- Innovation & Incubation
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New Delhi/Kanpur, November 28, 2022: Startups mentored under the Social Innovation Lab by Citi, a collaborative initiative among Indian Institute of Technology (IIT) Kanpur, Citi and T-Hub, presented their disruptive AgriTech, HealthTech and FinTech solutions to over 100 industry stakeholders at a startup showcase held in New Delhi, in a bid to accelerate their social sustainable development solutions to market.
More than 30 business discussions and over 20 investment discussions have been initiated as a result of the first Social Innovation Lab Startup Showcase, attended by prominent corporate and government stakeholders, angel investors, and venture capitalists. Shri Sanjeev Bikhchandani, Founder and Executive Chairman, Info Edge (Naukri.com) attended as chief guest of the event. The startups presented their indigenous disruptive technologies catering to critical contemporary challenges in agriculture, healthcare, and finance, to the attendees.
“I am overwhelmed by the quality of the startups at the Social Innovation Lab - Startups Showcase. The interactions with the startups and IIT Kanpur and Citi teams were enriching. I wish them all the success in this event and in future”, said Shri Bikhchandani in his address.
Prof. Abhay Karandikar, Director IIT Kanpur, said “Citi India, IIT Kanpur, and T-Hub selected 29 social impact startups in healthcare, agriculture, finance domains under the Social Innovation Lab by Citi. The program has supported this stellar cohort through their product development journey and accessing market. During the program period, startups raised more than INR60 Cr from private investors and INR 6 Cr from the government and public grants, approximately. It is indicative of the quality mentoring and support offered under the program. I express my sincere gratitude and acknowledgement to Citi India and best wishes to all the innovators and entrepreneurs.”
These investments were over and above the INR 3.5 Cr that the 29 startups received after they were selected by Citi India, IIT Kanpur, and T-Hub through a rigorous selection process from over 300 applications towards Social Innovation Lab by Citi, which was launched on 6 December 2021. This consisted of INR 10 lakh kick-off grants for each of the 23 early-stage startups and INR 20 lakhs for each of the six growth-stage startups.
“Given India’s startup community’s agility, market proximity, and deep understanding of the evolving digital landscape, these startups are well positioned to solve the country’s challenges in finance, agriculture, and healthcare,” said Ashu Khullar, CEO Citi India.
“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. There is so much potential in the years to come from India’s vibrant startup community and we hope to continue to contribute to the startup ecosystem’s development,” he added.
Srinivas Rao Mahankali (MSR), CEO, T-Hub, said, “Our partnership with Citi and IIT Kanpur will be a platform to showcase the talent and growing network of tech innovators and capital resources to collaborate for sustainable businesses. Over the years, T-Hub’s robust vision has enabled multiple startups, corporates and investors to get together for mutual benefits. Our partnership with Citi is one of such milestones that will repeat history of empowering the innovation ecosystem, solving an industry challenge with tech solutions and this time making the fintech ecosystem in the country stronger.”
Mentorship under Social Innovation Lab began earlier this year after a power-packed address by Mr. Nandan Nilekani, Co-founder, Infosys on 11 March 2022. Since then, the 29 startups have received mentoring, go-to-market strategy support, seed funding, Intellectual Property Rights compliance guidance and market positioning, networking and scaling opportunities within the incubation ecosystems at IIT Kanpur and T-Hub.
The Social Innovation Lab Startup Showcase received generous participation from the target audience and served its primary objective of hosting an evening of meaningful interaction between the young innovators with angel investors, venture capitalists, corporates, government stakeholders, and others.
About IIT Kanpur:
Indian Institute of Technology (IIT), Kanpur, established in 1959, is one of the premier institutions established by the Government of India. The aim of the institute is to provide meaningful education, conduct original research of the highest standard, and provide leadership in technological innovations. To harness visionary talent in Indian innovation ecosystem, Startup Incubation and Innovation Centre (SIIC) was established in 2000 as IIT Kanpur’s business technology incubator. It is one of the oldest technology business incubators with many successes to its credit. The multifaceted, vibrant incubation ecosystem nurtured over two decades aims to fill all the gaps on the road to converting an idea into a business with the potential to leverage impact at the bottom of the pyramid.
For more information, visit: https://iitk.ac.in/ | Twitter: https://twitter.com/IITKanpur | LinkedIn: https://www.linkedin.com/school/indian-institute-of-technology-kanpur/ | Facebook: https://www.facebook.com/iitkanpur | YouTube: https://www.youtube.com/channel/UCTRb5ctbjwEy8tLJeTl8Q6w | Instagram: https://www.instagram.com/iit.kanpur/
About Citi India:
Committed to India for 120 years, Citi takes pride in being a premier locally embedded financial institution, backed by an unmatched global network. Citi is an employer of choice in India offering consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, brokerage, treasury and trade services, securities and fund services and wealth management. In line with our commitment to make a positive difference in the communities we work in, Citi is focused on creating initiatives across seven critical areas – Disaster Relief, Entrepreneurship Development, Youth Employability, Inclusive Finance, Art and Culture, Social Innovation, and Good Citizenship as part of its CSR efforts.
T-Hub (Technology Hub) is an innovation hub and ecosystem enabler. Based out of Hyderabad, India, T-Hub leads India's pioneering innovation ecosystem. With a mission of enabling and empowering an ecosystem hungry for innovation, T-Hub is creating impact for startups, corporations and other innovation ecosystem stakeholders. Incorporated in 2015, it has provided over 1800+ national and international startups with access to better technology, talent, mentors, customers, corporates, investors, and government agencies. It has elevated innovation for leading national and global corporations, transforming their business models for the better. Working in collaboration with innovation partners and enablers in Telangana, India and worldwide, T-Hub is building a future-ready innovation ecosystem.
For more information about T-Hub, visit https://t-hub.co/. | Twitter: https://twitter.com/THubHyd LinkedIn: https://www.linkedin.com/company/thubhyd/ | Facebook: https://www.facebook.com/THubHyd/ | Instagram: https://www.instagram.com/thubhyd/