TamilRailways to back start-ups with Rs 1.5 cr seed funding
23 April 2022, 4:12 pm
Guwahati: Trains parked at the Gauhati Railway Station in Guwahati, Friday, May 07, 2021. Indian Railways has cancelled a host of trains from May 9, Sunday amid the surge in coronavirus cases across the country. (PTI Photo) (PTI05_07_2021_000160B)
The railways will invest in start-ups to get a headstart in procuring innovations from them with a promise of up to Rs 1.5 cr of seed money for innovative technological solutions for the national transporter, as per a policy paper.
The Indian Railway Innovation Policy will identify and enable Indian innovators to engage with the railways for developing cost-effective, implementable, scalable solutions and functional prototypes for the national transporter, officials said.
Since there is a major constraint of capital inadequacy in the startup ecosystem, particularly in the seed and ‘Proof of Concept’ developmental stage, this policy aims at providing the necessary seed fund support of up to Rs 1.5 crore (on matching contribution basis) to the startups that show the capability, intent and promise to produce functional prototypes, based on new innovative concepts, for potential use of the Indian Railways, a senior official said.
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