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AIC-GIM foundation to fund startups in Goa

Updated: Jun 13, 2022 09:49:25am
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AIC-GIM foundation to fund startups in Goa

Panaji, June 13 (KNN) To build a vibrant startup ecosystem in goa and across the country, Startup India has partnered with Goa Institute of Management’s incubator, the Atal Incubation Centre (AIC), to fund early stage startups.

A sum of Rs 5 crore will be disbursed to about 16 certified startups. AIC-GIM will disburse up to Rs 20 lakh as a one-time grant or as much as Rs 50 lakh through debt instruments to each startup.

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The incubator chief executive officer Rajesh Joshi said that “while aside from the Rs 5 crore that Startup India has allocated as seed funding, an additional Rs 3.2 crore is on offer through the ministry of electronics and information technology’s MeitY SAMRIDH scheme.”

“In total, we are in a position to disburse Rs 9.2 crore to startups and we have received some applications, which are being screened”,he added.

AIC-GIM has set up a seven-member committee to screen and approve funding for startups. Under the Startup India route, seed capital can only be disbursed to those startups that are registered with Startup India.  (KNN Bureau)

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