State government of Rajasthan, which inttroduced its startup ploicy in 2015, announced that it has disbursed funding capital — ranging from Rs 1.20 lakh to Rs 20 lakh — to over 30 startups in the state, as a part of its iStart programme, says a statement released by the Department of Information Technology and Communication (DOIT&C), Rajasthan. The startups that received fundings ranges from ideation to scaling stage reported Times of India.
Besides the money, various incentives are also being provided to the startups.
Abhay Kumar, principal secretary, DOIT&C, Rajasthan government, said in a statement, “We are also very pleased to see exponential growth in the startups applying for various incentives as part of i-Start Rajasthan program and we look forward to building and promoting this ecosystem to the next level.”
With iStart initiative, the state government aims to provide various financial incentives to startup companies including subsistence allowance, initial financial cost, marketing assistance and techno funds so that they can establish a new position by creating their innovation and entrepreneurship in professional competition.
Rajasthan, which boast the largest government-run incubation network in the country, had launched iStart Nest in late 2017 as one of a kind startup incubator providing end-to-end acceleration and connection with venture capitalists across the world for free, at least to Startup.
In 2015, the state announced its plan to support about 500 startups by 2020 in the state and allocated Rs 55 crore for till 2020.
In early 2016, the state government announced about setting up seven incubation centres in potential locations in Rajasthan and had even allocated a budget of Rs 2.70 crore for 2016-17 financial year. The allocated 2.70 crore budget was said to be used for funding startups and setting up incubation centres in about seven government-run engineering colleges