SAMRIDH Scheme

The SAMRIDH (Startup Accelerators of MeitY for Product Innovation, Development, and Growth) Scheme is a flagship initiative by the MeitY Startup Hub (MSH) aimed at accelerating the growth of India’s digital startup ecosystem. It supports IT-based software product startups by partnering with experienced accelerators that provide structured mentorship, market access, investor connect, and product enhancement services. Through the SAMRIDH accelerator program, the scheme plans to support around 300 tech startups across 40 cohorts over three years, with each cohort comprising 8 to 10 startups.

Startups selected under the SAMRIDH startup scheme receive early-stage funding of up to ₹40 lakh, with an average investment of ₹30 lakh per startup. Private accelerators or investors, making it a high-impact public-private collaboration, match this funding.

The scheme ensures long-term self-sustainability by taking equity in startups via SAFE notes or promissory notes, with all returns reinvested into the program. By leveraging the expertise of accelerators and the backing of MeitY Startup Hub, the SAMRIDH scheme strengthens India’s innovation-driven ecosystem, making it a key enabler for scalable, high-potential startups across the country.

The primary objective of the SAMRIDH startup scheme is to accelerate product-based startups by providing them access to funding, customer connections, investor networks, and international market opportunities. The vision includes:

• Empowering Indian startups to create solutions that address national challenges.
• Building a strong network of accelerators equipped with expertise, infrastructure, and investor connect.
• Promoting innovation and commercialization of deep-tech software products.
• Ensuring long-term sustainability of the startup ecosystem via reinvestment of returns.

By supporting startups at various growth stages, the SAMRIDH scheme aims to catalyze the next generation of technology-driven businesses.

Highlights of the unique offerings and structure of the SAMRIDH accelerator program

• Financial Support: Government provides funding up to ₹40 lakh per startup, matched equally by the accelerator or investor.
• Equity Model: Investments are taken via SAFE or Promissory Notes, aligning interests between startups, accelerators, and MeitY Startup Hub.
• Accelerator Services: Customized acceleration programs including mentoring, legal assistance, market research, investor connect, product enhancement, and demo days.
• Cohort Size: Each accelerator supports 5 to 10 startups per cohort, ensuring focused attention.
• Sustainability: Profits from equity exits are reinvested into the program.
• Governance: A Scheme Management Committee (SMC) oversees the implementation, comprising government officials, industry experts, and investors.

The SAMRIDH scheme for startups holds critical importance due to:

• Bridging funding gaps for early-stage startups by providing up to ₹40 lakh as initial capital.
• Access to expert mentorship and networks that are usually unavailable to young startups.
• Accelerated product development through tailored acceleration programs addressing market fit and scalability.
• Creating investor and customer connections, increasing the chances of business growth and sustainability.
• Focus on deep-tech and software products, aligning with India’s digital and innovation-driven economy.
• Government backing ensuring trust and credibility in the startup community.

The Scheme Management Committee (SMC) leads the governance of the SAMRIDH accelerator program. This committee:

• Monitors and reviews the progress of the program periodically.
• Provides strategic guidance and suggests amendments to improve effectiveness.
• Comprises senior officials from MeitY, representatives from Start up India, industry experts, investors, and the implementing agency.
• Oversees financial disbursement, equity management, and exit strategies.

The MeitY Startup Hub (MSH) acts as the nodal agency managing day-to-day operations, equity holding, and investment follow-up. A dedicated Project Management Unit supports MSH to implement the scheme effectively.

Detailed insight into the financial assistance and equity structure under SAMRIDH

• Government Investment Commitment under SAMRIDH Scheme: The SAMRIDH scheme for startups commits to investing up to ₹40 lakh per startup, with an average of ₹30 lakh per startup per cohort. This investment is based on the startup’s growth stage and designed to provide early-stage capital to promising tech startups. The goal is to enable these startups to scale their products effectively, contributing to innovation and problem-solving in India’s tech ecosystem through the MeitY Startup Hub.
• Matching Investment by Accelerators and Investors in SAMRIDH Accelerator Program: Along with the government’s contribution, the SAMRIDH accelerator program requires accelerators or investors to provide equal matching investment up to ₹40 lakh per startup, averaging ₹30 lakh. This matching investment depends on the startup’s current valuation and growth potential, reflecting a joint commitment to fuel the startup’s progress. This co-investment model encourages greater participation from private investors and accelerators, boosting the startup ecosystem.
• Equity Participation through SAFE and Promissory Notes in SAMRIDH Scheme: Accelerators in the SAMRIDH startup scheme are encouraged to acquire equity using SAFE (Simple Agreement for Future Equity) or Promissory Notes. These investment vehicles convert into Compulsorily Convertible Preference Shares (CCPS) under the Companies Act, 2013, providing a transparent legal framework for equity conversion. This approach ensures fair and secure equity participation, benefiting startups and investors alike.
• Flexible Investment Vehicles Offered by MeitY Startup Hub: Startups in the SAMRIDH scheme for startups have the option to select investment vehicles that best fit their financial strategy. Whether it is equity, debt, or a mix of financing options, the flexibility empowers startups to negotiate terms with investors and accelerators effectively. This approach helps maintain the startup’s control over their capital while leveraging funding for accelerated growth.
• MeitY Startup Hub’s Role in Government Funding and Sustainability: The MeitY Startup Hub acts as the implementing agency for the SAMRIDH scheme, deploying government funds using the same investment methods as accelerators and investors. By adopting SAFE notes or Promissory Notes, MSH ensures transparency and consistency. The returns from these investments are reinvested into the program, making the SAMRIDH accelerator initiative self-sustainable and capable of supporting more startups over time.
• Restrictions on Equity for Services Provided by SAMRIDH Accelerators: Accelerators participating in the SAMRIDH accelerator program cannot take equity from startups solely for non-financial services like mentoring, networking, or capacity building. The scheme provides financial support directly to accelerators for these services, ensuring that equity is reserved only for investment purposes. This clear rule maintains fairness and encourages accelerators to focus on delivering quality value-added services.
• Promoting Transparency and Fairness in SAMRIDH Scheme for Startups: The investment and funding model of the SAMRIDH startup scheme emphasizes transparency, fairness, and alignment between startups, accelerators, investors, and the government. Clear guidelines on investment amounts, equity instruments, and service compensation build trust across stakeholders. This robust framework strengthens India’s startup ecosystem, fostering innovation and product development through the MeitY Startup Hub and its accelerator partners.

Clear guidelines to qualify as eligible startups and accelerators under the SAMRIDH program

Eligibility for Accelerators

• Minimum 3 years of incubation/acceleration experience.
• Supported at least 50 startups, with 10 having received external investments.
• Operate within India with adequate infrastructure.
• Capability to support startups in domestic and international markets.
• Network with venture capitalists, angel investors, and business mentors.
• Experience running at least 3 cohorts with relevant acceleration activities.

Eligibility for Startups

• Focus on software product development and deep-tech innovation.
• Registered and operating in India.
• Demonstrate potential for scalable growth and social impact.
• Alignment with the objectives of SAMRIDH in addressing India’s problems through IT.

The systematic selection mechanism ensuring transparency and merit-based inclusion:

• Expression of Interest (EoI): MeitY invites applications from accelerators meeting eligibility criteria.
• Expert Committee Evaluation: A panel including government officials, industry experts, and investors reviews proposals.
• Prioritization: Preference given to accelerators with prior cohort experience and highest value offering (equity and services).
• Startup Selection: Accelerators select startups based on growth potential, innovation, and alignment with SAMRIDH objectives.
• Final Approval: SMC oversees approvals and disbursement.

Corpseed is one of the top consulting firms, offering comprehensive assistance on government schemes and benefits, guiding businesses through the necessary processes. In the context of the SAMRIDH scheme, Corpseed plays a key role in helping both accelerators and startups navigate the application, compliance, and funding procedures effectively. With deep knowledge of MeitY Startup Hub guidelines and experience in supporting tech-driven ventures, we simplify the journey from application to acceleration, ensuring every requirement is met on time.

• Eligibility Assessment: Assist startups and accelerators in evaluating their eligibility for the SAMRIDH accelerator program based on government criteria.
• Documentation Support: We help in preparing and organizing necessary legal, financial, and technical documents for application.
• Application Filing: Guide through the online application process to ensure accurate and timely submission under the SAMRIDH startup scheme.
• Compliance Management: Ensure that all regulatory and program-specific compliance requirements are fulfilled.
• Equity Structuring Support: Assist with SAFE or promissory notes and help structure equity arrangements as per SAMRIDH scheme norms.
• Post-Approval Guidance: Provide ongoing support after approval, including reporting, fund utilization, and investor connect activities.