- 27 Aug 2021
- 2 min read
Why in News
Recently, the Ministry of Electronics & Information Technology (MeitY) has launched the ‘Start-up Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH)’ programme.
- About the Scheme:
- To create a conducive platform to Indian Software Product start-ups to enhance their products and secure investments for scaling their business.
- Focuses on accelerating the 300 start-ups by providing customer connect, investor connect, and international immersion in the next three years.
- To provide investment of up to Rs 40 lakh to the start-up based on current valuation and growth stage of the Start-Up through selected accelerators.
- Being implemented by MeitY Start-up Hub (MSH).
- MSH acts as a national coordination, facilitation and monitoring centre that will integrate all the incubation centres, start-ups and innovation related activities of MeitY.
- To further the Indian start-up growth which has seen the emergence of 63 unicorns and is now the third largest unicorn hub globally with a total valuation of USD 168 billion.
- "Unicorn" is a term used in the venture capital industry to describe a privately held startup company with a value of over $1 billion.
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