The Indian government has taken significant steps to foster innovation and empower entrepreneurs. Recently, it announced an INR 3 crore grant aimed at supporting impact startups. 23 startups will benefit from this initiative, driving research innovations toward market-ready success. Additionally, a landmark credit guarantee agreement has been established to empower Micro and Small Enterprises (MSEs). In a women-focused move, programs are being rolled out to support and uplift women entrepreneurs. Notably, female founders-led Indian businesses are also expanding their reach, with a presence in Dubai.
The Tech Panda takes a look at movements in the tech startup ecosystem.
INR 3 crore grant from the Indian government to help build impact startups
build3, the ecosystem to build impact startups was selected as an incubator under the Startup India Seed Fund Scheme at the 56th Expert Advisory Committee meeting. The firm also received approval from the Experts Advisory Committee (EAC), with a total commitment of INR 3 Crore grant from the Government of India. The firm launched the 3rd Cohort of their flagship Impact Accelerator program, inviting applications from early-stage startups.
Introduced by the Ministry of Commerce and Industry, the Startup India Seed Fund Scheme has been designed to provide financial support to startups for proof of concept, prototype development, product trials, market entry, and commercialization. As a government-recognised incubator, build3 is eligible to disburse funds to impact founders to help them develop their product and enter the market.
Varun Chawla, Co-Founder of build3, expressed his excitement, saying, “The support of the government is a testament to build3’s vision of supporting founders that build startups that make the world a better place. The benefits of capitalism lie in its thrust on innovation and creativity; the incentive to create new products that channel human ingenuity and passion. build3 aims to act as a canvas where capitalism and wholeness intersect to create products that truly benefit humanity.”
As per the regulations of the scheme, build3 will shortlist eligible startups considering scheme guidelines that have been operationalised from April 1, 2021.
23 startups to drive research innovations into market-ready success
T-Hub, India’s leading startup incubator launched AIC T-Hub Lab2Market program, a new initiative designed to transform groundbreaking research into market-ready innovations. The program offers a unique pathway for researchers and innovators to translate their ideas into commercial successes by focusing on two key objectives: developing Minimum Viable Products (MVPs) and converting them into scalable startups.
Startups participating in the Lab2Market program will receive comprehensive, tailored support. This includes interactive group learning sessions focused on product development, market strategies, and business model refinement. Each startup will benefit from personalized mentoring by industry experts, offering strategic guidance and addressing specific commercialization challenges. The program also features market access events where startups can showcase their advancements and connect with potential investors and partners. Additionally, participants will receive hands-on assistance to navigate commercialization hurdles, culminating in a final demo day to highlight and celebrate their achievements.
Out of 200 applicants, 23 startups have been chosen for the first cohort of the program. These startups were selected based on their innovative solutions, well-defined commercialization pathways, and potential for significant market impact. The cohort represents a diverse range of sectors, including sustainability, mobility, healthcare, fintech, agriculture, and more. Selected startups include Declutter Solutions, ASMI Innovations, Bharat Plastipay, The Hydrogen Ecosystem, Abe Bikes, SmartKosh, Glassmart, Win Health, RhythmX, Cardiac Rehab, Transcript Life Sciences, NeoSurgix, Token-Disc, Blocks, Robic Rufarm, Bhaumya, Taejoon, Zentrix, Achintya Products, Farm Nutra / Bliss Body, Rapturous Mind, Emiant and Uhenergy Teratech Solutions.
Mahankali Srinivas Rao (MSR), CEO of T-Hub, said, “The Lab2Market program is designed to accelerate innovation across a variety of sectors, including sustainability, mobility, healthcare, nutraceuticals, and more. By supporting startups from diverse fields, we aim to drive significant growth for participants—helping them achieve commercialization, refine business models, and expand their market presence both domestically and internationally. This program will help startups catalyze transformation and evolve into established market players.”
Furthermore, AIC T-Hub also envisions future expansions of the program, incorporating more cohorts and sectors, and potentially collaborating with other state incubators across the country to ensure a wider reach. Through its comprehensive support system, Lab2Market is poised to play a critical role in building a sustainable ecosystem that fosters groundbreaking innovations and contributes to broader industry advancements.
Landmark credit guarantee agreement to empower MSEs
Annapurna Finance Pvt. Ltd., an Indian Non-Banking Financial Companies and Microfinance Institutions (NBFC-MFI), has entered into a landmark partnership with British International Investment (BII), the UK’s development finance institution and impact investor, and FinReach Solutions, a guarantee facilitation partner dedicated to enhancing credit availability to viable MSEs. This strategic alliance aims to empower India’s Micro and Small Enterprises (MSEs), which form the backbone of the country’s economy.
This partnership is particularly significant as it marks the first time a Development Finance Institution (DFI) has extended a credit guarantee to an NBFC-MFI in India. The agreement entails BII providing a first-of-its-kind credit guarantee to Annapurna Finance, with FinReach Solutions playing a pivotal role as the key enabler. The credit guarantee is expected to increase Annapurna Finance’s loan book by INR 100 crore, thereby enhancing its capacity to provide financial services to over 4,000 underserved MSEs, particularly in regions where traditional financial services are limited, such as Eastern India.
Gobinda Chandra Pattanaik, Managing Director of Annapurna Finance, expressed his enthusiasm for the collaboration, stating, “This partnership with British International Investment and FinReach Solutions represents a major milestone not only for Annapurna Finance but also for the broader financial inclusion landscape in India. The introduction of BII’s credit guarantee enables us to expand our reach to underserved micro and small enterprises, empowering them with the credit they need to scale their operations and achieve sustainable growth. These businesses, often located in regions with limited access to traditional financial services, are the backbone of our economy. Providing these enterprises with the means to grow will contribute to creating a more dynamic and resilient economy, enhance local livelihoods, and support sustainable development in their communities. We are excited to see the substantial impact this partnership will have on driving inclusive economic progress.”
The credit guarantee scheme is a financial arrangement under which BII partially guarantees the repayment of retail loans extended by Annapurna Finance to MSEs. This arrangement notably reduces the lending risk for Annapurna Finance, enabling the company to extend credit more confidently to businesses that might otherwise face challenges in accessing finance. As a result, this initiative will not only promote financial inclusion by improving access to credit but also support job creation, entrepreneurship, and poverty reduction by empowering small businesses to grow and contribute meaningfully to the economy.
A women-focused program to empower women entrepreneurs
AIC-Pinnacle Entrepreneurship Forum, an incubator supported by the Atal Innovation Mission (AIM) -NITI Aayog, Government of India, unveiled EvolutioNari Women Entrepreneurs Program, its latest initiative designed to empower and nurture the entrepreneurial spirit of women.
Launched by Pinnacle Industries in 2023, EvolutioNari has been instrumental in promoting gender diversity and fostering an inclusive workplace. This multifaceted program aims to support women at every stage of their career journey, offering them opportunities to re-enter the workforce, explore new business ventures, and advance their careers across various sectors.
The Program is a 6-month long incubation program, designed to further encourage and support female entrepreneurs by providing them with a unique opportunity to join a carefully curated cohort of 10 women entrepreneurs. By creating a dedicated space for women entrepreneurs, AIC-Pinnacle seeks to build on the momentum of EvolutioNari WEP and extend its benefits to a broader group of women entrepreneurs. This program will have over 100 mentors spanning across various sectors and geographies. Mentors are allotted based on the need and requirement of the start-up.
Former ARAI director Rashmi Urdhwareshe; Cofounder and CTO at Railofy Hrishabh Sanghvi; Acuitas TechComm director Dr. Rijwan Pinjari; are some of the mentors who would be guiding the female business leaders in their entrepreneurial journey.
At AIC-Pinnacle, three women-led ventures – Krishigati Pvt Ltd, Serenum Products Pvt Ltd and Mommy Mills Foods Pvt Ltd. have already demonstrated remarkable potential and have benefited immensely from the incubator’s resources and expert guidance. These women led startups have received comprehensive support including mentoring, technical assistance, networking opportunities, and substantial funding comprising of grants from MeitY startup Hub, Atal Innovation Mission and Startup India Seed Fund (SISFS).
“The goal of this program is to create a nurturing environment where women can excel, innovate, and lead as entrepreneurs. For our previous cohorts, we have been receiving applications from women entrepreneurs across diverse sectors. To increase the percentage of women entrepreneurs, the incubator focus is more towards generating viable and innovative ideas first. We are confident that if women entrepreneurs come up with such ideas, our dedicated team of incubation managers, acceleration managers and mentors can support to commercialize them”, said Sunil Dhadiwal, CEO of AIC-Pinnacle Entrepreneurship Forum.
EvolutioNari WEP will offer a comprehensive support system, including mentorship, networking opportunities, and resources tailored to the needs of women entrepreneurs. The program’s funding will be determined based on the ideas and needs presented by applicants, ensuring that each participant receives the necessary support to succeed and achieve their goals.
EvolutioNari WEP is sector agnostic, open for all the sector preferably tech based. Any female entrepreneurs above 18 years of age is encouraged to apply. Industry experience is not required. Freshers with good ideas can also apply. Duration is 6 months (weekly 2 hours of virtual sessions will be conducted for 3 months).
Female founders-led Indian businesses to expand in Dubai
Encubay, a Global Startup Network dedicated to fostering diversity in entrepreneurship and investing, launched Encubay Global Immersion Week 2024 (EGIW24’) happening alongside the World’s largest Tech & Entrepreneurship show, GITEX Global. EGIW is designed to help female founders-led companies extend their global footprint by exploring expansion, new markets, and investment opportunities in Dubai. It is a first-of-its-kind initiative for early and growth-stage companies, where 40 female entrepreneurs from India will participate in the Global Immersion Week to delve into the Dubai startup ecosystem.
Encubay has also partnered with top business advisory firms in Dubai through its Dubai Chapter to offer practical insights on establishing a business, obtaining licenses, and navigating the pathways to success within this thriving ecosystem. In partnership with Rukam Capital, a venture capital fund, six startups will present their business ideas to global investors and UAE family offices.
Deeksha Ahuja, Co-founder, Encubay said, “Dubai has rapidly emerged as a global powerhouse of innovation, growth, and investment. Dubai’s robust funding ecosystem and status as a tech and innovation hub make it an ideal destination for businesses looking to expand globally. The city offers a USD 136 million initiative to help small and medium businesses expand, along with the USD 275 million Dubai Future Fund to support startups and tech firms. Starting a business in Dubai would require significant time, with 7-10 visits to understand the market, and a substantial investment of effort and money. However, through our Global Immersion Week, participants gain credibility with less time, effort, and financial outlay.”
Archana Jahagirdar, Founder and Managing Partner, Rukam Capital stated, “We are thrilled to announce Encubay’s partnership with Rukam Capital, a SEBI-registered Category-II venture capital fund, to bring unique investment opportunities to investors in Dubai. This collaboration offers investors in Dubai an unparalleled opportunity to diversify their portfolios beyond real estate and stock markets. With Rukam Capital’s proven track record of identifying and nurturing India’s ‘Brands of Tomorrow,’ this is the chance for companies and family offices to invest in high-growth startups that are shaping the consumer landscape of India.”
The objective of EGIW is to create a simple, structured pathway for businesses in India to engage with visionary investors, industry leaders, and dynamic global business owners in the UAE. From in-depth discussions with stakeholders to building lasting relationships within the region’s innovation hub, this week will empower participants to forge connections and unlock new opportunities in the Middle East like never before.
