Mumbai, April 04th, 2022: Research Innovation Incubation Design Laboratories (riidl), a startup incubator and an innovation center at the Somaiya Vidyavihar University, supported by Somaiya Vidyavihar is inviting aspiring entrepreneurs and budding innovators to take up entrepreneurship and support them with funding opportunities through NIDHI Seed Support System (NIDHI SSS). It is one of the programs introduced under NIDHI sponsored by the Department of Science and Technology, Government of India to provide early-stage investment to startups.
riidl is supported by NSTEDB, DST, and BIRAC, the Government of India, MSInS, and the Government of Maharashtra. riidl has incubated over 131 startups & facilitated the creation of 600+ full-time job opportunities with a community of over 5600 makers/innovators while the total valuation of startups is over INR 1160 Cr.
NIDHI SSS provides financial assistance to potential startups with promising ideas, innovations, and technologies. This would enable some of these incubatee startups with innovative ideas/technologies to graduate to a level where they will be able to raise investments from angel/Venture capitalists or they will reach a position to seek loans from commercial banks/financial institutions. Thus the proposed seed support disbursed by an incubator to an incubatee is positioned to act as a bridge between the development and commercialization of innovative technologies/products/services in a relatively hassle-free manner.
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Through NIDHI SSS, a deserving startup gets maximum financial assistance of upto INR 1 Crore from DST as grants-in-aid for the seed support. The sole objective of the NIDHI SSS is to ensure the timely availability of seed support to the deserving incubatee startups within an incubator, thereby enabling them to take their venture to the next level and facilitate their success in the marketplace.
In the past, riidl has supported 4 startups with total funding of INR 2 Crore under NIDHI SSS.
Highlights of the fund support:
- Avail equity-based funding of INR 25 Lakhs to INR 1 Crore per Startup
- Access to riidl ecosystem
- Business & Technical Mentoring
- Access to the startup acceleration program
Last date to apply is 10th April 2022. For complete eligibility: http://riidl.org/NidhiSSS/Eligibility-Criteria
Application Link: riidl.org/NidhiSSS
Gaurang Shetty, Chief Innovation Catalyst, riidl said, “This is a great opportunity for entrepreneurs to take a step forward and raise funds for their startup. The seed support is positioned to act as a bridge between the development stage of the startup and the commercialization stage. We are typically looking for early revenue stage tech startups which have a market-ready product. We at riidl want to support startups with the NIDHI SSS grants and additionally provide access to business mentoring, technical mentoring, early customer access support, virtual incubation, networking & outreach opportunities, and much more.”
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