SPPU Research park gets Rs 5 cr seed funding from Startup India

Pune, July 4 (KNN) A seed funding of Rs 5 crore has been received by the Savitribai Phule Pune University’s SPPU Research Park Foundation to help develop startups.

The SPPU Research Foundation has obtained the fund through the Seed Fund Scheme under the Startup India program of the Central government.

These funds will provide an opportunity for the chosen startups to grow in scale. Only those start-ups that are registered under Department of Industrial Policy and Promotion (DIPP) can apply for the funding. Companies that are older than two years will not be able to apply.

Apoorva Palkar, the director of the Center for Innovation, Incubation and Linkages, said start-ups can apply for the concept, product development, product testing, market-entry and commercialisation.

“The applications received will be scrutinised by a committee of experts. Applicants will be notified of the result within 45 days. About 20 per cent of the funds will be provided to the start-ups in the initial stage, while the remaining will be converted into debentures, “she added.

Savitribai Phule Pune University’s Center for Innovation, Incubation, and Collaboration and Research Park Foundation provides guidance on start-ups to students and assist them to innovate. (KNN Bureau)