KYCKART Selected for SISFS: Startup India Seed Fund Scheme

A government-backed vote of confidence, one year in

A little over a year after incorporation, KYCKART was selected under the Startup India Seed Fund Scheme (SISFS), a Department for Promotion of Industry and Internal Trade (DPIIT) initiative that supports early-stage startups with funding for proof of concept, prototype development, product trials, and market entry. By September 2022, KYCKART had already onboarded its first insurance and banking clients and held ISO 9001 and ISO 27001 certifications; the SISFS selection added government-backed validation to that early traction, at a stage when most verification-infrastructure startups were still unproven.

What the scheme enabled

SISFS support gave KYCKART room to keep building product depth, expanding beyond individual KYC checks into business, employment, financial, and vehicle verification, without the early-stage funding pressure that pushes many startups toward premature scale. It was an endorsement that the problem KYCKART was solving, fragmented, field-agent-dependent verification for India's BFSI sector, was one the Government of India itself recognised as worth backing.

"This wasn't just funding. It was the Government of India telling us, one year in, that we were solving a problem worth solving. That mattered as much as the capital."

Lokesh Chaudhary, Co-founder & CEO, KYCKART

The throughline to today

The SISFS selection sits early on a longer regulatory trajectory: KYCKART went on to reach USD 1 million in annual recurring revenue by January 2025, receive its Data Service Provider licence from the RBI Innovation Hub that November, and add Aadhaar OVSE and ULIP licences in April 2026. What started as seed-stage government backing has since compounded into a licensed, government-recognised verification infrastructure provider for Indian BFSI.