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CIIC to financially assist 12 startups

The SISFS scheme aims to provide financial assistance to start-ups for proof of concept, prototype development, product trial s, market entry, and commercialisation.

Published: 13th October 2021 06:49 AM  |   Last Updated: 13th October 2021 06:49 AM   |  A+A-

Start-up owners with their sanction letters

By Express News Service

CHENNAI: Crescent Innovation and Incubation Council (CIIC) presented the sanction letters of the Startup India Seed Fund Scheme (SISFS), an initiative by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India to 12 start-ups. The SISFS scheme aims to provide financial assistance to start-ups for proof of concept, prototype development, product trial s, market entry, and commercialisation.

Twelve start-ups out of 267 have been qualified to receive a total fund of `2.5 crores through CIIC after a close scrutiny by the Incubator Seed Fund Management Committee (ISMC), a committee comprising investors, mentors, state-government representatives and successful entrepreneurs.

The 12 start-ups awarded with the fund are: Accelered Sciences Pvt. Ltd., Chennai; Aloe EcellPvt. Ltd., Lucknow; Arma Citizens Wellness Pvt. Ltd., Chennai; Enmaz Engineering Services Pvt. Ltd., Bengaluru; Grittier Solutions Pvt. Ltd., Chennai; ISMO Bio-Photonics Pvt. Ltd., Chennai; Isoport Chamber Pvt. Ltd., Mumbai; Qbiogen LLP, Chennai; Simbioen Labs & Scientific Services Pvt. L t d . , Chennai; StylerentPvt. Ltd., Telengana; Vivalyf Innovations Pvt. Ltd., Hyderabad; Yagen Robotics LLP, Chennai.

As of July 2021, the ISMC received a total of 264 applications of which 35 applications where shortlisted out of which 17 applications where selected. Of this final list, sanction orders have been issued to 12 applicants.

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