[Funding alert] IIT Mandi Catalyst disburses Rs 2 Cr among 9 startups under NIDHI Seed Support Programme
Startups shortlisted by IIT Mandi will be required to spend at least three months in residency at the IIT to showcase their ideas and its worth.
First tech-based incubator in Himachal Pradesh, IIT Mandi Catalyst, announced on Tuesday, April 28, that it has selected nine startups to disburse Rs 2 crore under the NIDHI Seed Support System programme of the Department of Science and Technology (DST). Selected startups will be needed to spend at least three months in residency at the IIT Mandi to showcase their ideas and its worth.
Between 2019 and 2020, the Catalyst was awarded the NIDHI Seed Support System Programme, under which, a total funding worth Rs 10 crore was provided to help startups grow. In August 2019, IIT Mandi Catalyst had declared that that it would be disbursing the amount in phases in the next five years.
Puran Singh, Faculty-in-charge of IIT Mandi Catalyst, said in a release:
"These startups have been with us for anywhere between six months to about three years. They have benefited from valuable technical mentoring from faculty and business inputs from industry mentors. They are ready to scale up. I wish them the best. There are many more startups in the pipeline that are building their product and may be funded soon.”
IIT Mandi, through its incubation programme, is currently mentoring startups that focus on creating a social impact through their solutions in areas including Waste Management, Health and Nutrition, Agrotech, Clean and Renewable Energy, Application of Artificial Intelligence and Machine Learning in solving large scale problems. The shortlisted startups include:
Biofi Medical Healthcare : The healthtech startup aims to develop a low-cost non-invasive blood glucose monitoring device. It has raised Rs 50 lakh from IIT Mandi Catalyst.
EKA Antrepriz Pvt Ltd : The enterprise management startup is re-imagining and re-engineering the corporate travel ecosystem. It is doing so by providing a two-part solution to manage all ‘Travel & Expense’ category expenditures incurred by businesses. EKA has built a business credit wallet to enable employees to make policy-controlled discretionary spends in real-time. It has received Rs 30 lakh in investment.
Arnetta Technologies : The Arnetta iBRMS (Integrated Breeding and Research Management System) is a tech-solution startup working in the agritech sector. It aims to enable farmers and the allied agricultural ecosystem to optimise farmer efficiency and farm productivity using a disruptive digital crop disease diagnostic solution. The startup has raised a funding of Rs 20 lakh from IIT Mandi Catalyst.
Leopan Motors: The startup is working in the renewable energy sector and is focused on developing an Electric Auto Rickshaw. The e-rickshaw will be equipped with a self-charging system. Leopan has raised Rs 20 lakh.
Greentrek Innovation: The waste management startup is involved in creating high-value molten metals by recycling steel waste that is discarded by steel rolling mills across the globe. It has raised Rs 20 lakh from IIT Mandi Catalyst.
Genetico Research and Diagnostics: The healthtech startup is developing a specialised health-IT system for experts and institutes engaged in diagnosis and research of rare genetic diseases. The system, thus developed, will manage patients data and provide capabilities relevant to workflows in a genetic clinic. Genetico has received Rs 20 lakh.
Descatuk: Cleantech startup Descatuk is harnessing traditional skills of rural women of Uttarakhand for sustainable use of its natural resources — fibers and natural dyes. Thus, supporting their livelihood using ethical, transparent, and verifiable practices. The startup has also developed a sustainable natural fabric which is warm in the winters and cool in summers with medical advantages. It has raised Rs 15 lakh from IIT Mandi Catalyst.
High Five Innovation Labs: Working in the energy sector, HFIL has developed an Internet of Things (IoT) based cost-effective, accurate and efficient solution to convert each electricity meter to a pre-paid smart meter. With the help of this technology, users will be able to check their real-time consumption on an LCD panel of the pre-paid meter or in the mobile application. Thus, allowing consumers to manage their electricity usage more efficiently, and remotely identifying power thefts. HFIL has raised Rs 15 lakh.
DataKund: the startup is building bots to automate applications for businesses that use any digital medium regularly. DataKund's primary focus is towards building tools for digital marketers, ecommerce sellers and freelancers. The startup has raised Rs 10 lakh from IIT Mandi Catalyst.
So far, IIT Mandi Catalyst has supported over 75 startups in different domains.
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