New Delhi: State-owned STPI has started inviting applications from startups under its Leap programme to fund entrepreneurs in collaboration with venture capitalists and other private investors, a senior official of the organisation said Monday.
Software Technology Parks of India (STPI) will select 75 startups under the programme this year and facilitate funding of up to Rs 1 crore in each startup in collaboration with venture capital firms and angel investors.
“We have already invested Rs 25 lakh through NGIS. We have already made investment in about 100 startups from the total fund that we have. Through Leap we are looking to nurture the next 100 startups,” STPI Director General Arvind Kumar said.
He said that the Leap (Launchpad for Tech Entrepreneurs towards Accelerated growth and Pioneering Ahead) will be organised at places closer to startups in cities like Bhubaneswar, Chandigarh, Vijayawada with an idea that they should not be required to leave their city for growing their business.
Startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT) and having raised a minimum of Rs 25 lakh from external investors or are bootstrapped are eligible for the programme.
“Our venture capital partners have agreed to invest up to Rs 50 lakh in the selected startups,” Kumar said.
STPI has earmarked Rs 15 crore from NGIS for the Leap programme.
The government has allocated Rs 95 crore to STPI for supporting up to 300 startups, out of which the organisation has already invested in 100 startups.
Ministry of Electronics and IT Secretary S Krishnan said that venture capitalists and incubators should look at reaching out to startups beyond metros and tier-1 cities.
“If the providers of the capital look at different location, kind of hunger that is there then not only will you find innovation, more innovative opportunities to invest in, equally on other hand you will be doing larger service that you will be doing to not just india but to the world as well,” he said.
He said the scale of doing business in India is tremendous and therefore opportunities are also endless.
PTI
