In the next five years, IIT Mandi Catalyst is all ready to hand out Rs 10 Cr to startups. A startup will now be receiving Rs 50 lakh, compared to earlier maximum of Rs 15 lakh, in the form of seed capital from IIT Mandi Catalyst, in order to grow in the market.

This move has been initiated after National Science & Technology Entrepreneurship Development Board, Department of Science and Technology, GoI, approved setting up of Seed Support System program at IIT Mandi Catalyst.

Startups will have to devote a period of three months in residency at IIT Mandi, under the Seed Support System program. During their stay, startups will be provided an additional grant of 1.5 lakh to lay the first stone of their proposal, followed by proving their eminence. Entrepreneurs that successfully demonstrate their worth will then be eligible to raise funds upto Rs 50 lakh.

Faculty in-charge for Catalyst, Dr. Puran Singh addressed "IIT Mandi is committed to building a strong ecosystem in the region and increasing in funding for startups is a strong step in this direction. We have a vision to make Kamand Valley a favoured destination for startups from across the country".

Since last three years, IIT Mandi has been disbursing grants and investments worth of Rs 1 crore to over 30 startups. Besides, these startups have also obtained technical training by faculty of IIT Mandi, simultaneously learning to build a prototype or improving their products.

Startups that intend to raise this fund need to visit website of IIT Mandi Catalyst (iitmandicatalyst.in) and submit an application. The first set of pitch sessions will be conducted on Sep 14-15 during the Annual Flagship Event called 'Himalayan Startup Trek 2019'.