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  3. VCF-ST Startup Fund by Ministry of Tribal Affairs
Open to startups registered in India

VCF-ST Startup Fund by Ministry of Tribal Affairs

Ministry of Tribal Affairs, Government of India

About This Scheme

A venture capital fund by the Ministry of Tribal Affairs, Government of India, in partnership with IIM Udaipur, providing financial assistance from ₹10 lakh to ₹5 crore to startups founded by Scheduled Tribe entrepreneurs.

The Venture Capital Fund for Scheduled Tribes (VCF-ST) Startups is a pioneering initiative by the Ministry of Tribal Affairs, Government of India, aimed at fostering entrepreneurship within the Scheduled Tribe (ST) community. This fund seeks to address the financial and developmental gaps faced by ST entrepreneurs, enabling them to convert innovative ideas into successful commercial ventures. The program is designed to provide crucial financial assistance, combining equity and credit support, to eligible ST-led companies.

The primary objectives of VCF-ST include promoting entrepreneurship through concessional finance, supporting innovative and technology-oriented projects, and hand-holding startups from their ideation phase through to commercialization. By partnering with institutions like IIM Udaipur Incubation Centre and leveraging existing Technology Business Incubators (TBIs), the fund aims to create a supportive ecosystem. This initiative is a significant step towards achieving financial inclusion for ST entrepreneurs and empowering them to contribute to India's startup growth story.

Benefits

  • The VCF-ST scheme provides substantial financial assistance ranging from ₹10 lakh up to ₹5 crore per eligible startup.
  • For technology-oriented innovative projects, specific funding up to ₹10 lakh per year for three years (aggregating ₹30 lakh) is available.
  • The fund utilizes various financial instruments including Compulsorily Convertible Debentures (CCDs), Optionally Convertible Debentures (OCDs), Non-Convertible Debentures (NCDs), and various types of shares (CCPS/OCPS), with equity limited to a maximum of 49% at face value for innovative technology-oriented projects.
  • Funding can cover up to 75% of the total project cost, with the balance 25% to be contributed by promoters, government subsidies, bank loans, or other permissible means.
  • Promoters are required to contribute at least 15% where other funding sources are utilized.
  • The repayment tenure extends up to 10 years, including a principal moratorium of up to 36 months from the first disbursement.
  • The fund offers a competitive return rate of 4% per annum for debt/convertible instruments, with a concessionary rate of 3.75% per annum for ST women entrepreneurs (holding at least 51% shareholding and serving as MD) and disabled entrepreneurs.
  • Beyond finance, the scheme also supports innovative ideas through Technology Business Incubators (TBIs) and offers crucial hand-holding to startups until they reach commercial viability, along with strategic partnerships.

How to Apply

Rolling basis

Selection Process

  • Applications are subject to a thorough appraisal process to determine eligibility and potential.
  • Innovative ideas are often selected based on their endorsement or incubation by Technology Business Incubators (TBIs) or other premier academic/corporate incubation centers.
  • Projects sanctioned by various Departments/Ministries of the Government of India, following due appraisal, are also considered.
  • The evaluation focuses on the technology-oriented nature, innovation, commercialization potential, and the overall viability of the startup to ensure it aligns with the fund's objectives.

Quick Info

Amount / Funding
₹10L – ₹5Cr
State / Region
Open to startups registered in India
Ministry / Dept
Ministry of Tribal Affairs, Government of India
Application Window
Rolling
Tags
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