Minister of Electronics and Information Technology (MeitY) launched Startup Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH) programme.
- SAMRIDH will create a conducive platform for Indian software product startups to enhance their products and secure investments for scaling their business.
- The programme is being implemented by MeitY Start-up Hub (MSH).
- Government will support startups and entrepreneurs in the most challenging phase which is the initial risk phase, Vaishnaw had said earlier.
- The SAMRIDH programme will focus on accelerating 300 start-ups by providing customer connect, investor connect, and international expansion opportunities in the next three years.
- Also, an investment of up to Rs 40 lakh to startups, based on their current valuation and growth stage will be provided through selected accelerators.
- It will also facilitate equal matching investment by the accelerator or investor.
- The programme aims to further the Indian startup growth which has seen the emergence of 63 unicorns (Startups with over $1 billion valuation), making India the third largest unicorn hub globally with a total valuation of $168 billion.