Amrita Startups seed funding scheme for OBC and Minority Entrepreneurs
Amrita Startups Seed Funding Scheme for OBC and Minority Entrepreneurs
The Government of Karnataka announces a call for proposals under the Amrita Startups Idea2PoC Grant-in-aid Seed funding scheme for innovative Startups by OBC and Minority Entrepreneurs. Amrita Startups applications are open for Grant in aid up to Rs.50 lakh from 20th December 2021 to 15th January 2022. The schemes enable technology innovators and entrepreneurs to pursue a promising technology idea, establish and validate proof of concept (POC) for the idea. The startups, entrepreneurs, individuals, at the Idea2POC stage, can apply for the Amrita Startups Grant-in-aid seed funding scheme.
Amrita Startups Seed Funding Scheme
Amrita Startups is an Idea2PoC Grant in aid scheme for Startups by OBC and Minority Entrepreneurs as per the Karnataka Startup Policy 2015-2020. Amrita was intended to identify top innovative startups in Karnataka, who would be given Government support to scale up their product or solution so that they can elevate to the next level.
Benefits of Amrita Startups
The Idea2PoC/ Amrita Startups Grant-in-aid seed funding scheme for OBC and Minority Entrepreneurs is providing the following benefits to startups:
- The program offers Grant in Aid up to Rs.50 Lakhs to eligible startups
- The funding scheme also provides Incubation support to selected startups
- Mentoring by experts will also be provided to eligible startups
- Venture capital (VC) connects also provided to eligible startups
- Booster Kit and Incentives are also provided under the Amrita Startups scheme
Eligibility Criteria for Amrita Startups scheme
The startup should be an entity (Private Limited / OPC / LLP / Partnership Firms) Registered or Incorporated in Karnataka. (Private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008)
- Total revenue generated in terms of turnover from the date of incorporation should be less than Rs.100 Crore
- Startups should not have crossed 10 years from the Date of Incorporation/ Registration Certificate as of 30th November 2021
- Startups/Entity working towards Innovation, Development or improvement of Products or Processes or Services, or if it is a scalable business model with a high potential of employment generation or wealth creation
Eligibility Criteria for OBC Entrepreneurs
- At least one of the Director(s)/ Partner(s) should belong to the OBC community and should hold a minimum of 51% share in the company
- Director/ Partner should continue to be a part of the business for at least 3 years from the date of receiving benefits from the Department
- Director/ Partner) should possess a valid digital caste certificate issued by the Revenue Department, Government of Karnataka with a valid RD Number
- Terms and conditions of ownership should not be altered to his/her disadvantage during the project
Eligibility Criteria for Minority Entrepreneurs
At least one of the Director/Partner should belong to the Minority community and should hold a minimum of 51% SHARE in the company/ firm
- Director/Partner should continue to be a part of the business for at least 1 year from the date of receiving benefits from the Department
- The Director/Partner should possess a valid digital caste certificate issued by the Revenue Department, Government of Karnataka with a valid RD Number.
- Terms and conditions of ownership should not be altered to his/her disadvantage during the project
Documents Required
The following documents are mandatory for applying Amrita Startups seed funding scheme for OBC and Minority Entrepreneurs
- Caste Certificate issued by Government
- MoA/Partnership Deed
- Incorporation/ Registration Certificate
- Pitch Deck
Other Conditions for Amrita Startups Seed Funding Scheme
- Registration with shops and establishments will not be accepted as a certificate of incorporation/ registration to apply for the Amrita Startups seed funding scheme.
- MSME, Udyog Aadhaar GST, Trade Union, KMF, VAT certificates, etc. shall not be considered as certificates of incorporation as per the Karnataka Startup Policy Government Order.
- The startup cannot be a subsidiary/ franchise/ white labeled reseller/ part of a group company
- The startup should not have a partnership value with another company/ entity
- It cannot be a section 8 company or Trust/ Association/Society or a non-profit company
- The startup cannot be a Merger/ Demerger of a bigger organization
- It cannot be a part of any Government initiative/ aided partner or public-private partnership company/firm.
- Applications that do not comply with the mentioned eligibility criteria/ Supporting Documents will be disqualified at any stage of the Selection/ Funding Process resulting in the cancellation of the Application/ Grant
- Only One application per Startup/Entity will be accepted. In the case of multiple applications from one Startup, only the first application will be considered.
- The Startup Karnataka Department has come up with Elevate-Unnati 2021 which has separate funds earmarked under SCSP/TSP Funds.
- Startups that have been winners of Idea2PoC Grant Scheme/ Grand Challenges/ Unnati” earlier will not be eligible to apply “
Application Procedure for Amrita Startups seed funding scheme
The application procedure for Idea2PoC Amrita Startups Grant-in-aid seed funding scheme for Startups is explained here:
The startup needs to access the official website of Startup Karnataka to apply for Amrita Startups seed funding scheme for OBC and Minority Entrepreneurs. Click on the Register / Login Button available in the Top Right Corner of the Screen.
- Sign Up as a Startup by filling an application form based on the instructions provided.
- Existing Users can directly login to the portal
- Once logged in, select the ‘Funding & Programs’ tab available at the top menu. A small window will open Click on the “Know More option”.
- The link will redirect to a new page, click on apply now option, the application form will open.
- The Eligibility Criteria and other details about Amrita Startups is mentioned on the Landing page of Elevate once you scroll down the page
Selection process
The winners will be declared after a comprehensive evaluation process by Expert Committee. Top pitches will be selected for Government aided support to scale up their product or solution to the next level
Award money of upto INR 50 lakhs will be provided to the respective winners.
