SUMMARY
- 25 startups from Tier II/III towns to receive up to ₹1 Cr in government funding.
- Startups to get ₹25-50 lakh initial funding, along with mentorship and private investor backing.
- Satyukt Analytics wins ₹50 lakh grant for developing sugarcane harvesting solutions in Smart Farm Challenge.
According to a top official, 25 startups from Tier II and III towns will receive funding from the government-backed STPI as part of the second LEAP Ahead program.
Director General of Software Technology Parks of India (STPI), Arvind Kumar, told PTI during the India Mobile Congress that the LEAP Ahead will provide up to ₹1 crore in total commitment per entity to 25 startups. Each business will receive financial help from STPI of up to ₹50 lakh, contingent on their success.
Arvind Kumar states, “Under Leap Ahead 2.0 we are looking at 25 startups from Tier II and III towns. We have signed a memorandum of understanding with some private investors. We will provide a commitment of investment of up to ₹1 crore where STPI will provide an initial fund of ₹25 lakh and then a follow-on funding of up to another ₹25 lakh. Besides funding, startups will receive multiple other support including mentorship.” He adds that Leap Ahead 2.0 builds on the success of the previous version, in which STPI committed to investing a comparable ₹25 crore.
Kumar also said, “The startups selected in Leap Ahead 1.0 have already received commitments of ₹78 crore and 17 startups have received investment of up to ₹38 crore. Three out of 25 startups that have gone to TiE Silicon Valley have received investments from three foreign investors.”
The Smart Farm Grant Challenge Program at STPI at IMC, which aimed to find significant answers to major issues with sugarcane harvesting, has announced the winners. It concluded with the selection of Satyukt Analytics from Karnataka as the ultimate winner. The business was granted a product development grant of Rs 10 lakh per year for two years by the Ministry of Electronics and IT, totaling ₹50 lakh.
