Get All Access for $5/mo

STPI to Fund 25 Startups from Tier II and III Towns Under LEAP Ahead 2.0 STPI will provide up to INR 50 lakh per startup based on performance, including an initial INR 25 lakh and additional funding, along with mentorship and support for scaling operations.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

The Software Technology Parks of India (STPI) will fund 25 startups from Tier II and III towns under the second edition of the LEAP Ahead initiative, announced Director General Arvind Kumar at the India Mobile Congress.

This government-backed initiative will support selected startups with funding commitments of up to INR 1 crore per entity.

Kumar explained that STPI will provide up to INR 50 lakh per startup, based on their performance, with an initial fund of INR 25 lakh followed by additional funding of up to INR 25 lakh. The initiative also offers mentorship and other support to help startups scale their operations.

"Under LEAP Ahead 2.0, we are targeting startups from smaller towns. We've signed a memorandum of understanding with private investors to back these ventures," said Kumar.

This initiative follows the success of the first edition, LEAP Ahead 1.0, which saw INR 25 crore in total investment commitments. "The startups selected in Leap Ahead 1.0 have already received commitments of INR 78 crore, and 17 startups have received investment of up to INR 38 crore. Three out of 25 startups that have gone to TiE Silicon Valley have received investments from three foreign investors," Kumar said.

Additionally, STPI announced the winners of its Smart Farm Grant Challenge Programme, aimed at addressing sugarcane harvesting challenges. Karnataka-based Satyukt Analytics was named the winner, securing an INR 50 lakh grant from the Ministry of Electronics and IT, distributed over two years to support product development.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Science & Technology

Why Businesses Are Relying on Automation to Survive the Labor Crisis

Robots are revolutionizing industries by addressing labor shortages and enhancing efficiency, while businesses navigate challenges like workforce adaptation and high implementation costs.

Green Entrepreneur®

How Global Business Leaders Can Build a Sustainable Supply Chain

Businesses can build sustainable supply chains by leveraging technology to reduce environmental impact, optimize resources and track emissions while balancing operational efficiency and sustainability goals.

Celebrity Entrepreneurs

The Pep Talk From Mickey Mouse We All Need to Hear, Compliments of Chris Diamantopoulos

Chris Diamantopoulos, the star of "The Sticky," "Red Notice" and the voice of Mickey Mouse, gets real about resilience, chasing dreams, and his desperate wish for a normal hobby.

News and Trends

Fast Fire Watch Guards: Protecting Your Business From Today's Fire Hazards

As a watch guard company, Fast Fire Watch Guards provides vigilant monitoring and immediate responses to signs of potential fire hazards in commercial spaces.