NIDHI-PRAYAS
Funding up to INR 10 Lakhs
Please refer to the official NIDHI-PRAYAS guidelines before applying. If you have any questions or need clarification, please write to us at [email protected].
Purpose
NIDHI-PRAYAS (PRomoting and Accelerating Young and Aspiring Innovators and Startups) is a pre-incubation grant provided by the Department of Science and Technology, Government of India, through VentureStudio. It is aimed at helping innovators turn their early-stage ideas into working prototypes by providing financial and infrastructural support.
The scheme is designed to bridge the critical gap between idea and prototype, enabling more aspiring entrepreneurs to enter formal incubation and startup development.
Who Can Apply
For Individual Innovators
- Must be an Indian Citizen with valid government-approved proof of nationality (passport, voter's ID)
- Must be at least 18 years of age at the time of application
- For a team of innovators, there must be an agreement about the lead innovator who would apply
- The innovator(s) should have the know-how of the PRAYAS project
For Startups
- The company must be less than 7 years old
- Must be incorporated in India with at least 51 per cent equity held by Indian citizens
- Must be wishing to develop a prototype for a new product
- Must have no significant revenue at the time of application
- Must not have annual turnover exceeding INR 25 lakhs for any financial year since inception
For All Applicants
- The project must involve physical product development
- Must be able to complete the prototype within 12 months
- IP generated should vest with the innovator or startup
- If working with an institution's IP, must get NOC for IP use/transfer/ownership
- If employed or studying, must get a NOC from organisation/institution
- Must register for incubation at the TBI for the entire duration
- Must be fully committed to the prototype development
Who Cannot Apply
You are not eligible if:
- Have already received significant support (above INR10 lakhs) from any other government grant for the same idea.
- An incubated startup already receiving support from other DST schemes like NIDHI-SSS.
- Startup is a subsidiary of an MNC or foreign company.
- Application is for scaling, marketing, or manufacturing- PRAYAS is only for prototyping.
Benefits of the Programme
- Prototype grant of up to INR 10 lakhs to build ideas into a prototype
- Access to Prayasshala (Fabrication Shop) with state-of-the-art facilities
- Business mentoring from early stages to ensure commercial viability
- Networking and participation in various startup/entrepreneurship-based events
- Co-working spaces for developing ideas into a prototype
- Access to labs, libraries, and technical expertise
What the Funds Can Be Used For
- Outsourcing charges for R&D/Design Engineering/Testing
- Raw material/Consumables/Spares
- Fabrication/Synthesis charges of working model or processes
- Business travel and event participation fees (Ceiling 10 per cent of approved project cost)
- Patent filing cost (PCT - Ceiling 10 per cent of approved project cost)
- Contingency (Ceiling 10 per cent of approved project cost)
Prohibited Usage of Funds
- Paying the grantee's relatives
- Paying usage charges to the Technology Business Incubator (TBI)
- Repaying loans or prior commitments
- Paying rent of own accommodation or creating infrastructure facilities like sheds
- Using funds as a stop-gap arrangement to support any other professional pursuits
Terms and Conditions
- The total amount disbursed will be up to a maximum of INR10 lakhs
- Project term for the PRAYASEE will be up to 12 months, with possible 6-month extension based on progress
- Funds must be used primarily for prototype development/proof of concept
- Regular progress monitoring will be conducted by the PRAYAS monitoring committee
- The innovator can avail NIDHI-PRAYAS support only once
- Cannot avail funding from both NIDHI-PRAYAS and NIDHI-EIR simultaneously
Implementation at VentureStudio
At VentureStudio, NIDHI-PRAYAS is implemented through a milestone-driven approach
- Application & Selection: Proposals are screened for feasibility, innovation, and relevance.
- Jury Evaluation: Selected applicants pitch to a panel of experts.
- Onboarding: Once selected, innovators sign agreements and submit documentation.
- Milestone Planning: Deliverables and timelines are defined with VentureStudio’s team.
- Fund Disbursement: Tranches are released based on milestone completion and reporting.
- Facility Support: Innovators gain access to Prayas Shala and expert mentors.
Ready to Apply for NIDHI-PRAYAS?
VentureStudio is no longer accepting applications for this scheme. Please check back for an update.