Foundation for Innovation and Entrepreneurship Development (FIED) and E-Cell at IIM Kashipur hosted the seventh edition of ‘Uttishtha 2024.’ This high-profile agri start-up expo not only served as a dynamic platform for inventive startups but also marked the infusion of a substantial Rs 15 crore in funding to fuel the growth of promising ventures.
Funding Highlights and Support Schemes
As outlined in a recent press release, the expo saw a total disbursement of Rs 14.6 crore to startups under various support schemes. Notably, Rs 1.30 crore was allocated to 13 agri-focused startups in FY 23-24 through the RKVY RAFTAAR RABI scheme by the Ministry of Agriculture and Farmers Welfare. An additional Rs 2.89 crore was sanctioned to 13 startups under the Startup India Seed Fund Scheme, underlining the comprehensive support system provided to budding entrepreneurs.
IIM Kashipur’s FIED: A Catalyst for Growth
IIM Kashipur’s FIED played a pivotal role in propelling numerous startups into the spotlight, including Bijak, Loopworm, Greenpod Labs, InfyU Labs, Agronxt, Industill, and Ikayu Foodlabs. These ventures collectively secured an impressive Rs 320 crore in funding from external venture capital firms and angel investors, demonstrating the prowess of the institution in fostering innovative agri-tech solutions.
Active Participation and Impactful Initiatives
The expo witnessed the active participation of 100 agri-startups and community-focused businesses from the Uttarakhand hills. These startups showcased a diverse array of goods and services aimed at bolstering the agricultural industry and its associated ecosystems. IIM Kashipur’s commitment to regional development was evident, as it continues to support Uttarakhand-based agri-tech enterprises, setting it apart among leading B-schools.
In addition to the expo, IIM Kashipur introduced initiatives such as the Scaleup Pitchathon, a national live startup pitching competition. Over 100 government-recognized startups competed, with the top three creative ventures vying for a prize of Rs. 1.5 lakh, enhancing the competitive spirit and encouraging groundbreaking ideas.
Director’s Vision and Impactful Funding Allocations
Prof. Kulbhushan Balooni, Director of IIM Kashipur, emphasized the institution’s commitment to supporting the startup ecosystem on multiple fronts. Recognizing the indispensable role of the Government of India’s continued support, he highlighted IIM Kashipur’s distinctive focus on assisting Uttarakhand-based agri-tech enterprises. Since its inception in 2018, FIED has incubated 189 startups, creating over 3000 jobs and impacting the lives of more than 7 lakh farmers.
Underlining their commitment to catalyzing growth, IIM Kashipur’s FIED allocated funds to startups, including Krushika Naturals Pvt. Ltd., Himshilpi Hunar LLP, Zarin Gourmet Pvt Ltd, MyPahadiDukan, BABA Agrotech, SS Agriculture Innovations Pvt Ltd, and Svastha Samriddhi Pvt Ltd. These financial injections aim to propel the expansion of these ventures and contribute significantly to the entrepreneurial ecosystem.
IIM Kashipur’s Agri Start-up Fiesta and associated initiatives are pivotal in nurturing innovation and entrepreneurship in the agricultural sector. The substantial funding, coupled with active participation in expos and competitive events, underscores the institution’s commitment to shaping the future of agri-tech entrepreneurship in India. The impactful contributions of IIM Kashipur’s FIED further solidify its position as a catalyst for transformative growth in the startup ecosystem.
