Social Alpha, a multistage innovation curation and venture development platform has partnered with Small Industries Development Bank of India (SIDBI) to set up the Swavalamban Divyangjan Assistive Tech Market Access (ATMA) fund, a Social Impact fund.
It is a first of its kind inclusion fund that offers financial grants to Social Alpha-incubated startups that work in the Assistive Technology(AT) sector.
Purpose: To promote innovation and reduce the expenses for persons with disabilities to procure new technologies
What are Assistive Technologies?
It is an assistive, adaptive, and rehabilitative device, software, or equipment for people with disabilities or the elderly population.
Note: About 40 to 80 million in India are Persons-With-Disabilities (PWDs). In other words, one in 12 households has a family member with a disability.
About Swavalamban Divyangjan Assistive Tech Market Access (ATMA) fund:
i.Under the fund, each incubatee will get access to implementation support of up to Rs 20 lakh.
ii.The fund will finance upto 50% of product price for the initial users.
iii.The startups can apply for Social Alpha incubation throughout the year.
iv.Assistive Technologies that require support will be identified by Social Alpha and their business plan will be evaluated
v.The incubatees will also be eligible for Social Alpha follow-on investment, subject to further due diligence.
Recent Related News:
On December 7, 2020, Kotak Mahindra Asset Management Company Limited (KMAMC) or Kotak Mutual Fund launched India’s first diversified REIT (Real Estate Investment Trusts) Mutual Fund namely “Kotak International REIT Fund of Funds”.
About Small Industries Development Bank of India (SIDBI):
HeadOffice– Lucknow, Uttar Pradesh
Deputy Managing Director– V Satya Venkata Rao
Set up– 2nd April 1990 under an Act of Indian Parliament
About Social Alpha:
Co-Founder, CEO– Manoj Kumar
Headquarters– Bangalore, Karnataka