IDEA DAY
Scale up Grant
The scale up grant is supported for startups who are looking for scaling up their business or revenues. The grant amount is upto 12 lakhs
ELIGIBILITY
Following startup is eligible for applying Scale up Grant
Generated 12 lakhs as revenue from the product in the last 12 months
or 50 Lakhs as total turn over revenue in the last finacial Year (2019-2020) months
or has raised not less than 12 lakhs through external equity investments (in last 12 months )
KSUM Unique ID is mandatory
Company incorporation as Pvt Ltd or LLP is mandatory.(OPC will not consider)
Startups who are newly applying is eligible for a Scaleup Grant upto Rs.12 Lakhs
Startups or Products who had already availed Idea Grant is eligible for Scale up Grant only upto Rs.10 Lakhs
Startups or Products who had already availed productization Grant is eligible for Scaleup Grant only upto Rs.5 Lakhs
Not Eligible
Startups who have already availed Scaleup Grant in previous times for same or different products
No service projects or asset creation will be funded under scale up grant
No outsourcing of entire product development activities or any major milestone outsourcing, purchase of self services and utilisation of the grant for CSR activities will not be considered
Selection
The applications received by KSUM will first be shortlisted by a panel of experts.
The completeness of the online application form including fund utilisation plans are mandatory for shortlisting and further selection
For the shortlisted startup will be called for the presentation in front of the Expert committee . As per the Covid protocol
The Final selection will be based on the recommendation from the expert committee and approvals from the authorities
The following procedure will be adopted for funding:
Funding will be given based on the specific project detailing the utilisation and milestones.
Funding will be given in tranches and the second tranche will be released on satisfactory completion of deliverables as per the milestones set during the first tranche.
There should be no pending dues for the firm with KSUM or any other Government agencies.
Documents needed
No dues Certificate
Goodwill certificate
Last Three Months Company Bank statement - In connection with Margin Money verification
Documents in connection with revenue generation (CA certificate /Purchase order Shareholding agreement etc )
Personal Guarantee of repayment of Grant (upon raising next rounds of VC investment)
Procedures for getting funds
Due Diligence of the docs submitted
Submission of company details and fund utilisation plan in the disbursement tracker portal
Processing for approval
Agreement execution with KSUM before the release
Successive tranche will be released only after conducting an expert committee that review the milestones completion, fund utilisation and verification of Audited Utilisation Certificate of the initial tranche released
Approximate time calculated for fund release after Final Pitch results is one month. It may vary as per documents are being received from startup and upon fund availability.
Important Dates
Applications Opening Date 6th January 2021
Applications Closing Date 26th January 2021
Shortlist Announcement 15th February 2021
Point of Contact :
Arun G
Assistant Manager
952 665 6669
arun@startupmission.in