SSS is to ensure timely availability of the seed support to the deserving startups within an incubator, thereby enabling them to take their venture to the next level & facilitate their success in the marketplace. Each startup may get a seed fund support of INR 25 Lakhs to INR 1 Crore.

Eligibility Criteria

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Guidelines

What is the support provided under NIDHI-SSS?

Avail Equity based funding upto INR 1 Crore.

What is the project duration?

12 months

What is supported under the grant?

Broad Areas to be covered under the financial assistance include:

Product development
Testing and trials
Test Marketing
Mentoring
Professional Consultancy (To attract Professors of institutions to work with small firms)
IPR issues
Man power for day to day operations
Any other area as deemed necessary and recommended by the Management Committee.

The Seed fund emphasizes:

Alignment with riidl's Focus areas
Product offerings (vs service offerings)
IP-rich enterprises
Strong knowledge components in enterprises

Who owns the IP?

riidl TBI or DST shall have no ownership or licensing right on the IP created by the grantee.

Who can enroll?

1. Incubatee should be a registered company in India with a minimum of three months of residency at the STEP/TBIs.
2. Incubatee has to be an Indian startup. This support is not meant for Indian Subsidiaries of MNCs/foreign companies. Persons holding Overseas Citizens of India (OCI), Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme.
3. The shareholding by Indian promoters in the incubate startup should be at least 51%.

How much funding I can expect ?

Each startup may get a seed fund support of INR 25 Lakhs to INR 1 Crore to graduate to a level where you will be able to raise investments from angel investors / VCs or you will reach a position to seek loans from commercial banks / financial institutions.

Investor Profiles

Samir Somaiya

Chancellor, Somaiya Vidyavihar University

Anita Gupta

Scientist G / Adviser & Head (Innovation & Entrepreneurship), Department of Science and Technology (DST), Govt. of India

Rishabh Mariwala

Director, Sharrp Ventures

Siddharth Somaiya

Founder and CEO, Organic Riot

Sanjay Mehta

Founder & Partner at 100X.VC

Joško Bobanović

Partner, Industrial Biotechnology Funds

Your one stop contact person for any queries

Pooja Borwankar

Program Manager, riidl SVV

M.Com Masters in Accountancy

poojaborwankar@somaiya.edu

Note : RIIDL does not impose/ charge any fees for applying for grants or seed funds.
We strongly discourage engaging third-party services that charge fees for assisting with the application process.