Matching Grant Scheme helps new start-ups in Goa get financial support when they raise funds from a recognized source before launching their product. The scheme gives 25% of matching funds, up to a maximum benefit of ₹ 25,00,000, to help start-ups scale their operations and validate their business model.
Matching Grant Scheme is run by the Department of Information Technology, Electronics and Communications, Government of Goa. It is part of the Goa Start-up Policy and applications stay open through the year, so eligible start-ups can apply at any point of the financial year through the Goa Startup Mission portal.
Matching Grant Scheme - Introduction
Matching Grant Scheme is a cash benefit offered to start-ups that raise funds from a registered or recognized funding source before the product launch phase. Start-ups get 25% of the matching funds, capped at ₹ 25,00,000, in exchange for proportionate ownership of stock. The support is given only after a detailed due diligence check by the Start-up Promotion Cell (SPC).
The scheme is part of the Goa Start-up Policy and is managed by the Goa Startup Mission. It is open for applications on a rolling basis, which means there is no fixed last date. Start-ups that hold a valid start-up certificate from the SPC and have a product that has not been launched in the market before can apply.
The SPC looks at each application carefully and takes the final call on approval. Support under this scheme is not an automatic right, and the decision of the SPC is final and binding.
| Detail | Information |
|---|---|
| Scheme Name | Matching Grant Scheme |
| State | Goa |
| Benefit Type | Cash grant |
| Benefit Amount | 25% of matching funds, up to ₹ 25,00,000 |
| Nodal Department | Department of Information Technology, Electronics and Communications, Goa |
| Implementing Agency | Start-up Promotion Cell (SPC) |
| Application Mode | Online and offline |
| Official Website | startup.goa.gov.in |
Benefits
Eligible start-ups can get the following support under Matching Grant Scheme:
- Financial support: Start-ups that raise funds before product launch get 25% of matching funds, up to a cap of ₹ 25,00,000.
- Selective help: This benefit is available to 20 start-ups each year, chosen through strict due diligence by the SPC.
- On-time payment: Once the SPC approves the application, the approved amount is paid within 60 days from the date of approval.
Please note that support under this scheme is not an automatic entitlement. The SPC keeps the sole right to accept or reject any application based on its evaluation.
Eligibility
To qualify for this support, a start-up should meet the following criteria:
- Hold a valid start-up certificate issued by the Start-up Promotion Cell (SPC).
- The product for which support is claimed should not have been made available in the market earlier.
- Apply at least 1 to 3 months before the planned product launch.
- The bank accounts of the Directors of the company should be linked to Aadhaar.
Only expenditure incurred after the notification of the Goa Start-up Policy 2017, within the validity of the policy and paid through digital modes, is considered. If digital payment is not possible, the SPC will review such cases on merit during its due diligence check.
Application Process
STEP 1 - Visit the official Goa Startup Mission website and open the incentives section.
STEP 2 - Look for the Matching Grant Scheme under the list of start-up incentives and open its details.
STEP 3 - Register on the portal by verifying the email ID and mobile number through OTP.
STEP 4 - Fill in the personal and business details accurately on the registration page.
STEP 5 - Create a secure login and password, then review and accept the terms and conditions.
STEP 6 - Log in with the credentials and open the online application form for Matching Grant Scheme.
STEP 7 - Complete the application by uploading all the required documents.
STEP 8 - Submit the form and keep the reference number safe for tracking the status.
There is also an offline option. Applicants can download the proforma, fill it out, and email the signed copy along with the documents to spc-dit.goa@gov.in. Remember to apply at least 1 to 3 months before the planned product launch.
Documents
Applicants should keep the following documents ready for the application:
- Complete Business Model Canvas.
- Aadhaar card of the Director or CEO.
- Bank certificate confirming the fund transfer to the company account.
- Registration certificate of the funding agency.
- Term sheet or relevant funding documentation.
- Forms as specified in Annexure 1 of the scheme.
Make sure the bank accounts are linked to Aadhaar for a smoother process. The SPC usually notifies the applicant of approval or rejection within 45 days of receiving the completed application.
References
FAQ's
What is the role of SPC?
The Start-up Promotion Cell (SPC) manages the entire evaluation and approval process, making sure only eligible, high-potential start-ups receive the grant.
How long does the approval process take?
The SPC usually notifies the applicant of the status within 45 days of receiving the completed application.
Is there a specific time to apply?
Yes, the application should be submitted at least 1 to 3 months before the scheduled product launch to allow enough processing time.
Can a start-up receive benefits if it paid in cash?
The scheme prefers digital payments. If cash was used for unavoidable reasons, the SPC will evaluate such cases on merit during its due diligence check.