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Government backed Software Technology Parks of India (STPI) will be funding 25 startups from Tier II and III cities under the second edition of LEAP Ahead.
As per PTI report, the government will provide funding support of up to INR 50 Lakh to startups, depending on the performance.
“We will provide a commitment of investment of up to INR 1 Cr where STPI will provide an initial fund of INR 25 Lakh and then a follow-on funding of up to another INR 25 Lakh. Besides funding, startups will receive multiple other support including mentorship,” said director general Arvind Kumar.
He further added that the startups selected in the previous cohort have already received commitments of INR 78 Cr and 17 startups have received investment of up to INR 38 Cr.
Notably, he said that 3 out of 25 startups, which went to the TiE Silicon Valley, have received investments from three foreign investors.
(The story will be updated soon)
The post STPI To Back 25 Startups Under LEAP Ahead 2.0 appeared first on Inc42 Media.
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