SIDBI-iDEX Seed Fund Programme at SINE, IIT Bombay

• Equity or equity-like funding of Rs. 10 lakh to Rs. 1.5 crore.
• For iDEX challenge-winner defence startups.
• SIDBI provides the funds; SINE is the implementing partner.
• SIDBI's stake usually stays at or below 10%.
• Open to both incubatee and non-incubatee MSMEs and startups.

About this scheme

The SIDBI-iDEX Seed Fund Programme at SINE puts seed funding behind innovation-led MSMEs and startups in defence and related sectors that have already been chosen and supported through iDEX challenges. The goal is to back import substitution, home-grown defence manufacturing, and exports, and to help early-stage defence startups scale up.

Funding support: Rs. 10 lakh to Rs. 1.5 crore per MSME or startup.
Instrument: an equity or equity-like investment. After investing, SIDBI's shareholding usually stays at or below 10%.

Who can apply

• MSMEs and startups can apply whether or not they are already incubated, provided iDEX has referred them.
• The company has to be an Indian private limited firm set up at least a year before applying, a confirmed winner of an iDEX challenge, and holds DPIIT recognition, with an Angel Tax exemption where it applies.

Eligible entity types: Private Limited

Benefits & funding

• Equity or equity-like funding ranging from ₹10 lakh to ₹1.5 crore
• Designed specifically for iDEX challenge-winning defence startups and MSMEs
• Funding provided by SIDBI and implemented through SINE IIT Bombay
• Supports scaling of defence technologies from prototype to commercialization
• Helps startups advance indigenous defence manufacturing and import substitution
• Access to SINE IIT Bombay's startup ecosystem and expert network
• Support for product development, deployment, and market expansion
• Enables startups to prepare for future fundraising and strategic partnerships
• SIDBI's shareholding generally remains at or below 10%
• Open to both incubated and non-incubated startups referred by iDEX

How the application process works

The journey below is informational, compiled from the official program guidelines. Applications are submitted directly with SINE, IIT Bombay, in your own name.

1. 1

   Verify eligibility as an iDEX challenge-winning startup or MSME

2. 2

   Ensure DPIIT recognition and applicable regulatory compliances are in place

3. 3

   Submit the application through the SINE portal before the deadline

4. 4

   SINE verifies the applicant's iDEX winner status with iDEX-DIO

5. 5

   Participate in the screening and investment evaluation process

6. 6

   Provide additional documents and information during due diligence

7. 7

   Complete investment documentation if selected

8. 8

   Receive funding and post-investment support through the program

Documents checklist 13

• Certificate of Incorporation
• DPIIT Recognition Certificate
• Proof of iDEX Challenge Winner Status
• Angel Tax Exemption Certificate (if applicable)
• Startup Pitch Deck
• Business Plan or Executive Summary
• Founders' Profiles and Resumes
• Financial Statements and Projections
• Cap Table / Shareholding Pattern
• PAN and GST Registration Details
• Bank Account Information
• Product, Prototype, or Technology Documentation
• Intellectual Property Documents (if applicable)

Need help getting these in order? IncorpX provides assistance for incorporation, DPIIT recognition, MSME and GST registrations along with document preparation.

Frequently asked questions