Incubated Startup of AIC-JKLU, Maini Renewables Pvt. Ltd. receive grant of INR 21.25 Lacs under HDFC Parivartan Smartup grant
New Delhi: Maini Renewables, an incubated startup of AIC-JKLU that designs and manufactures renewable energy products, that are both efficient and cost-effective, has been selected for the grant of INR 21.25 Lacs under the Parivartan Smartup grant by HDFC.
In this year AIC-JKLU was one of the selected incubators to support Startups and one of their incubated startup, Maini Renewables, was chosen for the grant. Parivartan Smartup grant was for those startups who are working on Environment, Health and Gender Diversity.
Nidhi Kachhawa, CEO, AIC-JKLU Foundation, Jaipur said, “The money raised would be majorly invested in technology and to scale up operations of the company. Maini Renewables would be strengthening and developing hydropower technology used for generating electricity through static water bodies in Indian rural areas and cities. Hydropower has immense potential beyond traditional dam-style construction. They research and develop new hydrokinetic turbines for specialized applications in real-world conditions. These kinds of annual programme awards funds are opportunity for the budding entrepreneurs”.
The Founder of Maini Renewables, Ms. Swati has an M.S. degree in Mechanical Engineering from Drexel University and has experience in developing Hydrofoils for Hydrokinetic turbines.
As AIC-JKLU is the focused incubator towards Energy and Eldercare segment with 33+ labs and 40+ active mentors and has supported 50 startups so far, she strongly feels that with the support and guidance of AIC-JKLU and mentors connected by AIC-JKLU, she could achieve this milestone which will help her in scaling the venture.
Brief details of AIC, Scheme and Startup
HDFC Bank | Parivartan Smartup Grants
HDFC Bank is helping to transform the lives of millions of Indians through their social initiatives. These initiatives come under the umbrella of ‘Parivartan’ and they aim to contribute towards economic and social development. With a lot already done, the bank continues to bring about the change keeping with its philosophy of Sustainability and Innovation
The SmartUp grants for social startups under the Bank’s Parivartan and SmartUp program were in their 5th year with Rs.20 crores distributed as grants via 22 incubator partners. Over the 4 cohorts, a cumulative of 90 Startups have been supported across segments like AgriAgribusiness-tech, Waste Management, Healthcare, and Skill Development.
For this year these below were the focus areas for the Smartup grant
(i) Environment i.e. conservation of the natural world
(ii) Health i.e. Improving Healthcare
(iii) Gender Diversity i.e. Improving gender equality.
This year it was intended to select 12-15 incubators and support around 50 startups in the above focus areas
Selected Startup – Maini Renewables
Hydrokinetic turbines can be deployed in rivers, canals, oceans to harness predictable energy that is 822x denser than wind energy. Hydrokinetic is 100% renewable, no dams are required, and can be applied in modular micro-grids where electricity is needed. Maini renewables solve the problem of the low predictability of other renewables, cut losses due to transmission (20%), lower power outages for the consumer. This is a low-cost solution otherwise impossible due to the low efficiency of commercially available turbines.