Tirupati: IIIT Sri City releases grants to next set of start-ups
M Balasuramaniam, Chairman, Board of IIIT governors, and Director Dr G Kannabiran with the nine candidates whose start-ups have been selected for funding and mentor support
Tirupati: Gyan Circle Ventures (GCV), the Technology Business Incubator of IIIT Sri City, funded under TIDE 2.0 scheme of Ministry of Electronics and IT (MeitY) has selected nine start-ups in the second round out of 60 valid applications received for funding and mentoring support.
Dr G Kannabiran, Director IIIT Sri City and Managing Director of GCV, said that each start-up is provided with a grant of Rs 7 lakh to carry out the R&D, testing activities and obtain necessary certification within a grant period of 12-18 months.
These start-ups are focused on creating minimum viable market-ready products with comprehensive support including research infrastructure, access to mentor networks and an opportunity to validate products in Sri City companies. Out of the nine start-ups, three are women entrepreneurs. GCV is also in the process of securing CSR funds from industry to support additional start-ups through grants and seed funding.
M Balasubramaniam, Chairman, Board of Governors of IIIT Sri City, handed over the grant letters to the start-ups and encouraged them to make use of the expertise and resources of the institute. The start-up ecosystem continues to contribute to the digitisation of India and create employment and wealth across various segments of society.