IIM Kozhikode LIVE, CSL grant INR 8 million to 2 Kerala-based startups; Applications open for round 2

Interested startups still have a chance in round two. They can apply for the second round to register for the selection programme at iimklive.org/csliimklive by July 20.

Indian Institute of Management Kozhikode (IIMK) LIVE and Cochin Shipyard Limited (CSL) have joined hands in providing seed funding of INR 80 lakhs to two start-ups from Kerala. The initiative is a part of the USHUS Scheme (start-up initiative helmed by IIMK LIVE) in the first round.

Selection process for Round 2

Interested startups still have a chance in round two. They can apply for the second round to register for the selection programme at iimklive.org/csliimklive by July 20. Selected start-ups should demonstrate a commitment to innovation by improving their products, services, and processes. Start-ups applying for funding must present business strategies with revenue growth and job creation potential. Funds provided through this program may be used for operating and capital expenditures, including working capital, acquisition of fixed assets, and other necessary expenses.

Round 1 winner startups

M/s NyQuest Innovation Labs Pvt Ltd and M/s. Pelican Thermogenics Pvt Ltd, based in Kerala, have received the funding from IIM K Live in the first round. NyQuest Innovation Labs received a grant of INR 5 million and Pelican Thermogenics received INR 3 million through seed funding.

 The awards were presented to representatives of the startups by Ashutosh Sarkar, executive director of IIMK LIVE, and Rakesh Gopalakrishnan, chief general manager of CSL in the presence of officials from IIMK LIVE and CSL.

Pelican Thermogenics Pvt Ltd, a woman-led micro-enterprise registered with Start-up India, has developed a decentralized modular microwave-based rapid dehydration equipment. This equipment is designed for fishermen, farmers, farmer producer organizations, and fish processors, enabling them to convert fish and fisheries waste into animal feed, the official statement said.

NyQuest Innovation is developing a hybrid drivetrain that can be used in autonomous underwater vehicles, remotely operated vehicles, and unmanned surface vehicles as a storage unit and also can be coupled with a power generator.

Madhu S Nair, CMD CSL, congratulated the selected start-ups and said, "I sincerely hope that this initiative of CSL supported by IIMK will help in catalyzing the maritime start-up ecosystem in the country and facilitate a larger participation of the start-up fraternity in opening up the immense potential in this relatively unexplored sector."

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