The National Science and Technology Entrepreneurship Development Board (NSTEDB), an autonomous board under the Department of Science and Technology, Government of India (GOI), has sanctioned an INR 10 Cr grant to Gujarat University Startup and Entrepreneurship Council (GUSEC). The grant has been sanctioned to GUSEC as part of the NIDHI Seed Support System (SSS) scheme and will enable it to invest in startups under its ambit.
“Over the last four years since we started working towards promoting and nurturing entrepreneurship and innovation, we have believed that access to capital is one of the biggest challenges for startups in Gujarat,” said Prof Himanshu Pandya, Vice-Chancellor of Gujarat University, also the ex-officio chairperson of GUSEC.
The seed fund will be deployed over three years into startups within the GUSEC network and incubation programs. The average ticket size per startup would be approx INR 25 lakhs per investment.