Three start-ups to be offered 25 lakh seed funding each

New Delhi (PTI): Technology Incubation and Entrepreneurship Development Society (TIEDS) and IIT Roorkee on Wednesday said they have shortlisted three start-ups and will offer seed funding of Rs 25 lakh to each of them.

The three start ups -- HumbleShit, Safex Pay and Power Zest -- have also been given cash prizes of Rs 50,000, Rs 30,000 and Rs 25,000 respectively.

The announcement was made at an event to mark the culmination of the accelerator program run by Technology Innovation and Development of Entrepreneurship Support (TIDES) Business Incubator at IIT Roorkee for a period of 16 weeks. TIDES Accelerator Program (TAP) is collaborative initiative of Department of Science & Technology and IIT Roorkee to support Internet of Things (IoT) based start-ups, the statement said.

"TIEDS and IIT Roorkee are emerging as an important destination for young entrepreneurs to develop their idea and grow into successful companies. TAP, as an initiative, has helped start-ups from across India," InMobi co-founder Mohit Saxena said.

Emphasising the need for more such programs and continued support to further help technology based start-ups, TIDES CEO Azam Ali Khan said, "The aim of running this program was to ensure that start-ups with the technology area of IoT grow with each other and to connect them with other stakeholders of start-up ecosystem for right mentorship and resources". In addition to the prizes, TIDES is also offering Rs 25 lakh as seed funding money to each winner, the statement said.

"TAP's main objective is to facilitate knowledge exchange, understand innovation and requirements which can be bridged by the start-ups which have gathered here today," IIT Roorkee Director Ajit K Chaturvedi said. IIT Roorkee is happy to be a part of such an initiative where entrepreneurs can exchange ideas and lead the country into the future, he added.