Press Release
With a seed funding of Rs. 8.13 crores, 36 social enterprises have generated over Rs. 90 crores revenue as a part of the INVENT Programme.Country’s leading incubator,Startup Oasis recently concluded the first phase of INVENT Programme which is a unique endeavour by Department for International Development, UK Government and Technology Development Board, to fund, incubate and accelerate highly impactful social enterprises across the country. This was informed by Startup Oasis, CEO, Mr Chintan Bakshi.
He further informed that these social enterprises, under a well-structured incubation and acceleration programme, received intensive mentoring through multi-panelled Diagnostics Panels and Mentoring Clinics, which enabled them to raise over Rs 22 crores of follow-on funding. The start-ups that participated in the program also have filed for 8 patents for innovations. The INVENT Program has directly or indirectly impacted over 23 lakh lives, primarily in Rajasthan and Madhya Pradesh, creating over 18,000 direct and indirect employment opportunities, with a special focus on women empowerment / employment over the last three years.
The program culminated in an Investor Demo day where close to 35 angel investors, impact funds and early stage venture capital investors were presented with investment pitches by 10 startups. Some of the startups that pitched were ‘Book My Bai’ – a social enterprises that helps to create livelihood opportunities through training and skill development for under-privileged women as domestic helps; ‘Kineer Services’ – which creates dignified livelihood opportunities for members of the third gender community; ‘MR Pvt Ltd (under the brand name of Khanak)’ – that up-cycles chicken feather waste to make high quality fabric and shawls / stolls through a highly innovative and patent pending process, also creating livelihood opportunities for members of the tribal community as weavers and spinners. Similarly, ‘Flexmotiv’ – which has developed crutches using specially crafted metal flexures to improve stability and mobility of patients and ‘Abira Creations’ – that designs and develops fashion jewellery for big fashion brands with help of marginalized women.
As an outcome of the Demo Day, a total of 53 intents to invest were received by the 10 Startups, while 71 intents to co-invest were received. Furthermore, each startup received on an average 6 intents to invest or co-invest.
On the occasion, Assistant Vice President, Startup Oasis, Dr. Pallavi Tak said that as an outcome of the INVENT Programme, a major thrust is now being provided by Startup Oasis. Startup Oasis has also recently launched ‘The Craft Catapult’, country’s first national-level Accelerator Programme focussing on technology and design start-ups in the craft sector. The objective is to position Jaipur as the go-to place for building innovative and technology driven Craft Start-ups and towards this Startup Oasis has collaborated with Jaipur Rugs; Indian Institute of Crafts and Design (IICD), Jaipur; National Institute of Design (NID), Ahmedabad; RuTAG IIT Delhi; Gemporia, among others. The initiative endeavours to eventually build a Center of Excellence for innovative Craft based Businesses and Startups in Jaipur.