INR 2.5 Cr funding won by Social Startups from IIITH’s social incubator AIC-IIITH
19 March 2023, Hyderabad: We need to move toward achieving sustainable and inclusive growth to help India achieve UN Sustainable Development Goals (UN SDGs). As part of this Atal New India Challenge (ANIC) a flagship program of Atal Innovation Mission (AIM), NITI Aayog, has selected AIC-IIITH’s Social Startups Jivoule Biofuels, a Hyderabad-based green energy company and Verdant Impact, a Jaipur-based animal husbandry platform for funding of INR 1Cr each. This amount will be disbursed after the startups successfully complete the due-diligence process.
A big part of achieving SDGs also included supporting People with Disabilities. Recognizing this, AIC-IIITH’s SunQulp Tech has been selected for a grant of INR 50 Lakh from Biotech Ignition Grant (BIG), the largest early-stage biotech funding programme in India. BIG is the flagship programme of Biotechnology Industry Research Assistance Council (BIRAC), Department of Biotechnology.
AIC-IIITH’s vision is “Catalyzing Sustainable Development Goals (SDGs) using technology to become a thought leader in the space of technology for social impact.” This aligns with ANIC’s aim “to seek, select, support and nurture technology-based innovations that solve sectoral challenges of national importance and societal relevance.” Similarly BIG which seeks ‘provides the right admixture of fuel and support to young startups and entrepreneurial individuals’ align with AIC-IIITH’s goals to “Validate prototypes and business models to help move India ahead in achieving the U.N. SDGs.” Thus, AIC-IIITH’s tech-based social startups are a perfect fit for these programmes.
Jivoule Biofuels founded by Chandrasekhar Nandigama is working to set up a compressed biogas plant in Hyderabad. They recently started operating a biogas-based power generation plant in Tirupur.
Verdant Impact run by Founder and CEO Manish K. Prahlad is a full-stack animal husbandry platform. The platform provides farmers with backward and forward linkages for purchase and sale of livestock and services like Animal ICU, a digital livestock healthcare ecosystem.
SunQulp started by the team of Amit Panwar (Founder) and Dushyant Kumar (Co-Founder) have created SmartVest, a low-cost, one of its kind, unique navigation solution for the visually impaired people to help them in their movement. It is a wearable vest that guides the wearer while walking by talking to them in human voice and gives them real-time information about their path and the obstacles to avoid, helping them go places with confidence.
Congratulating the Startups, Prof. Ramesh Loganathan, Director of AIC-IIITH said, “This financial investment by AIM and BIRAC in AIC-IIITH startups validates and reaffirms our approach of seeking to support the use of technology by social entrepreneurs to tackle pressing social and environmental challenges faced by India.”
Jivoule Biofuels was part of AIC-IIITH’S Raftaar – Covid Acceleration Program supported by EPAM Systems as part of its ESG commitment. Verdant Impact and SunQulp Tech are part of the 3rd cohort of Akash, AIC-IIITH’s Flagship Incubation Program.
AIC-IIITH’s Startups Jivoule Biofuels, Verdant Impact and Next Skills 360 were also part of various G20 startup meetings organized by the government across India.
AIC-IIITH Foundation, social tech incubator of IIITH, runs multiple cohorts of social startups under various programs like Akash, flagship incubation program and Dhanush Micro Incubation program. AIC-IIITH has also run programs funded by various corporate partners like EPAM, HDFC and Pernod Ricard India Foundation, providing grants to startups. Till date AIC-IIITH has supported 41+ startups, created 300+ jobs and facilitated INR 2+ Cr of funding in diverse social impact sectors like Medtech, Agritech, Greentech, Climate, Edtech etc. AIC-IIITH startups raised INR 75+ cr in funding till date.