Seven Indian startups to receive Rs 30 lakh each, post-funding mentoring: Ministry
New Delhi, July 3 (IANS) Seven Indian startups — selected under the Department for Promotion of Industry and Internal Trade (DPIIT)-backed FICCI Mercedes-Benz Bharat Innovation & Business Ideas Challenge Programme — will receive structured post-funding mentoring and handholding support to accelerate their growth and improve investment readiness, the Ministry of Commerce & Industry said on Friday.
Each of the seven startups has been awarded funding of Rs 30 lakh after emerging successful in a nationwide innovation challenge that attracted applications from across the country.
Participating in a virtual interaction under the programme, DPIIT Additional Secretary Ateesh Kumar Singh said initiatives that combine funding with mentorship are critical to strengthening India’s startup ecosystem and nurturing globally competitive enterprises.
Congratulating FICCI and Mercedes-Benz India on the successful implementation of the programme, Singh said the initiative reflects the growing strength of India’s innovation ecosystem and the immense potential of the country’s young entrepreneurs.
He said by providing timely mentorship and support, the programme enables innovators to develop solutions aligned with national priorities, adding that such collaborative efforts are essential for driving innovation-led growth and positioning India as a global innovation leader.
Under the post-funding mentoring framework, the selected startups will receive specialised guidance on regulatory and legal compliance, taxation, fund utilisation, fundraising strategy, valuation, term sheet negotiations, data privacy, cybersecurity and intellectual property protection.
The programme will also organise dedicated Demo Days, enabling startups to present their innovations, business models and growth strategies before industry leaders, investors, mentors and ecosystem stakeholders to explore partnerships and funding opportunities.
In addition, the startups will participate in the “Sounding Board Programme”, a strategic mentorship initiative aimed at providing industry insights and leadership guidance to help refine business models and accelerate market readiness.
The FICCI Mercedes-Benz Bharat Innovation & Business Ideas Challenge was launched to identify and support high-potential Indian startups developing scalable solutions in sectors such as manufacturing, sustainability, education, decarbonisation and automotive and electric vehicles.
Following a multi-stage evaluation process, 32 startups were shortlisted to present their innovations before a jury, with seven ultimately selected based on innovation, scalability, business potential and impact.
–IANS
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