SubsidyX, a web-based application that helps entrepreneurs in India to identify and access government subsidies and incentives, is aiming disbursals of Rs 50 crore this calendar year. The majority of the disbursal will go into the manufacturing sector.
Founded by Abhishek Jain and Gajendra Jain in 2022, SubsidyX has facilitated subsidy management worth Rs 110 crore so far. This has empowered businesses across diverse sectors to secure financial assistance for their projects.
The government has a host of programs that are aimed at supporting local entrepreneurship, and many of these include monetary benefits such as subsidies. The Ahmedabad-based company helps entrepreneurs avail these programs and benefits.
SubsidyX, incubated by fintech-focused Afthonia Labs, is actively streamlining and standardizing operations through technology-driven processes. It has an automated mechanism of asking questions to the users, and based on the answers, it provides them a tailor-made analysis in a report-like form for applicable subsidies.
“About 110 industries have directly benefited from our subsidy facilitation services. We have also built a strong ecosystem of 410 MSMEs that actively engage with our platform for subsidy identification, advisory, application assistance, and compliance support. Going forward, we aim to empower many more industries, including MSMEs in particular, through financial assistance,” said Abhishek Jain, Founder, SubsidyX.
Furthermore, SubsidyX is designed in a manner to navigate the way through complex calculations of incentives as per their applicability, and provide the amount of benefits available as per the information provided.
The company’s role extends beyond just subsidy disbursals; it acts as a strategic partner in their client’s financial growth journey. The platform is also useful for chartered accountants, consultants, and different industry bodies.
SubsidyX leverages technology to digitize the entire subsidy identification process, streamlining and accelerating application submissions through a technology-driven approach.
At present, SubsidyX does not have any immediate plans for external funding. The company’s focus remains on strengthening technology, expanding reach, and enhancing service delivery to create a more impactful ecosystem for MSMEs.
More than 1,200 MSMEs have benefited from SubsidyX, receiving preliminary advisory services, customized subsidy reports, and expert guidance.
Source : Press Release
