The government plans to support over 10,000 startups over the next 5-6 years as part of the GENESIS initiative (Gen-Next Support for Innovative Startups).
Digital India GENESIS is a deep tech startup platform launched by MeitY to expand 10,000 tech startups mainly in Tier II, III cities over the next five years. Selected startups are equipped with the ‘right tools’ so they can start and grow their business.
This platform was launched in July this year at a cost of over 750 Cr.
Meanwhile, SAMRIDH (Startup Accelerators of MeitY for Product Innovation, Development and Growth) was launched last August. This is a major central government program aimed at supporting and funding early-stage startups. Under this program, the center will double the contribution of venture capital (VC) funds to selected startups. SAMRIDH’s total program expenditure is about INR 100 Cr.
Both initiatives operate under MSH, which has 3,161 startups and 473 incubators.
The Indian startup has raised $19.7 billion in the first seven months of 2022. This is down 8% from the $21.26 billion raised during the same period last year. According to the Department of Industry and Domestic Trade Promotion (DPIIT), there are over 73,000 start-ups in the country, 106 of which are unicorns.
