Updated January 29th, 2024 at 18:17 IST
IIM Bangalore, SIDBI launch accelerator fund for deep tech startups
NSRCEL, incubator of the centrally-funded business school signed an MoU with the principal MSME financial institution for pre-seed startups in emerging areas
Deeptech dive: IIM Bangalore's NSRCEL and Small Industries Development Bank of India (SIDBI) have partnered for a pre-seed fund for deep tech startups, the incubator said on Monday.
Aimed at bolstering companies in emerging business areas, the institutions signed a Memorandum of Understanding (MoU) as part of a multi-year relationship to nurture startups and lead them towards scale.
NSRCEL said it has been supporting early-stage ventures in India for two decades, incubating over 1600 startups and mentoring others. The organisation focuses on supporting founders building disruptive solutions in their early stage, through incubation, mentorship, and educational initiatives.
Anand Sri Ganesh, CEO of NSRCEL said the partnership aims to cultivate a robust ecosystem for deep-tech and emerging ventures. “With this initiative, NSRCEL is not only marking its dedication to supporting startups but also venturing into direct investment, amplifying our role in shaping the future of entrepreneurship”, he added.
SIDBI was set up in 1990 under an Act of Indian Parliament as the Principal Financial Institution for Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector. It has partnered with Indian incubators for the seed funding of tech startups in healthcare, sustainability, defence innovations, rural impact and Research & Development (R&D).
In November, SIDBI partnered with the Indian Institute of Management (IIM) Jammu for a one-year-long Skill to Enterprise Module (STEM) programme for students in Jammu and Kashmir, and Ladakh.
Published January 29th, 2024 at 18:17 IST