Cochin Shipyard, IIT Madras to jointly boost start-ups in maritime sector

Under the initiative, start-ups could get up to INR 50 lakh as seed grant, INR 1 crore as prototyping grant and equity funding for start-ups at the scale-up stage. 

Cochin Shipyard Limited (CSL) and the Indian Institute of Technology (IIT) Madras have signed an agreement to support start-ups in the maritime sector. The programme is expected to provide a platform for young and talented entrepreneurs to develop products and services in the marine sector with financial support provided by CSL.  

Under the initiative, start-ups could get up to INR 50 lakh as seed grant, INR 1 crore as prototyping grant and equity funding for start-ups at the scale-up stage. The agreement was signed between IIT Madras Director V Kamakoti and CSL general manager Deepu Surendran. IIT Madras will act as one of the implementation partners of the initiative and provide incubation facilities and mentorship training to start-ups selected under the programme. 

IIT Madras to invite applications for funding twice a year 

The institute will invite applications online twice a year to identify start-ups for funding under seed fund, pilot grant, and equity investment scheme. It is part of the start-up engagement programme called ‘USHUS’ launched by CSL to augment the Union government’s initiatives to encourage and develop an ecosystem in India for supporting maritime start-ups from the technical, regulatory, financial, and marketing points of view by bringing stakeholders together. 

Start-ups selected under the scheme will have to be committed to working on innovation, improvement of products, processes or services, and present a scalable business model with a high potential of employment generation and wealth creation. The amount disbursed under this scheme to start-ups can be used to meet its operational expenditure and capital expenditure, including working capital and purchase of fixed assets. 

Read more: 

• Ensure strict compliance of TFW scheme: AKTU tells affiliated institutes 
• AP EAMCET 2022 counselling: Special round registration, web entry begins 
• SSC JE Admit Card link released by North-Western Region, see steps to download