Why in news?
The Ministry of Electronics and Information Technology (MeitY) has announced that its Startup Accelerator of MeitY for Product Innovation, Development and Growth (SAMRIDH) has provided support to 373 startups and disbursed more than ₹93 crore in matching funding. The update underscores the programme’s role in nurturing innovation across India’s digital economy.
Background
SAMRIDH was launched in August 2021 under the National Policy on Software Products. It aims to accelerate around 300 technology startups by connecting them with experienced accelerators, business mentors and investors. The programme focuses on sectors such as health‑tech, ed‑tech, agri‑tech, fintech and software as a service.
How the programme works
- Selection of accelerators: In the latest round, 186 accelerators submitted expressions of interest, of which 43 were chosen across 16 states. These selected accelerators mentor and support startups during the acceleration period.
- Financial support: Each accelerated startup is eligible for ₹2 lakh to cover acceleration costs. Startups can also receive matching funding from MeitY of up to ₹40 lakh, provided they secure equivalent private investment. This matching model crowds in private capital and validates the startups’ business plans.
- Impact so far: Since inception, SAMRIDH has accelerated 373 startups, with 241 obtaining matching funding. Over ₹93.75 crore has been disbursed. Karnataka leads with 69 startups accelerated, followed by Delhi and Tamil Nadu. The programme promotes sectoral diversity and regional spread, demonstrating that innovation is not confined to traditional tech hubs.
By leveraging the expertise of established accelerators and providing performance‑linked funding, SAMRIDH helps early‑stage companies refine their products, achieve product–market fit and expand domestically and internationally. Continued support under the programme could strengthen India’s position as a startup powerhouse.
Source: PIB