Through this partnership, NSRCEL will not only support start-ups, but also venture into direct investment
30 January, 2024, Bengaluru: The innovation and entrepreneurship hub of IIM Bangalore – NSRCEL and the Small Industries Development Bank of India (SIDBI) have collaborated to establish a pre-seed fund, specifically for start-ups in the Deep Tech and emerging businesses areas. The MoU signed between the two organizations laid the foundation for a multi-year relationship to nurture start-ups and lead them towards scaling up their business activities.
Over the last twenty years, NSRCEL has been supporting early-stage ventures in India, incubating more than 1600 start-ups and mentoring many more. The centre's singular focus has been on supporting founders who are building disruptive solutions in their early stages. It provides support to start-ups and entrepreneurs through various programs, including incubation, mentorship and educational initiatives. The centre aims to create an ecosystem that nurtures and accelerates the growth of early-stage ventures.
“NSRCEL’s transformative journey with SIDBI will be a partnership that echoes the centre’s commitment to fostering innovation and empowering the entrepreneurial spirit. Through this partnership, the NSRCEL team aims to cultivate a robust ecosystem for Deep Tech and emerging ventures, driving positive change and creating lasting impact. With this initiative, NSRCEL is not only marking its dedication to supporting start-ups, but also venturing into direct investment, amplifying its role in shaping the future of entrepreneurship”, says Anand Sri Ganesh, CEO, NSRCEL.
SIDBI, set up on 2nd April 1990 under an Act of Indian Parliament, acts as the principal financial institution for promotion, financing and development of the Micro, Small and Medium Enterprise (MSME) sector as well as for coordination of functions of institutions engaged in similar activities.
To support the ‘India of Tomorrow’ and early-stage start-ups in impact areas, SIDBI has partnered with the leading incubators of the country, for seed funding of such start-ups. The seed fund corpus will support tech start-ups in healthcare, sustainability, defense innovations and rural impact spaces as well as R&D driven start-ups.