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

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.
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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