As a leading provider of online business registration, licensing, and return filing solutions, we at Winaxis Advisory bring you insights into the NIDHI Seed Support Scheme (Nidhi Prayas Yojna), a transformative initiative supporting deserving startups with promising ideas, technology, and innovation.

The NIDHI PRAYAS YOJNA program, which stands for Promoting and Accelerating Young and Aspiring Technology Entrepreneurs, aims to develop new and innovative ideas into prototypes. Selected innovators and their ideas are eligible for a prototyping grant of up to Rs. 25,00,000/- (Rupees Twenty-Five Lakhs only), following established rules and regulations.

 

Eligibility Criteria for Applying

  • An individual inventor with or without a startup can apply for a Prayas grant. An individual inventor without a startup must be an Indian citizen with a valid passport or voter’s ID.
  • Technology-backed startups in any sector with customer traction and initial revenues.
  • The startup should be a registered company in India and, based on our selection process, will be incubated with IIMUIC. After a 3-month incubation period, it will be considered for investment.
  • The Seed Support will be disbursed to incubate (physical or virtual) based on the recommendation of the Seed Support Management Committee constituted by the incubator. The instrument of investment shall be Equity Financing.
  • The prototype must be capable of completion within 18 months.
  • Indian promoters must hold at least 51% of the shares in the incubated startup.
  • Prayas grant is a Proof-of-Concept grant for converting ideas and innovations into a prototype. Proposals for products that have crossed the prototype level are not eligible for support under Nidhi-Prayas.

 

Highlights Of the Nidhi Prayas Program

  • The Nidhi-Prayas Program provides prototype funding to young and aspiring inventors, facilitating the transformation of ideas into viable product prototypes.
  • Any intellectual property (IP) developed during this process belongs to the innovator or startup.
  • The maximum financing support for an innovator/startup is 10 lakhs, subject to approval by a Prayas centre’s monitoring committee.
  • Nidhi Prayas Yojna promises to expedite the idea-to-market path by enabling rapid prototyping of breakthrough ideas.

 

Explore the transformative potential of the NIDHI Seed Support Scheme with Winaxis Advisory. We stand ready to assist you in dissolving the intricacies of this program, supporting your entrepreneurial journey from idea inception to market realization.

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