The program is open to technology companies that are under three years, and whose annual revenues are less than Rs 5 crore. Companies meeting these eligibility criteria will be offered access to development software at no upfront cost through Microsoft's BizSpark program; and asked to send their business plan to IDG Ventures for evaluation. Start-ups that meet the investment criteria of the VC will be provided access to funding of up to Rs 25 crore per company.
Speaking at the launch of the program, Rajan Anandan, Managing Director, Microsoft India, said,"In the three months since we launched BizSpark, 275 start-ups have been empowered with access to genuine software at absolutely no cost. The partnership with IDG Ventures and their commitment of this corpus of funds gives deserving start-ups a chance to really accelerate their growth. We believe that it is critical for the industry to start innovating for India today, and start-ups are going to play an important part in this".