Technology venture incubator IIT Mandi Catalyst will provide a grant of Rs 10 crore to startups in the next five years. Now any startup can get seed capital of Rs 50 lakh from IIT Mandi Catalyst. Earlier the maximum limit was 15 lakh rupees.
The announcement was made after the National Science and Technology Entrepreneurship Development Board of the Department of Science and Technology approved the establishment of the seed support system program at IIT Mandi Catalyst. Under the seed support system program, startups will have to stay in IIT Mandi for at least three months under the residency program.
In this period, Catalyst will give an additional grant of Rs 1.5 lakh to start working on the idea of a startup and prove its worth. Entrepreneurs who can successfully prove the merit of their idea will be eligible to receive a grant of Rs 50 lakh.
“IIT Mandi is committed to building a strong ecosystem in the region and increasing grants for start-ups is a strong step in this direction,” said Pooran Singh, faculty in-charge of Catalyst. He said, “Our vision is to make Kamand Valley a favorite destination for startups across the country.”