IIMK LIVE-Cochin Shipyard Limited Award Seed Funding worth 90 Lakhs INR to Three Innovative Startups through USHUS Scheme
Kozhikode: IIMK LIVE and Cochin Shipyard Limited (CSL), have awarded seed funding worth Rs. 90 Lakhs to three promising start-ups as part of USHUS Scheme, a start-up initiative of Cochin Shipyard Ltd helmed by IIMK LIVE, the business incubator of the Indian Institute of Management Kozhikode for supporting the startups in Maritime sector from the technical, regulatory, financial, and marketing points of view by bringing the stakeholders together.
In the second round of seed funding, IIMK LIVE has selected M/s Fuselage Innovations Pvt Ltd (Kerala), M/s Xalten Systems Pvt Ltd (Kerala) and M/s. Ensoverse Pvt Ltd (Delhi) for early stage seed funding thus adding the total number of startups supported under the USHUS program to 5 with an overall funding support to 1.7 Cr till date.
Prof. Ashutosh Sarkar, Executive Director IIMK LIVE and Mr Deepu Surendran, General Manager, CSL, presented the representatives of the three selected startups with the award and signed agreements to its effect in the presence of IIMK LIVE and CSL officials.
Expressing delight over the development Director IIM Kozhikode and Chairman IIMK LIVE Prof. Debashis Chatterjee added “This game-changing collaboration has re-energized the maritime sector and has encouraged the young and talented entrepreneurs to develop innovative products and services. The success of USHUS Scheme to empower deserving nascent startups only strengthens our resolve to play a vital role in shepherding the dream of an Aatmanirbhar Bharat at 2047.”
Shri Madhu S Nair, CMD CSL, conveyed his congratulations to the selected start-ups and expressed optimism, stating, “India’s maritime sector offers substantial opportunities for start-ups to drive innovation and reduce reliance on foreign technology. We are optimistic that USHUS will catalyse the growth of the maritime start-up ecosystem in the country, benefiting all stakeholders. We also hope that this will play a relevant role in supporting the Atmanirbhararta efforts of our country.”
In the first round of funding early this year, seed funding worth Rs 80 Lakhs was awarded to two promising start-ups from Kerala as part of this IIMK LIVE – CSL Scheme, giving a boost to startups in Maritime sector.
Cochin Shipyard Limited and IIMK LIVE 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.