Indian Institute of Technology (IIT), Kanpur and global banking major Citi have handpicked 29 startups to receive grants and mentoring for their cutting-edge solutions, aimed at creating a positive impact on society.
The selection panel also comprised T-Hub (an innovation platform) for the early and growth-age startups across agritech, fintech and healthtech.
The 29 finalists were felicitated during a virtual event at which entrepreneur and IT sector evangelist Nandan Nilekani was the keynote speaker, the IIT Kanpur said on Wednesday.
“The Social Innovation Lab by Citi is extremely timely for India given we are at the beginning of the ‘Tech Decade’ and a year into the ‘Age of Startups’ as entrepreneurship evolves. I believe, due to the different vantage points of Citi, IIT Kanpur and T-Hub, this collaboration will provide scale to the vision of these startups,” Nilekani said.
The 29 startups will receive mentoring, go-to-market strategy support, seed funding, networking and scaling opportunities within the incubation ecosystems at IIT Kanpur and T-Hub.
Besides, 23 early-stage startups will receive a kick-off grant of Rs 10 lakh each, while the remaining six growth-stage startups will receive Rs 20 lakh each, thus aggregating Rs 3.5 crore.
“We have a dynamic startup eco-system at IIT Kanpur and our one of the primary aims has always been to groom startups that hold the potential to bring changes in society and the nation at large,” Institute director Prof Abhay Karandikar said.
Social Innovation Lab by Citi complements the bank’s existing efforts to make a positive impact in the markets it serves through its efforts across philanthropy and business.
“These startups pitched innovative solutions that support three quintessential domains vital to India’s holistic growth. Our role as stewards is to guide these startups in their journeys in the development space,’ Citi South Asia, Head of Treasury and Trade Solutions, Mridula Iyer said.