Govt-Owned NRDC Invites Applications from Startups for Seed/Angel Funding

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The National Research Development Corporation (NRDC), a non-departmental government body in India, has invited proposals for Seed/Angel funding from manufacturing startups in the country. The Scheme supports innovations that have the potential to build and shape the development of technology-driven entrepreneurs.

Established with an aim to transfer technology from the public sector to the private sector, NRDC is an enterprise of Department of Scientific & Industrial Research (DSIR), Ministry of Science & Technology, Government of India.

NRDC proposes to participate in the equity share capital of startup and early-stage growth focused on innovative companies. It proposes to invest in innovative entrepreneurs at the crucial stage where the ventures are just getting off the ground. It is a high stake investing, which can result in unexpected returns.

Through this scheme, the Corporation would select startup and early stage companies and provide a part of the capital required, as Seed/Angel funding to innovators, who prima-facie have the potential to develop significant technical and commercial entities.

For an equity in the startup/company, NRDC will provide funding ranging from Rs. 10 lakhs to Rs. 30 lakhs.

Eligibility

Entrepreneurs must have their incubatee companies based in Incubators in any Central/State Government supported institutions. The incubatee company must have been in existence for at least six months, prior to submitting a fund request for angel funding. Further, the organization structure of such Incubators must be a non-profit organization, such as, Registered Society or Section 25/Section 8 Company.

New start-up and early-stage growth focused innovative companies (mainly engaged in development and commercialization of new products or new application of existing products or new technologies or processes) based Incubators in any State / Central Government supported institutions are eligible. The Startup should be incorporated under the Companies Act, 1956.

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The last date for the application’s submission has been extended to December 15, 2018.

Applications will be evaluated for their scientific, technological, commercial, managerial and financial merits.

Source: IndianWeb2

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