Startup India gives Rs 5 crore funding to IIIT-Hyderabad’s incubation centre
The Centre for Innovation and Entrepreneurship (CIE) of IIIT Hyderabad wins a Rs 5-crore grant as a part of the Startup India Seed Fund Scheme that is run by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
“The funds will enable proof of concept, prototype development, product trials, market entry and commercialisation by providing financial assistance up to ₹25 lakh to each of the startups,” a CIE statement said.
“We are targetting to support 20-25 startups in the next three years through this scheme,” it said.
“During the last 13 years, we have seeded several startups, and nurtured a few hundred startups,” PJ Narayanan, Director of IIIT-H, said.