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Seed funding program for startups
IIMK LIVE is a Technology Business Incubator and Entrepreneurship Development Center hosted by IIM Kozhikode and is set up with the support of Department of Science and Technology, Government of India. Established in June 2016, the center is envisioned to function as a business incubator with a purpose of creating a National Centre of Excellence that promotes innovation, new business venturing and entrepreneurship. Towards this, it seeks to emerge as a collaborative platform that helps transform innovative ideas into business ventures that make significant economic and social impact
IIMK LIVE – Seed Support fund is a startup seed fund sanctioned by Department of Science and Technology under the scheme NIDHI- Seed Support Fund. (NIDHI-SSS)
The primary objective of the IIMK LIVE Seed Support fund is to ensure timely availability of the seed support to the deserving early-stage incubatee startups within IIMK LIVE thereby enabling them to take their venture to next level and facilitate towards their success in the market place.
Amount sanctioned to act as a bridge between development and commercialization of innovative technologies/ products/ service in a relatively hassle free manner
Eligibility for Incubatee Start Ups
Following start-ups are eligible for seed support under this policy
Start-up is being incubated or agree to be incubated IIMK LIVE as per admission and incubation policy of IIMK LIVE. Startups applying for this scheme should have minimum three months of residency at IIMK LIVE.
Start-up should be a registered company in India
Persons holding Overseas Citizens of India (OCI), Persons of Indian Origin (PIO) would be considered as Indian citizens for the purpose of this scheme.
This scheme is not meant for Indian Subsidiaries of MNC/Foreign companies.
The shareholding by Indian promoters in the incubatee start up should be at least 51%.
Mode of disbursement of seed fund
The seed fund can be disbursed in the form of
Debt ( Soft Loan)
Equity & Debt combined
Quantum of Funding
Maximum upper limit of funding is 1 Cr
Average funding ticket size is Rs 25 Lac
Broad Areas and Items to be covered under the Seed Support
The start–ups would be supported primarily for the seed support including for:
Testing and Trials
Test Marketing and Market Research
Go-to Market actions
Production and Operations activities
Mentoring &Professional Consultancy (To attract professors/experts from institutions to work with startups)
Manpower for day to day operations
Any other area as deemed necessary and recommended by Seed Support Management Committee and IIMK LIVE
Selection of Incubatee Startups for Seed Funding
Website/Online advertisements indicating availability of seed support
Announcement for call for applications.
Short listing the applicants as per eligibility criteria
Shortlisted applicants will be invited for final pitching in front of Seed Support Management Committee
Other terms and conditions
Fund sanctioned to startups will be disbursed quarterly in tranches
Startups selected under this program will be part of the Business Incubation program of IIMK LIVE
Startup once supported under NIDHI- Seed Support System (NIDHI-SSS) will not be again supported in this scheme.
Funds will be provided as soft loan at interest rates below market rate or against equity as specified in the term sheet.
IIMK LIVE doesn’t guarantee funding under this scheme, because funding mainly depends on the performance of startups and the progress achieved against the milestones set by the panel.
As per this scheme startup cannot be funded without completing 3 months of incubation program.
Startups supported under Nidhi $$$ Scheme
Toffee Ride Innovations Pvt Ltd
Klonec Automation Systems Pvt Ltd
Embright Infotech Pvt Ltd
Nyquest Innovation Labs Pvt Ltd
NebulARC Technologies Pvt Ltd
64 Codon Pvt. Ltd(Greenle Life Sciences Pvt. Ltd)
Qual 5 India Pvt Ltd
Gratize Venture Consulting Services Pvt Ltd
Siamaf Healthcare Pvt Ltd
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