To encourage the start-up culture, IIT Mandi increased funding to INR 50 lakhs

To boost the start-up culture among the youth and in the nation, IIT-Mandi is all set to disburse INR 10 crores in the next five years. A startup will now be able to raise INR 50 lakh as seed capital from IIT-Mandi as opposed to earlier INR 15 lakh limit.

This comes after National Science & Technology Entrepreneurship Development Board, Department of Science and Technology, GoI, approved seed Support System program at IIT Mandi Catalyst.

Under the seed support system program, startups will have to spend a minimum of three months at IIT Mandi. During this time they will get INR 1.5 lakh to initiate the work on the idea and prove its worth after which they will  be eligible to raise the funds upto INR 50 lakh.

Faculty In-charge for Catalyst, Dr. Puran Singh said, "IIT Mandi is committed to building a strong ecosystem in the region and increasing in funding for startups is a strong step in this direction. We have the vision to make Kamand Valley a favoured destination for startups from across the country".

During the past three years, IIT Mandi has disbursed more than INR 1 crore in grants and investments in more than 30 startups which have gone through the 3-month residential program. During this time startups are provided technical mentoring by the institute’s faculty as they build their prototype and test and improve their product.