Frequently Asked Questions
What is IITM CSL Startup Program?
USHUS is a startup support program of CSL in association with IITM to augment the Government of India's initiatives to encourage and develop an ecosystem in India to support Maritime Startups from the technical, regulatory, financial, and marketing points of view by bringing all the stakeholders together. As part of this program maritime startups will received seed funds from CSL and IITM along with mentorship & training support, market access, funding connect and access to service partner.
What are the key offerings for startups in this program?
Seed funds grants up to Rs.50 lakhs per startup by IITM
Prototyping grants up to Rs.1 Cr per startup by IITM
Equity investments will be made directly by CSL
Virtual Incubation, training, mentorship, angel/VC connect to startups selected in this program.
What are the different kinds of funding offered in this program?
Funding is offered in both in terms of
Seed Fund Grants up to Rs.50 lakhs per startup by IITM
Pilot Grant Scheme up to Rs.1 Cr per startup by IITM
Equity Investment will be made directly by CSL.
What is the role of IITM in this initiative?
IITM acts as an implementation partner of this initiative and will provide incubation, mentorship, training, funding connect and seed fund support upto Rs.50 lakhs and Prototyping Grants upto Rs. 1 Cr per startup.
Is this program eligible for startups belonging to any sector?
No. Startups only in the Maritime and its allied sector will be considered for this program.
Can a startup apply for both the grants and equity funding at a time?
No. The startups can apply either for grant or for equity funding at a time
Who are the ideal maritime startups that can apply for grants under this scheme?
The startups in the idea stage and in the prototyping stage can apply for grants under this scheme
Who are the ideal maritime startups that can apply for equity funding in the scheme?
Startups ready with fully developed product
Startups with early traction ( Customers/Revenue trends)
Startups in the idea stage, Prototype Stage may not be considered for equity funding.
Can the startups apply for multiple grants in a single application?
No. The startup can apply for a single grant at a time.
Which entity provides the equity funding in this scheme?
CSL will make direct equity funding once the shortlisted startups are recommended for funding
Will CSL provide grants under seed funds and Prototype grants to startups?
No. CSL provides only equity investment & IITM provides seed fund grants and prototyping grants.
Can a growth stage startup apply for seed/prototype grants under this program?
Growth stage start-ups are encouraged to apply for grants.
Is it a Virtual or Physical Program?
This program is structured as a hybrid program. Startups are not mandated to work physically from the co working space provided at.
What is the duration of incubation program at IITM?
The duration of the incubation program at IITM is 24 Months
Should the startup sign a separate incubation agreement with IITM?
Yes. All startups part of this program should sign a separate incubation agreement with IITM
