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The National Research Development Corporation (NRDC) invites applications from manufacturing start-ups for seed funding.
Under this scheme, NRDC, which comes under the Department of Scientific and Industrial Research, Government of India, will take an equity stake up to a maximum of 26 per cent in the start-up, and will invest at the most ₹30 lakh in each start-up. The last date for submitting an application, after two deadline extensions, is March 8.
The ‘Seed funding for promotion of manufacturing start-ups’ scheme is intended to support innovations that have a potential to “build and shape the development of technology-driven entrepreneurs”. Through the scheme, NRDC hopes to “create the best possible environment for high impact entrepreneurs” to start and grow their business.
“It is high-stake investing, which can result in unexpected results,” says the NRDC document that gives the background to the application. Back-to-back, NRDC will network with ‘seed investors’ from whom the money will come. This way, NRDC expects to attract bigger projects, share risks, do a more thorough evaluation and save on processing and financing costs.
Applicants should be manufacturing start-ups and early-stage growth focused innovative companies, incorporated under the Companies Act and must have been in existence for at least six months. Further, the start-up should be registered with the Ministry of Commerce and Industry, Government of India.
The applicant company may be engaged in fabrication, testing and trial of prototypes, setting up pilot or demonstration plants or field trials.
The full application form and the investment agreement may be accessed here: http://nrdcindia.com/assets/vendor/filemanager/userfiles/Tenders/Seed2020.pdf
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