IIM Kashipur’s Agri Start-up Fiesta Drives Around ₹15 Crores Funding To Promote Startup Ecosystem

By India Education Diary Bureau Admin On Jan 30, 2024

Uttishtha ‘24 Establishes Hub-and-Spoke Model in Uttarakhand, Fostering Entrepreneurship in Government Engineering Colleges
FIED has impacted 7 lakh farmers so Far

“Uttishtha 2024,” the 7th edition of the biggest agri start-up expo, has concluded with great fanfare after two days of talent, innovation, and creativity organised by the Foundation for Innovation and Entrepreneurship Development [FIED] and E-Cell at IIM Kashipur. The event showcased a number of forward-thinking startups run by bright young people from all around the nation.

IIM Kashipur’s FIED funded startups were Krushika Naturals Pvt. Ltd. 25 Lakhs, Himshilpi Hunar LLP 5 Lakhs, Zarin Gourmet Pvt Ltd 25 Lakhs, MyPahadiDukan 25 Lakhs, BABA Agrotech 20 Lakhs, SS Agriculture Innovations Pvt Ltd 5 Lakhs, and Svastha Samriddhi Pvt Ltd 25 Lakhs. This funding aims to catalyse the growth of these ventures and contribute to the entrepreneurial ecosystem.

A total of INR 14.6 Crores has been disbursed to startups under startup support schemes out of which INR 1.30 Crores have been sanctioned to 13 Agri-focused startups in FY 23-24 by RKVY RAFTAAR RABI scheme by Ministry of Agriculture & Farmers Welfare & INR 2.89 Crores have been sanctioned to 13 startups under Startup India Seed Fund Scheme.

With the aid of IIM Kashipur’s FIED, a number of brilliant startups, such as Bijak, Loopworm, Greenpod Labs, InfyU Labs, Agronxt, Industill, and Ikayu Foodlabs, have raised INR 320 Crores and more in funding from outside venture capital firms and angel investors. Under the Ministry of Agriculture & Farmers Welfare’s RKVY RAFTAAR RABI scheme, IIM Kashipur FIED has provided funding and business training to 200+ startups since its founding in 2018, including 68 with an agri-focused focus.

100 promising agri-startups and community-focused businesses from the Uttarakhand hills participated in the agriculture fair, showcasing their goods and services that support the agricultural industry and its supporting ecosystems.

Impactful initiatives were presented by IIM Kashipur, such as the Scaleup Pitchathon, a national live startup pitching competition in which the top three creative ventures were chosen from a pool of more than 100 government-recognized startups and competed for a prize of Rs. 1.5 lakh to become the best startup.

Prof. Kulbhushan Balooni, Director, IIM Kashipur said, IIM Kashipur is committed to supporting the startup ecosystem on multiple fronts by involving more and more academic members to train incubatees and providing them with every aid and support imaginable. The Government of India’s continued support is essential for sustaining incubators’ activities across higher education institutions. Because of IIM Kashipur’s commitment to regional development, we are attempting to assist Uttarakhand-based agri-tech enterprises, thus making IIM Kashipur distinctive among the league of leading B-schools. FIED has incubated 189 startups since its inception in 2018, which in turn has created more than 3000 jobs. IIM Kashipur has already had an impact on more than 7 lakh farmers.

Prof. Safal Batra, managing director of FIED and chairperson of E-Cell at IIM Kashipur said, Throughout India, we are recognized as leaders in entrepreneurship. NITI Ayog, Govt of India has granted Atal Community Innovation Centre to IIM Kashipur. We are working with farmer producer organizations in Uttarakhand at the grassroots level, similar to us, where we plan to train 15 FPO. In the future, this center will become as prominent as the achievements it has garnered.

Udaan 7.0, the National Business Plan Competition, is another noteworthy initiative that provides a forum for prospective students to showcase their creative ideas to professors and industry professionals. The top 7 teams, out of over 300, took home a total of Rs. 50,000 in cash prizes.

In Uttishtha ‘24, IIM Kashipur FIED felicitated 13 Agri-focused startups, providing them with a sanction of INR 1.30 crores, supported by the Ministry of Agriculture & Family Welfare.