IIIT Hyderabad’s department of the Centre for Innovation & Entrepreneurship (CIE) has been selected for the Startup India Seed Fund Scheme by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
After evaluating the contribution of IIIT Hyderabad on start-ups, progress and achievements over the last 13 years, Experts Advisory Committee has decided and sanctioned a fund of Rs 5 Crore for IIIT-H. The funds will be used for concept and ideation, prototype development, product trails, market release and commercialisation. Along with that additional financial assistance up to Rs. 25 lakh can be provided if needed, the press release said.