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T-Hub, which promotes startup ecosystem, has secured ₹5 crore grant from the Startup India Seed Fund Scheme supported by the Union Government.
The funding will be used to offer financial support to startups early in their journey.
T-Hub will be disbursing this fund to 15 startups in the span of three years.
“The fund will be disbursed to the eligible startups through debt or convertible debentures instruments. The fund will be utilised to provide financial assistance to startups for proof of concept, prototype development, product trials, market-entry, and commercialisation, M Srinivasa Rao, Chief Executive Officer of T-Hub, has said.
The seed fund allocated to T-Hub is sector agnostic and will focus on supporting technology startups.
“This fund is a huge validation of our strategy and execution of equipping startups with the means to reach their full potential, especially at the early growth stages,” he said in a statement on Tuesday.
T-Hub has set up an Incubator Seed Management Committee (ISMC), with investors, mentors, entrepreneurs and academicians as its members, to identify the beneficieries.
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