build3, the ecosystem that is the preferred choice for the development of impact startups (startups that are both for-profit and for a purpose), has announced today that it has been selected as an incubator under the Startup India Seed Fund Scheme at the 56th Expert Advisory Committee meeting.
The Government of India has provided the firm with a total commitment of Rs 3 Crore in grant funding, as well as sanction from the Experts Advisory Committee (EAC).
The development is a significant milestone for build3, as it begins to further strengthen the early-stage impact startup ecosystem in the country, providing support to founders who are working to achieve the United Nations’ Sustainable Development Goals (SDGs).
The Startup India Seed Fund Scheme, which was established by the Ministry of Commerce and Industry, is intended to offer financial assistance to startups for the purpose of proof of concept, prototype development, product trials, market entrance, and commercialization.
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The selection of build3 as an incubator under the scheme was based on a variety of parameters, such as the quality of the team, prior track record, capital investments, investments from external sources, infrastructure, and the performance of incubated ventures.
build3 is eligible to distribute funds to impact founders in order to assist them in the development of their product and market entry, as a government-recognized incubator.
About build3
Founded in 2020 by Varun Chawla, Build3 is a startup studio & launchpad that supports impact-oriented startups that better the mind, body, and the earth.
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