IIMK LIVE- Cochin Shipyard Limited Award Seed Funding worth 80 Lakh INR to Two Kerala-based Innovative Startups through USHUS Scheme
Kozhikode: IIMK LIVE and Cochin Shipyard Limited (CSL), have awarded seed funding worth Rs 80 Lakhs to two promising start-ups from Kerala as part of USHUS Scheme. USHUS is a start-up initiative helmed by IIMK LIVE, the business incubator of the Indian Institute of Management Kozhikode and CSL for supporting the startups in Maritime sector from the technical, regulatory, financial, and marketing points of view by bringing the stakeholders together.
IIMK LIVE identified M/s NyQuest Innovation Labs Pvt Ltd (Kerala) and M/s. Pelican Thermogenics Pvt Ltd (Kerala) as the standout start-ups for receipt of this award through a rigorous selection process. In recognition of their potential, NyQuest Innovation Labs received a grant of Rs. 50 Lakhs, while Pelican Thermogenics was awarded Rs. 30 Lakhs in seed funding. Prof. Ashutosh Sarkar, Executive Director IIMK LIVE and Mr Rakesh Gopalakrishnan, Chief General Manager, CSL, presented the representatives of the two selected startups with the award and signed agreements to its effect in the presence of IIMK LIVE and CSL officials.
Pelican Thermogenics Pvt Ltd is a woman-led micro enterprise registered with the Start- up India. It has developed a decentralized modular microwave-based rapid dehydration equipment for fishermen, Farmers, Farmer Producer organizations, Fish Processors for converting fish/fisheries waste to animal feed. On the other hand NyQuest Innovation is into developing a hybrid drivetrain (group of components that deliver mechanical power from the prime mover to the driven components) indigenously, which can be used in Autonomous Underwater Vehicles, Remotely Operated Vehicles and Unmanned Surface Vehicles as a storage unit or coupled with power generator as per the specific requirements.
Expressing delight over the development Prof. Debashis Chatterjee added “This collaboration is proving to be a game-changer for young and talented entrepreneurs to develop products and services in the marine space with financial support, mentoring and backing provided jointly by IIMK LIVE and CSL. India is moving up formidably in the global innovation index and it is evidenced in exciting new developments and institutional partnerships as such, taking place in early-stage startups. ”
Shri Madhu S Nair, CMD CSL, congratulated the selected start-ups and expressed his optimism, stating, “I sincerely hope that this initiative of CSL supported by IIMK will help in catalyzing the maritime start-up ecosystem in the country and facilitate a larger participation of the start-up fraternity in opening up the immense potential in this relatively unexplored sector.”
Cochin Shipyard Limited and IIMK LIVE has introduced the ‘USHUS’ start-up framework, which facilitates the development of innovative products and solutions to bolster the marine industry. The selected start-ups are expected to demonstrate dedication to innovation, enhancing goods, services, or processes, and presenting a scalable business strategy with the potential for substantial revenue growth and job creation. The funding provided through this program can be utilized for both operational and capital expenses, including working capital, the acquisition of fixed assets, and other necessary costs.
Following the successful conclusion of the first round, IIMK LIVE and CSL are inviting applications for the next round of start-up selection. Start-ups selected in the upcoming rounds have the opportunity to receive funding of up to Rs. 1 Crore as grants and direct equity funding from Cochin Shipyard Limited. To apply for this program and avail incubation support, interested start-ups can visit https://www.iimklive.org/csliimklive The application deadline for the next round is July 20, 2023.