IIT Kanpur incubated startup gets investment from SIDBI

NEW DELHI: The Indian Institute of Technology, Kanpur (IITK) incubated startup Noccarc has secured an investment from the Small Industries and Development Bank of India (SIDBI).

The investment has been made under the SIDBI Seed Equity Support Scheme (S4-SIIC) that was launched in March 2023 during the annual startup festival Abhivyakti 2023, at IIT Kanpur. The scheme is exclusively tailor-made to support startups incubated at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur.

About Noccarc

The Noccarc team came to the limelight during the Covid 19 to develop a fully-functional low-cost ventilator within 90 days. The team was led by Amitabha Bandyopadhyay, the then professor in-charge of SIIC, IIT Kanpur .

Abhay Karandikar, director IIT Kanpur, said on the announcement, “Our technology business incubator SIIC had been a flagbearer during the peak of COVID for facilitating various research and development work to enrich the healthcare system. Noccarc has been a key incubated startup in that domain. I believe that this investment from SIDBI will give more push to the healthcare innovations the startup is aiming to bring and help enrich the country’s critical care sector.”

Nikhil Kurele, co-founder of Noccarc, said, "We are not only thankful for SIDBI's financial backing but also for their trust in us. With their unwavering support, we are poised to venture into uncharted territories of innovation, delivering even more robust and accessible products and services. We extend our heartfelt appreciation to SIIC IIT Kanpur for standing by us since our inception, and we eagerly anticipate our continued journey together in creating world-class medtech products."

The SIDBI Seed Equity Support Scheme (S4-SIIC) comes as a result of a partnership with SIIC IIT Kanpur to invest in startups incubated at SIIC through equity-based seed fund support. Noccarc has been selected for funding following a thorough evaluation.