T-Hub bags Rs 5 crore from Startup India Seed Fund
Hyderabad: Telangana’s startup ecosystem builder T-Hub announced on Tuesday that it has got selected under the Startup India Seed Fund Scheme by DPIIT, Government of India, to disburse Rs 5 crore among eligible startups with an objective to support and fuel early-stage funding in startups.
With an aim to provide value-driven and effective growth for the startups, T-Hub this year announced its focus on providing funding avenues for its startups and receiving the Startup India Seed Fund is one of the steps towards this focus, T-Hub said in a release.
The fund will be disbursed to the eligible startups through debt or convertible debentures instruments and will be utilised to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation.
T-Hub CEO M Srinivas Rao said, “This fund is a huge validation of our strategy and execution of equipping startups with the means to reach their full potential, especially at the early growth stages. We are supporting our startups by leveraging the network of partners that back our mission and this is just a start to provide opportunities to access funding and grants.”
Incubator Seed Management Committee (ISMC) which consists of prominent investors, mentors, established entrepreneurs, academic partners, and state government representatives, has been set up by T-Hub to assess the fund and select the startups.
T-Hub will be disbursing this fund to 15 startups in the span of three years. Interested startups can apply for the fund at https://seedfund.startupindia.gov.in/. The seed fund allocated to T-Hub is sector agnostic and will focus on supporting technology startups and innovations which are Minimum Viable Product (MVP) ready and need funds for their early growth.
