Biomatiques to receive financial benefits from Indian government
Iris recognition firm Biomatiques Identification Solutions has been selected as one of 88 Indian startups to receive financial benefit from the Indian government, according to a report by India Info Online.
The benefits are part of the Indian government’s INR 10,000-crore (US$1.48 million) fund of funds (FFS) strategy.
Biomatiques, which was ranked by the government as one of the country’s top three startups, is the first Indian company to introduce iris recognition technology’ in the country.
Last August, Prime Minister Narendra Modi announced the ‘Startup India’ campaign, which is designed to create an ecosystem to promote and foster entrepreneurship across the country.
The Department of Industrial Policy & Promotion (DIPP) established the Startup India Action Plan to generate employment in the country through the FFS.
The FFS will also be extending funding support to startups in the program over the next decade during India’s 14th and 15th Finance Commission.
Startup India benefits include self-certification, tax exemption, a three-year exemption from inspections, and an 80% rebate on patent cost.
“We are motivated and happy to be amongst the top 88 start-ups to be benefited from the Fund of funds,” said Tamaal Roy, CEO Biomatiques Identification Solutions. “After getting Standardization, Testing & Quality Certification (STQC) from the Department of Electronics & Technology (DeitY), this has been one of our major achievements. This initiative by the Government of India will surely boost entrepreneurship and job creation across the country.”
“Security and accountability are the two major reasons why we are in the business of biometrics. In a country like India which happens to be the second largest in the world in terms of population, maintaining records, ensuring seamless and effortless tracking of citizens and eradicating mal practices around distribution of government benefits and subsidies can be quite challenging. Our technology will definitely play a pivotal role in changing the security infrastructure of India.”