STPI to Provide Funding for 25 Startups in Tier 2 and 3 Towns Through LEAP Ahead 2.0 Initiative

The Software Technology Parks of India (STPI) has announced plans to support 25 startups from smaller towns through the second edition of its LEAP Ahead initiative. Arvind Kumar, Director General of STPI, shared this information at the India Mobile Congress. Each startup could receive up to Rs 1 crore in total funding, with an initial Rs 25 lakh and potential additional funding based on performance.

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Funding and Support for Startups

Under LEAP Ahead 2.0, STPI aims to nurture startups from tier 2 and 3 towns. The organisation has partnered with private investors to provide financial backing. Apart from monetary support, startups will benefit from mentorship and other resources. Kumar highlighted that the program builds on the success of its first edition, which also committed Rs 25 crore.

In the first edition, LEAP Ahead 1.0, selected startups received commitments totalling Rs 78 crore. Of these, 17 startups secured investments amounting to Rs 38 crore. Notably, three startups that participated in TiE Silicon Valley attracted investments from international investors.

Smart Farm Grant Challenge Winners

During the India Mobile Congress, STPI announced the winners of its Smart Farm Grant Challenge Program. This initiative seeks innovative solutions for challenges in sugarcane harvesting. Satyukt Analytics from Karnataka emerged as the final winner. The Ministry of Electronics and IT awarded them a product development grant of Rs 50 lakh, distributed as Rs 10 lakh annually over two years.

The LEAP Ahead initiative continues to foster innovation by providing essential resources and opportunities for growth. By focusing on tier 2 and 3 towns, STPI aims to tap into untapped potential and drive technological advancements across India.