SIDBI Accelerator Fund to be set up at IIM Ahmedabad’s CIIE startup incubator

Ahmedabad, Aug 1 (KNN) Small Industries Development Bank of India (SIDBI) announced on Monday its collaboration with the Indian Institute of Management, Ahmedabad’s (IIM-A) startup incubator CIIE to set up a SIDBI Accelerator Fund.

Through this the principal financial institution for MSMEs in the country will support tech startups with an initial corpus of Rs 20 crore.

The partnership is part of SIDBI’s new initiative India of Tomorrow under which it collaborates with different incubators in the country to promote deep technologies and science-led innovation by enabling seed funding to startups in exchange for equity.

The programme focuses on supporting startups with meritorious ideas and technologies important for India’s goals for 2047 to become self-reliant as well as a dominant player in high quality/ high entry barrier products/services. 

Startups in sectors such as deep tech, hardware/ product startups, energy, clean tech, pharmaceuticals, biotech, defence innovations, rural, social and industrial technologies, high-quality components, chips and others are supported.

“During the program, six start-ups made a presentation on their ideas, methodology and the likely amount of seed capital required for scaling up their operations,” SIDBI said in a statement.

Last month, SIDBI also launched the NBFC Growth Accelerator Program in collaboration with the Global Alliance for Mass Entrepreneurship (GAME), a mass entrepreneurship enablement platform to handhold smaller NBFCs that have at least 60% of their exposure to MSMEs.  (KNN Bureau)