IndusDC sets aside Rs 100 Cr to help build startups

IndusDC, a venture studio that aims to reduce 1 giga tonne (GT) of CO2 emissions by 2035, has set aside Rs 100 crore of blended finance for FY25 and FY26 to help co-build tech startups across the industrial and energy sectors. 

The studio aims to build five startups in the next two years and more than 50 globally over the next decade and will come in as co-founders and onboard entrepreneurs. 

Each startup founded by the studio will have access to Rs 20 crore in capital, in a combination of tech development grants, equity for early revenue until profitability, and debt or working capital for scaling. 

IndusDC said it has already received a commitment agreement for the first five startups from Mirik Gogri of Spectrum Impact, the family office of Aarti Industries Ltd promoters. 

"We are thrilled to invest and partner with IndusDC in their mission to cut 1GT of CO2 emissions by 2035! The seasoned entrepreneurial founding team is uniquely positioned to identify critical IP entrepreneurs and build global ventures!" said Gogri. 

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The studio, founded in 2023 by Kushant Uppal, Satyanarayanan Seshadri, and Kaustubh Hanmantgad will also be signing additional commitment agreements with investors in FY25 for grants, equity, and debt. It has also got backing from angel investors Ashish Gupta of Helion Ventures and Sri Myneni of Knoah Solutions.

"At IndusDC, we are building platforms to address each stage of the startup as they scale from lab to market. Our team is deeply committed to establishing the benchmarks for an IP-focused decarbonisation venture studio and making it an attractive asset class for investors," said Uppal. 

At present, the studio is building three hard-tech startups in association with IIT Madras. It will explore partnerships with other technology and research institutes to identify intellectual properties and build ventures.

(The copy was updated to include additional details)