The governments have a host of programs that are aimed to support local entrepreneurship. These programs also include monetary benefits such as subsidies. But not a lot of entrepreneurs are aware about these programs and benefits. An Ahmedabad-based startup, however, is trying to solve this problem through its platform.
Bootstrapped SubsidyX was launched in 2022 by Abhishek Jain and Gajendra Jain. The company aspires to be a one-stop solution to browse through the applicable government subsidies. It also has an automated mechanism of asking questions to the users, and based on the answers it provides them a tailor made analysis in report-like form for eligible subsidies.
“There is no centralized point where you can get each and every information that is required by the businesses…Our major target audience for this is the business users who want to establish a business as well as who are into current business and want to see what all benefits are applicable to them from the government,” Gajendra said in an interview with Entrackr.
He added that the platform is also useful for chartered accountants, consultants, and different industry bodies. Gajendra stressed that the platform is not limited to just identifying the subsidy but helping entrepreneurs capitalize on the benefits to propel their businesses.
SubsidyX is currently available via browser. A mobile app for both Apple’s iOS and Google’s Android are in the works and may roll out very soon.
Founders further explained that they have built a mechanism that fetches data from all government websites, in this case, Gujarat government’s, where it’s operational right now. While the mechanism helps collate and furnish these subsidy-related data, the company has also set up a dedicated team to keep track of changes or modifications of new and old schemes. The company is also developing a process that helps entrepreneurs or anyone using the platform get a tentative amount that they might be eligible for subsidies.
Founders disclosed that over 50 MSMEs and chartered accountants have been overboarded. This number is projected to grow to 300 in the near future, founders added.
The startup currently makes revenue from generating revenue i.e. charging a fee per report. It is also considering a SaaS-like subscription fee, which could also be useful for financial advisors working with different entrepreneurs. Right now, the company is focusing on Gujarat, but eventually will take the service to more states in the country in near future.
That said, there are not a lot of credible repositories like SubsidyX. Indeed it’s a hassle to go through all the government websites, which usually have the archaic design, making it difficult for anyone to navigate, let alone applying for them. As far as SubsidyX, the company has a lot of choices to make its platform much more slicker and smarter, say using generative AI to help young entrepreneurs.
