29 T-Hub startups showcase their solutions to stakeholders

Hyderabad: City-based T-Hub (Technology Hub), an innovation ecosystem enabler said 29 startups mentored under the Social Innovation Lab presented their agritech, healthtech and fintech solutions to over 100 industry stakeholders at a startup showcase held in New Delhi.

The event witnessed participation of corporate and government stakeholders, angel investors, and venture capitalists. The startups presented their indigenous disruptive technologies in agriculture, healthcare, and finance. During the showcase, more than 30 business discussions and over 20 investment discussions took place. Through a selection process, 29 startups were chosen from over 300 applications towards Social Innovation Lab by Citi, which was launched on December 6, 2021. Each of the 23 early-stage startups received Rs 10 lakh kick-off grants and Rs 20 lakhs for each of the six growth-stage startups.

The programme, a collaborative initiative of Indian Institute of Technology (IIT) Kanpur, financial institution Citi and T-Hub, began on March 11, 2022, providing mentoring, go-to-market strategy support, seed funding, intellectual property rights compliance guidance, market positioning, networking and scaling opportunities within the incubation ecosystems at IIT Kanpur and T-Hub. During the programme period, these startups raised more than Rs 60 crore from private investors and around Rs 6 crore from the government and public grants. These investments were above the Rs 3.5 crore that the 29 startups received after they were selected. "Citi initially supported funding and mentoring of these 29 startups through Social Innovation Lab by Citi and we believe they are ready to reach a new growth stage," Ashu Khullar, CEO, Citi India said.

Informing about the investment raised, Prof Abhay Karandikar, Director IIT Kanpur said, "The programme has supported this cohort through their product development journey and access to market. During the programme period, startups raised more than Rs 60 crore from private investors and Rs 6 crore from the government and public grants, approximately."