Indian Institute of Management Kozhikode and Cochin Shipyard Limited will grant funding up to Rs 1 crore to selected start-ups in the upcoming rounds.
Tanuja Joshi | June 27, 2023 | 10:09 PM IST
NEW DELHI: Indian Institute of Management Kozhikode (IIMK) LIVE and Cochin Shipyard Limited (CSL) together provided seed funding of Rs 80 lakhs to two startups from Kerala as part of the USHUS Scheme in the first round. USHUS is a start-up initiative helmed by IIMK LIVE.
Following the successful conclusion of the first round, IIMK LIVE and CSL are now inviting applications for the next round of startup selection. Startups selected in the upcoming rounds will have the opportunity to receive funding of up to Rs 1 crore as grants and direct equity funding from Cochin Shipyard Limited.
The USHUS scheme is an initiative led by IIMK LIVE and CSL that aims to bring together technical, regulatory, financial, and marketing stakeholders to support start-ups in the maritime sector.
M/s NyQuest Innovation Labs Pvt Ltd and M/s. Pelican Thermogenics Pvt Ltd, based in Kerala, have received the funding. NyQuest Innovation Labs received a grant of Rs 5 million and Pelican Thermogenics received Rs 3 million through seed funding.
The awards were presented to representatives of the startups by Ashutosh Sarkar, executive director of IIMK LIVE, and Rakesh Gopalakrishnan, chief general manager of CSL in the presence of officials from IIMK LIVE and CSL.
Pelican Thermogenics Pvt Ltd, a woman-led micro-enterprise registered with Start-up India, has developed a decentralized modular microwave-based rapid dehydration equipment. This equipment is designed for fishermen, farmers, farmer producer organizations, and fish processors, enabling them to convert fish and fisheries waste into animal feed, the official statement said.
NyQuest Innovation is developing a hybrid drivetrain that can be used in autonomous underwater vehicles, remotely operated vehicles, and unmanned surface vehicles as a storage unit and also can be coupled with a power generator.
Interested startups who wish to apply for the second round will have to register for the selection programme at – iimklive.org/csliimklive - by July 20.
Selected start-ups should demonstrate a commitment to innovation by improving their products, services, and processes. They must present business strategies with revenue growth and job creation potential. Funds provided through this program may be used for operating and capital expenditures, including working capital, acquisition of fixed assets, and other necessary expenses.
Madhu S Nair, CMD CSL, congratulated the selected start-ups and said, "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."
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