Biotechnology Research Innovation And Entrepreneurship Development (Bio-RIDE)

DETAILS The scheme "Biotechnology Research Innovation And Entrepreneurship Development (Bio-RIDE)" was launched by the Department of Biotechnology, Ministry of Science and Technology. The scheme aims to propel the nation toward sustainable green growth and a robust bioeconomy. The scheme provides comprehensive support including seed funding, incubation support, extramural research grants, and substantial financial assistance to establish shared infrastructure like bio-artificial intelligence hubs, biofoundries, and biomanufacturing hubs. The applicant must be a legally registered entity in India possessing demonstrated prior experience in the applied areas of bio-services or high-performance biomanufacturing. The scheme is implemented by the Department of Biotechnology and the Biotechnology Industry Research Assistance Council, and the applications for this scheme are accepted primarily through periodic national calls on their official digital portals. BENEFITS The scheme has a total proposed financial outlay of ₹91,97,00,00,000/- for the period spanning from 2021-22 to 2025-26. Startups receive seed funding, incubation support, and dedicated mentorship to nurture a thriving ecosystem for bio-entrepreneurs. Researchers, institutions, and universities receive extramural funding and direct grants for cutting-edge research and development in modern biology. Financial assistance of up to ₹50,00,00,000/- is provided for the setting up of Bio-Artificial Intelligence Hubs. Financial assistance of up to ₹65,00,00,000/- is provided for the setting up of Biofoundries. Financial assistance of up to ₹75,00,00,000/- is provided for the setting up of Biomanufacturing Hubs. Coordinating hubs are eligible to propose an annual budget of up to ₹50,00,000/- to comprehensively cover the operational costs of collaborating projects. Academic institutions receive funding through grant-in-aid mechanisms for mission mode projects as per the extramural research guidelines of the Department of Biotechnology. Startups, small and medium enterprises, and industries seeking funding beyond ₹50,00,000/- receive financial assistance through co-funding combined with royalty sharing or equity financing. Private universities, non-governmental organizations, trusts, and foundations receive capital support but are required to share 25% of the total capital investment cost. Incubators or companies established by the Central Government or private universities receive funding with a mandatory co-funding requirement of a minimum of 30% of the total project cost. Incubators or companies established by the State Government receive funding with a mandatory co-funding requirement of a minimum of 50% of the total project cost.  Conditions Startups, small and medium enterprises, and industry applicants must contribute a minimum of 30% of the total project cost in cash, strictly excluding land and construction costs. Joint industry-academia projects require the involved industry partner to share a minimum of 30% of the cost attributed to the industry component. Beneficiaries opting for the royalty-sharing model must pay a 5% royalty on the net sales of the developed product until the paid royalty equals the disbursed financial assistance. Beneficiaries opting for equity financing must agree to the government taking an equity stake through convertible notes that get compulsorily converted at the valuation of the first investment round of ₹10,00,00,000/- or more within five years, or mandatorily at the end of the fifth year at a 20% discount of the latest valuation. The applicant must successfully implement a clearly defined sustainability business plan to ensure continuous operations after the government support period is over. In the event of project foreclosure, the beneficiary must completely refund the disbursed amount within 30 days from the date of foreclosure. In the event of project termination due to non-compliance, the beneficiary must completely refund the disbursed amount along with a 12% interest within 30 days from the date of termination. ELIGIBILITY The applicant must be a legal entity, either for-profit or not-for-profit. The applicant must be officially registered in India with the respective taxation and other administrative authorities. The applicant must have tangible prior experience in the applied functional area of bio-services or biomanufacturing. The applicant must not be blacklisted by any Central Government. The applicant must not be blacklisted by any State Government. The applicant must not be blacklisted by any Public Sector Undertaking of the Government of India. The applicant must ensure that major promoters or the legal entity are not involved in any major litigation that may impact the delivery of assigned projects. The applicant must strictly adhere to the data protection, confidentiality, and conflict of interest policies laid down by the Department of Biotechnology and the Biotechnology Industry Research Assistance Council. The applicant, if applying as a startup, small and medium enterprise, or industry, must have a minimum of 51% of its stake owned and controlled by resident Indian citizens.  Desirable Criteria The applicant should preferably demonstrate proven expertise, operational experience, and access to pre-existing infrastructure. The applicant should ideally have already secured the necessary regulatory clearances for their innovation or be close to obtaining them.