29 Startups present Agritech, Healthtech, Fintech Solutions | Kanpur News
Kanpur: Startups mentored under the Social Innovation Lab by Citi, a collaborative initiative between the Indian Institute of Technology (IIT) Kanpur, and T-Hub, presented their disruptive AgriTechHealthTech and FinTech solutions to over 100 industry stakeholders at a startup exhibition in New Delhi.
More than 30 business discussions and over 20 investment discussions have been started as a result of the first Social Innovation Lab Startup Showcase. The event was attended by prominent corporate and government stakeholders, angel investors and venture capitalists. Sanjeev Bikhchandani, Founder & Managing Chairman, Info Edge (Naukri.com), who was present as the Chief Guest on the occasion, said, “I am overwhelmed by the quality of startups at the Social Innovation Lab – Startups Showcase. The interaction with startups and IIT-K and the Citi teams were enriching. I wish them every success.”
Director IIT-K Prof Abhay Karandikar said, “Citi India, IIT-K and T-Hub selected 29 social impact startups in healthcare, agriculture, finance domains under Social Innovation Lab by Citi. During the program period, startups raised more than Rs 60 crore from private investors and Rs 6 crore from public and government grants, approximately. .” The investments of over Rs 3.5 crore were received by the 29 startups selected by Citi India, IIT-Kanpur and T-Hub from over 300 applications. The Social Innovation Lab by Citi was launched on 6 December 2021. This consisted of Rs 10 lakh kick-off grants for each of the 23 early-stage startups and Rs 20 lakh for each of the six growth-stage startups.
“Given India’s startup community’s agility, proximity to market and deep understanding of the evolving digital landscape, these startups are well positioned to address the country’s challenges in the finance, agriculture and healthcare sectors,” said Ashu Khullar, CEO, Citi India.
“Citi initially supported funding and mentoring these 29 startups through the Social Innovation Lab by Citi, and we believe they are poised to reach a new stage of growth,” he added.
Srinivas Rao Mahankali (MSR), CEO, T-Hub, said, “Our partnership with Citi and IIT-Kanpur will be a platform to showcase the talent and growing network of technology innovators and capital resources to collaborate for sustainable businesses. Our partnership with Citi is one such milestone that will repeat the story of strengthening the innovation ecosystem, solving an industry challenge with technical solutions and this time making the fintech ecosystem in the country stronger.”
Mentoring under the Social Innovation Lab started after a speech by Nandan Nilekani, Co-founder, Infosys on March 11, 2022. Since then, 29 startups have received mentoring, go-to-market strategy support, seed funding, guidance on intellectual property rights compliance and market positioning, networking and scaling opportunities within the incubation ecosystems at IIT-K and T-Hub.
More than 30 business discussions and over 20 investment discussions have been started as a result of the first Social Innovation Lab Startup Showcase. The event was attended by prominent corporate and government stakeholders, angel investors and venture capitalists. Sanjeev Bikhchandani, Founder & Managing Chairman, Info Edge (Naukri.com), who was present as the Chief Guest on the occasion, said, “I am overwhelmed by the quality of startups at the Social Innovation Lab – Startups Showcase. The interaction with startups and IIT-K and the Citi teams were enriching. I wish them every success.”
Director IIT-K Prof Abhay Karandikar said, “Citi India, IIT-K and T-Hub selected 29 social impact startups in healthcare, agriculture, finance domains under Social Innovation Lab by Citi. During the program period, startups raised more than Rs 60 crore from private investors and Rs 6 crore from public and government grants, approximately. .” The investments of over Rs 3.5 crore were received by the 29 startups selected by Citi India, IIT-Kanpur and T-Hub from over 300 applications. The Social Innovation Lab by Citi was launched on 6 December 2021. This consisted of Rs 10 lakh kick-off grants for each of the 23 early-stage startups and Rs 20 lakh for each of the six growth-stage startups.
“Given India’s startup community’s agility, proximity to market and deep understanding of the evolving digital landscape, these startups are well positioned to address the country’s challenges in the finance, agriculture and healthcare sectors,” said Ashu Khullar, CEO, Citi India.
“Citi initially supported funding and mentoring these 29 startups through the Social Innovation Lab by Citi, and we believe they are poised to reach a new stage of growth,” he added.
Srinivas Rao Mahankali (MSR), CEO, T-Hub, said, “Our partnership with Citi and IIT-Kanpur will be a platform to showcase the talent and growing network of technology innovators and capital resources to collaborate for sustainable businesses. Our partnership with Citi is one such milestone that will repeat the story of strengthening the innovation ecosystem, solving an industry challenge with technical solutions and this time making the fintech ecosystem in the country stronger.”
Mentoring under the Social Innovation Lab started after a speech by Nandan Nilekani, Co-founder, Infosys on March 11, 2022. Since then, 29 startups have received mentoring, go-to-market strategy support, seed funding, guidance on intellectual property rights compliance and market positioning, networking and scaling opportunities within the incubation ecosystems at IIT-K and T-Hub.
