Startups to receive up to Rs 50 lakh support under Genesis initiative

Chhatrapati Sambhajinagar

The Ministry of Electronics and Information Technology, Government of India, has announced two new schemes under its ambitious “Genesis” (Gen-Next Support for Innovative Startups) initiative to encourage innovative industries across the country. The schemes include the “Matching Investment Component Fund Scheme” and the “Pilot Project Fund Scheme.” Eligible startups can receive financial support of up to Rs 50 lakh through these programs.

Both schemes are being implemented through the Magic startup incubator. Under the Matching Investment Fund Scheme, startups developing technology-based products or software can receive financial assistance of up to Rs 50 lakh. Eligible startups must operate in sectors such as healthcare technology, robotics, fintech, Internet of Things (IoT), artificial intelligence (AI) and machine learning, information and communication technology, education technology, blockchain, deep technology, and cybersecurity. Applications must be submitted by October 30. Existing companies in these sectors are also eligible to apply.

Pilot Project Fund Scheme

Under this scheme, new entrepreneurs can receive financial support of up to ₹40 lakh to implement pilot projects in collaboration with private companies, public sector enterprises, or large industrial groups. Eligible startups must operate in information and communication technology, AI, electronics, or deep technology. Startups must be recognized by DPIIT and have a functional prototype. The founder must be fully engaged in the project. Applications for this scheme must be submitted by November 5.

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A historic opportunity for the new generation of entrepreneurs

MAGIC has stated that these schemes represent a historic opportunity for India’s new generation of entrepreneurs. Startups are urged to seize this golden opportunity and apply promptly to take their innovations to the next level.