Supported by BIRAC DBT, Government of India
KIIT-TBI is hosting a seed fund with a corpus of Rs 2 Crore under the scheme “BIRAC -Sustainable Entrepreneurship and Enterprise Development Fund ("BIRAC- SEED Fund")
BIRAC SEED Fund Investment primarily aims to bridge the gap of the start-up who needs financial support required by a technology driven start up in the initial phase.
KIIT TBI has partnered with BIRAC to implement the Sustainable Entrepreneurship and Enterprise Development Fund (SEED Fund) with the aim of providing early stage and bridge funding to innovative technology driven life science start-ups.
The basic idea of SEED Fund is providing capital assistance to start-ups with new and meritorious ideas, innovations and technologies. This would enable some of these start-ups to graduate to a level where they will be able to raise investments from angel/Venture capitalist or they will reach a position to seek loans from commercial banks /financial institutions. Thus the proposed seed support is positioned to act as a bridge between promoters’ investment and Venture/Angel investment.
Maximum: Rs. 25 lakhs (Investment mode: Equity ownership in a private limited company with Equity stake for seed fund: Up to 10%)
The seed fund emphasizes
- Alignment with KIIT-TBI’s Focus areas
- Product offerings (vs service offerings)
- Technology-driven enterprises
- Validation or Scaling-up innovations
- Market research analysis and Professional consultancy
- Companies with a minimum 51% ownership by Indian nationals
- Companies ready to be incubated at KIIT-TBI
- The venture must be early stage (2-7 years since inception)
- The venture must be working towards solutions for the Biotechnology/Life Science sector
- The company must have raised previous rounds of fund (Grant/Investment)
- A well defined POC must have been achieved (as evaluated by the Review committee)
- The venture must have a well-defined upscale and go-to-market strategy with positive revenue inflow within the next 24 months of funding.
Seed supported Beneficiaries
- Krea Foods and Beverages Pvt Ltd
- InDNA Life Sciences Pvt Ltd
- Probiokem India Pvt Ltd
- Miraqules Medsolutions Pvt Ltd