Money & Banking

Social Alpha, SIDBI join hands to launch a fund for startups in assistive technology space

Our Bureau Mumbai | Updated on February 25, 2021

Social Alpha and Small Industries Development Bank of India (SIDBI) have partnered up to set up the Swavalamban Divyangjan Assistive Tech Market Access (ATMA) fund, an inclusion fund offering financial grants to Social Alpha-incubated startups working in the Assistive Technology sector.

Each startup working in this space will have access to implementation support of up to ₹20 lakh. The fund will finance up to 50 per cent of the product price for the initial users, as per an official release.

“Creating new markets in Assistive Technologies has been a big challenge and requires significant investment in ecosystem development. ATMA fund heralds a new era for the Assistive Technology sector by enabling early adoption of innovative solutions,” Manoj Kumar, CEO and co-founder, Social Alpha, said.

“We believe that the reduction in out-of-pocket expenditure will catalyse demand, which is essential for the long-term sustainability and growth of entrepreneurial risk-taking in this sector. We are happy to partner with SIDBI as its support can help scaling this fund to include pan-India incubators while offering a much-needed boost to this sector’s research and development efforts,” added Kumar.

Shri. V Satya Venkata Rao, Deputy Managing Director, SIDBI said, “MSMEs and the development sector are the worst impacted by the Covid-19 pandemic. Taking cognisance, Government, through Atma Nirbhar Bharat Abhiyan, has taken measures to boost the MSME sector to be instrumental in the economic revival of the country. With SIDBI’s vast experience in catering to MSMEs and operating various funds, developing a Social Impact fund i.e., Swavalamban Divyangjan ATMA Fund comes as an opportunity to be part of this mission.”

The startups will be able to apply for Social Alpha incubation throughout the year. Applicants will have to go through a rigorous selection process to qualify.

“Social Alpha will identify the assistive technologies that need support and evaluate the business plan. The incubatees will also be eligible for Social Alpha follow-on investment, subject to further due diligence,” it said.

Published on February 25, 2021

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