Patna: The government has taken a big step to provide financial assistance to startups in Bihar. With the help of SIDBI, a corpus fund of Rs 150 crore is being built, which will come into existence by June 2025. For this, a consent letter (MOU) has been signed between the Department of Industries and SIDBI.

The purpose of this fund is to provide financial assistance to the emerging startups in Bihar, so that they do not have to depend on investors located in the metros. Often startups are confused about funding whether they will get investment or not. To overcome this problem, the Bihar government has decided to prepare a corpus fund.

150 crore fund for startups: Joint initiative of government and SIDBI

According to the information of the Department of Industries, the Bihar government will contribute Rs 50 crore to this corpus fund of 150 crores, while SIDBI will make a provision of Rs 100 crore at its level.

Under this, if a startup has completed 80 percent of the work, it will be provided financial assistance of up to Rs 6 lakh. The scheme has been made to financially strengthen new and small startups in Bihar.

What is the Corpus Fund?
It is a kind of fund, giving financial assistance to startups as per their needs, so that they can pursue their business without any financial obstruction.

900 startups in Bihar, 70% has started work

The number of startups in Bihar is increasing rapidly.

• More than 900 startups are working in Bihar.
• 70% of startups have started their operations.
• The remaining 30% of the startups are currently in the Ideation and Prototiping stage.

This scheme will also benefit those startups who are in their early stages and are looking for funding.

In which areas are the development of the most startups?

Startups in Bihar are working in many different fields, but the most startups have emerged in Agri-Tech, e-commerce and healthcare sector.

Sectoral stake of startups:

• Agri-Tech: 11%
• E-commerce: 11%
• Healthcare: 11%
• Handicraft and Traditional Industries: 9%
• EV (Electric Vehicles): Startups are emerging rapidly in this field too.

Agri-Tech and Healthcare Startups are getting the most investment and government assistance.

How will Bihar startups get this fund?

If you are running a startup in Bihar and want to take advantage of this scheme, then follow the following process:

Register Startup: Register your startup on Bihar government’s startup portal.
Submit a business plan: Submit a solid business plan of startup, which is told how your company works and where the funding will be used.
Approval and funding: If your startup is found to be eligible, assistance of up to Rs 6 lakh will be given from the corpus fund.

This initiative of the government will help in making new startups self -sufficient and will give them an opportunity to move in the right direction.