Seed Stage Funding (SSF) of RKVY-RAFTAAR scheme provides Grant in aid to Startups. Under this scheme financial assistance of maximum upto Rs. 25 lakhs will be granted to potential startups that have a Minimum Viable Product (MVP) based on innovative solutions/processes/products/services/business model in agriculture and allied sectors. The applicant incubatees would be provided funds as per their genuine requirements and as per appraisal/evaluation of their business plan by the RKVY-RAFTAAR Selection & Monitoring Committee (RC) and the decision of the RC in this regard will be final. The RC will not be bound to give any reason in case an application is rejected.
This support will assist the incubatees to launch their products/services/business platforms etc into the market and help them to the scale-up their operations as well as to attain business viability at faster pace. This support will also facilitate them to attract investments from angel/venture capitalists or taking loan from commercial bank, financial institutions for further scaling up of their business operations.
With respect to above, a call for application is invited from eligible startups having an innovative ideas in technological solutions/processes/products/services/business platforms etc. and want to start an agri-business venture for Seed Stage Funding as Grant in aid to startups under RKVY-RAFTAAR scheme at CIRCOT-R-ABI, Mumbai.
- The applicant should be an Indian citizen
- All incubatees of CIRCOT-R-ABI will be eligible for this funding after completion of two months training on the basis of consistent performance evaluated by CIRCOT-R-ABI Incubation Committee (RIC)
- The recipient should be a registered legal entity in India
- The recipient has to be an Indian startup as per Department for Promotion of Industry and Internal Trade (DPIIT) notification. This support is not meant for Indian subsidiaries of MNCs /foreign company
- A startup once supported by any other R-ABI will not be eligible to apply for CIRCOT-R-ABI for subsequent round of seed support.
Selection process and funding support:
- The selection of startups having a Minimum Viable Product (MVP) based on innovative solutions/processes/products/services/business models in agriculture and allied sector shall be done by CIRCOT-R-ABI Incubation Committee (RIC).
- During the selection process CIRCOT-R-ABI will take into consideration any other grant–in–aid funding received by incubatee for the same activity/product from other GOI ministries. A self –declaration from the incubatee about such funding will be mandatory.
- After two month of training of incubatees, RIC will evaluate the progress of the incubatee and based on their performance recommend them for seed stage funding to RC
- RC will further evaluate and recommend the incubatees to the nodal division Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW) for seed stage funding.
- Nodal division, DAC&FW will approve and sanction the project of the incubatees based on recommendation of RC and release the first instalment of the grant–in–aid to CIRCOT-R-ABI for further disbursement to the incubatee.
- The CIRCOT-R-ABI would execute a legal agreement with the incubatee who is selected for the seed support and this agreement should be signed before the release of the first instalment of seed fund to the incubatee. The terms of agreement with incubatee/start up should be framed by the CIRCOT-R-ABI linking with the progress milestone, monitoring norms etc. Subsequent disbursement schedules should be linked to the achievement of milestones by the incubatee.
20th May 2019 – 19th July 2019
Documents to be furnished:
- Duly filled and neatly typed application in prescribed format (Annexure I) with passport size photograph
- Letter of Authorization as per the Annexure II
- Supporting documents as listed in Annexure III.
- Application should reach to following address by registered post/hand delivery/courier. The applications can also be sent electronically to the email address# mentioned below.
- Incomplete application, re-submission and late submission for any reasons whatsoever will not be entertained.
- CIRCOT-R-ABI reserves the right to reject any application without assigning any reasons thereof.
Address for Communication:
Dr. Ashok Kumar Bharimalla
Principal Investigator - CEO
ICAR-CIRCOT, Adenwala Road,
Matunga (East), Mumbai, Maharashtra – 400019
Phone No.: 022 2414 3718; 9702878249
Last date for submission of application:
6th May 2019 before 5:00 p.m.
CLICK HERE to download Application Form (In PDF Format)
CLICK HERE to download Application Form (In MS Word (.docx) Format)
*For details/guidelines, please visit site www.circot.res.in; https://rkvy.nic.in