• The ministry of electronics & IT (MeitY) has launched the ‘Startup Accelerator of MeitY for Product Innovation, Development & Growth’ (SAMRIDH) programme.

• The concept of SAMRIDH has been developed on the lines of Silicon Valley based accelerator Y Combinator.

Highlights of SAMRIDH:

• It aims to create a conducive platform to Indian software product startups to  enhance their products and secure investments for scaling their business. The programme is being implemented by MeitY Startup Hub (MSH).

• It will support 300 startups by providing customer connect, investor connect, and international immersion for next three years.

• MeitY will provide seed funds of up to Rs 40 lakh for the selected startups and mentorship.

• The programme aims to boost growth in the startup sector which has seen the emergence of 63 unicorns, and is now the third largest unicorn hub globally with a total valuation of $168 billion.

• A unicorn is a privately held startup valued at over $1 billion.

What is Y Combinator?

• Y Combinator is a startup fund based in Mountain View, California.

• In 2005, Y Combinator developed a new model of startup funding. Twice a year they invest a small amount of money in a large number of startups. The startups move to Silicon Valley for three months, and the YC partners work closely with each company to get them into the best possible shape and refine their pitch to investors. 

• Each batch culminates in Demo Day, when the startups present their companies to a carefully selected audience of investors. 

• Y Combinator has invested in over 3,000 companies including Airbnb, Dropbox, Stripe, Reddit, Instacart, Docker and Gusto. The combined valuation of YC companies is over $300 billion. 

Additional Read:

Startup ecosystem in India

Startups in India are now spread across the length and breath of the entire country. The shift in global focus is on promoting women entrepreneurs and fostering an inclusive and innovative environment. 

Efforts are also being made by diverse stakeholders in the Indian startup ecosystem to elevate domestic policies in concurrence with global trends.

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