Diagnostics Platform Curelo Raises Funding from IIMA’s CIIE.CO

Curelo has partnered with 1350+ labs, processed 125,000+ orders, achieving INR 55 Lacs monthly with 30% month-on-month growth

Curelo, founded in 2022 by Dr. Arpit Jayswal, which enables patients to book at-home blood sample collection and receive timely blood reports from any labs of their preference, announced that it has raised $100k from IIMA’s CIIE.CO. The platform is powered by a fleet of phlebotomists that can collect samples within 60 minutes of booking and deliver them to the selected lab. Patients can also discover a lab on the platform based on test availability, pricing, and turnaround time.

In the last 10 months of operations, Curelo has partnered with 1350+ labs, processed over 125,000 orders, and is currently generating a monthly run rate of INR 55 Lacs at a month on month growth of 30%. Curelo also aims to expand its footprint in radiology and blood bank aggregators in the near future.

Mr. Vipul Patel, Partner - Seed Investments at CIIE.CO, said, “The fragmented diagnostic market, commanding an 85% market share, is composed of standalone and hospital-based labs. Whereas, the top four corporate diagnostics chains in India hold a mere 6% share. Arpit’s experience in running a chain of multi-specialty hospitals and diagnostic labs gives him deep insights into the customer pain points. We are excited to partner with the Curelo team and look forward to helping them scale their business.”

Dr. Arpit Jayswal, Curelo’s Founder and CEO, remarked ”We are excited to have CIIE.CO back Curelo. Their conviction reflects the immense potential in our platform and the diagnostic aggregator sector. Our primary focus is scaling nationwide, optimizing user experience, and standardizing sample collection, aiming to serve 1000+ home samples daily by year-end. We are keen to have CIIE.CO support us in this journey with their exceptional sector understanding and network”

This investment marks a significant milestone for Curelo and positions the company to continue its growth trajectory in the highly competitive Indian healthcare market.

About IIMA-CIIE.CO

IIM Ahmedabad's CIIE.CO is the Innovation Continuum that studies, educates, incubates, accelerates and invests in early stage technology startups. It is recognized as a Centre of Excellence by the Department of Science and Technology. In its 15+ years of investing, IIMA-CIIE has been a prolific investor in early-stage ventures in India, equity funding over 350 startups with 40+ profitable exits. For further information, please visit: https://ciie.co/

About Curelo

Curelo is an aggregator platform for diagnostic labs in India. Founded in 2022 by Laparoscopic Surgeon, Dr Arpit Jayswal, Curelo aims to disrupt the diagnostic market by onboarding all the Diagnostic labs on its digital platform and standardizing the home sample collection process for patients.

IISc & IIT-Bombay Alumni Founded Graphene-based Non-Flammable Batteries Startup Raises $300K from Rebalance and CIIE.CO

Bengaluru-based Dreamfly Innovations, a graphene battery startup, has raised $300,000 in a funding round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s CIIE.CO (Center for Innovation Incubation and Entrepreneurship), announced Rebalance, an angel investors community, in a blog post. 

The battery-tech startup intends to utilize this capital for product commercialization and expanding its team. The startup was also the part of Rebalance’s Accelerator Cohort 05.

Currently focussing Drone and Aviation sector, Dreamfly Innovations is India’s first high-performance, non-flammable, 10x durable graphene-based battery solutions company.

Founded in 2022 by Dr. Saurabh Markendeya and Kajal Shah, Dreamfly’s flagship product, the Graphene Battery, addresses the battery-related challenges encountered by drone companies, including the risk of battery fires.

Kajal Shah, an IIT Bombay alumnus, was an Aviation technologist at GE Aviation and R&D Manager at Tata Motors. While, Dr. Saurabh Markendeya, an IISc alumnus was Electric Vehicles & Battery Architecture Expert at Tata & L&T. The founders vision is to reshape the future of energy through Software-Defined Battery (SDB) technology.

Dreamfly’s flagship product, the Graphene Battery, is set to revolutionize the Drone and Aviation industry with its extended lifespan, rapid charging, and operational cost efficiency.

Launched in 2019, Rebalance invests upto $100K through Rebalance Angel Community which comprises of 45% women who invest with it. Rebalance invests in early-stage companies with diverse founders through Rebalance Accelerator Program & Rebalance Angel Community.

IIMA’s CIIE.CO Partners Reserve Bank Innovation Hub (RBIH) To Launches Swanari Techsprint 2023 Supporting Financial Solutions for Women-owned MSMEs

Launches Swanari Techsprint 2023

The initiative Swanari Techsprint aims to support SMEs/MSMEs building gender transformative financial solutions, and making a positive impact on the financial inclusion landscape

IIMA’s CIIE.CO has joined hands with the Reserve Bank Innovation Hub (RBIH) to launch Swanari Techsprint 2023 - an initiative of RBIH - focuses on advancing ‘End to End Digital Straight Through Process (STP) Lending Solutions for Micro to Medium-sized Women-owned Enterprises’, empowering them to access the financial resources they need to flourish. This edition of Swanari Techsprint will aim to address the large credit gap faced by women owned MSMEs.

The Swanari Techsprint 2023 winners will have an opportunity to do a paid Proof of Concept (POC) with one of India’s leading financial institutions HDFC Bank, and pitch for fast track pre-seed investment at CIIE.CO. Selected startups will also gain access to CIIE.CO's extensive mentoring and networking opportunities, providing them with a strong foundation for growth and success.

Commenting on the partnership, Supriya Sharma from CIIE.CO expressed, "Swanari Techsprint 2023 aligns with our focus on financial inclusion, especially women’s financial inclusion. Women entrepreneurs own and lead less than 20% of the MSMEs in India. Among several other factors, access to capital is a huge barrier for women looking to set up and grow their businesses. We are thrilled to collaborate with RBIH to help address this massive need. We are sure that this will go a long way in supporting early stage startups that are committed to making a meaningful difference in the lives of women entrepreneurs."

The Reserve Bank Innovation Hub recognises the significance of ensuring women's financial inclusion as a driving force behind economic growth. RBIH's Swanari Program taps into technology and innovation to enable 'Frictionless Finance for Every Woman in India.' RBIH works closely with the ecosystem through its various programs to help build solutions to specific problem statements. The current edition of TechSprint focuses on narrowing the gender gap by fostering innovative digital STP lending solutions tailored for women entrepreneurs. By extending chosen startups the opportunity to tap into its extensive resources and networks, RBIH aspires to drive impactful change in the financial ecosystem.

Applications for Swanari Techsprint 2023 are now open, and interested startups are invited to apply by 11th September 2023. More about this initiative here.

Built at IIM Ahmedabad, CIIE.CO is the country’s leading entrepreneurship centre and early stage technology investing platform. CIIE.CO backs fearless entrepreneurs building disruptive solutions and stands with the startups at their risky early stages, when they need most support while there is hardly any available. Through the continuum of incubation, acceleration, capital and insights – CIIE.CO offers everything it takes for these driven entrepreneurs to make a superlative impact. CIIE.CO is a Centre of Excellence backed by the Government of India’s DST. Over the last 20 years, CIIE.CO has made equity investments in more than 350 startups, accelerated over 1500 and mentored over 5000 startups over the last 20 years.

The Reserve Bank Innovation Hub (RBIH) – a wholly-owned subsidiary of the Reserve Bank of India (RBI) – is an organisation that enables frictionless finance to a billion Indians. RBIH functions as a focal platform, bringing together members of financial, technological and academic institutions, to promote and accelerate innovation across the financial sector. With a robust ecosystem that enables the exchange of ideas, research and development of prototypes, RBIH aims to not only strengthen the Indian financial system but also keep India at the forefront of global financial innovation.

CIIE.CO to Accelerate 30 Startups with India's First People and Culture Accelerator for Startups

CIIE.CO at IIM-Ahmedabad announced that it has launched a first-of-its-kind People and Culture Accelerator to accelerate 30 startups. The 3-month program will include startups across pre-series A - series B and will include an intensive bootcamp on IIM Ahmedabad campus, bespoke mentoring and various other benefits for startups to overcome a variety of HR-related challenges including hiring, performance management, attrition, formalisation etc.

The 3-month accelerator program will involve an immersive in-person bootcamp held on the IIM Ahmedabad campus. It will also feature bespoke consulting clinics, weekly collaborative problem-solving sessions, and numerous other advantages. Notably, this is an open enrollment accelerator, implying that participating startups will pay a fee to be a part of this cohort.

During the program, startups will focus on various challenges, including but not limited to hiring, attrition, founder's leadership abilities, culture-building, compensation and benefits, and performance management and appraisals.

“When an average person thinks of a startup, she thinks of a young, recently graduated, group of friends. This is hardly true. Building a startup is serious work and people are at the centre of everything that startups do. We designed this accelerator to help address a variety of people related challenges that every other startup faces. Over our 20 year journey, we have intentionally built people and culture capacities in our supported startups. We are now opening this to the entire startup ecosystem, hoping to aid startups with tools that can enable them to build bigger and better.”, said Supriya Sharma, Partner, CIIE.CO.

People and culture problems are the third leading cause of startups failure. People related problems are severe for startups mainly because of startups’ hyper dynamic environments, fluctuating finances and limited leadership experience. Startups in early stages especially struggle with an inability to graduate from a hustle-oriented, reaction-led, fast-responding team to a more formalised albeit agile, efficient and well-oiled organisation.

CIIE.CO, built at IIM Ahmedabad, is the foremost and largest startup platform in India. Over its 20 year history, CIIE.CO has mentored over 5000 startups, invested in over 700 startups and trained more than 2000 startups as part of its incubation and acceleration programs. CIIE.CO is the pioneer of acceleration programs in India and has run some of the largest and most innovative accelerator programs including The Power of Ideas, India Innovation Growth Program, Financial Inclusion Lab and Accenture Sustainability Accelerator. With the upcoming People and Culture Accelerator, CIIE.CO aims to empower founders with foundational knowledge, tools, frameworks and first principles to safely scale to the next stage.

About CIIE.CO

CIIE.CO is The Innovation Continuum for fearless entrepreneurs that is built at IIM Ahmedabad and is recognised as a Centre of Excellence by the Department of Science and Technology. Founded in 2002, initially as an academic centre, CIIE.CO has since grown and pivoted to address emergent gaps in India’s innovation-driven entrepreneurship ecosystem. Today, this continuum spreads across incubation, acceleration, seed and growth funding, and research. To date, CIIE.CO has accelerated over 1200 startups, funded over 500 startups with 350+ at equity and 25+ at growth stage, mentored and coached over 5000 startups and inspired more than a million with its publication - Stay Hungry Stay Foolish.

 

Social Networking App for Gamers Qlan Secures $200K Pre-Seed Funding Led By Marwah Sports, CIIE.CO and Faad Network

Equity Investment by three incoming investors; led by Marwah Sports, CIIE.CO and Faad Network

With more than 100k combined downloads from PlayStore and AppStore, the gamers’ social network showcases its commitment to solution-driven experiences

The early-stage start-up will utilise the capital to expand its gamer community, gain deeper insights into user preferences, and establish a robust product-market fit

Qlan, the exclusive social networking app designed for gamers and esports enthusiasts, has secured pre-seed funding to fuel its expansion and enhance gamer networking, discovery, and content creation capabilities.

Previously operating as a bootstrapped startup, Qlan which now has over 100,000 combined downloads, underwent an extensive six-month beta testing period, culminating in the platform's full-version launch in January 2023. Bolstered by a committed team of over 20 professionals, the early-stage start-up achieved healthy organic growth, attracting a user base of over 50,000 gamers.

Qlan has effectively initiated itself as a thriving hub for gamers and esports enthusiasts with early adopters across the Indian subcontinent, Central Asia, Southeast Asia, Europe, North & South America, South Africa, and the MENA regions, ultimately leading to a successful pre-seed funding round.

Qlan’s unparalleled approach of making a positive impact on the grassroots of the gaming industry attracted significant support from notable investors which included Marwah Sports, CIIE.CO, and Faad Network in the funding round. These investments will help Qlan in its vision of empowering gamers all over the world with an engaging and seamless networking opportunity.

Expressing his thoughts on the funding round, Sagar Nair, Co-founder, and CEO of Qlan commented, "The pre-seed funding round signifies an exciting new phase for Qlan, and we are delighted to have Marwah Sports, CIIE.CO, and Faad Network as backers. This demonstrates the remarkable potential of Qlan and the burgeoning global gaming and esports industry. While we are grateful for the worldwide validation of Qlan by gamers, our primary objective now is to scale our platform, optimize user experience, and gain deeper insights into our community's needs. With the invaluable support of our investors, we are poised to elevate Qlan to new horizons and empower the ever-expanding global community of gamers”

The investors backing Qlan have a distinguished portfolio of having supported and nurtured successful ventures in the past. Marwah Sports, the sports arm of the more than 60-year-old enterprise Marwah Group, has backed several marquee ventures including sports hardware manufacturing companies Square Off and Elevar, and sports tech companies Uactiv and Sporjo.

“Meaningful and engaged communities will form the bedrock of the fledgling Indian and global gaming ecosystem. With Qlan, individuals and organisations can focus on what is most important – retention and engagement. We are encouraged and excited by the progress made by the team – this is only just the beginning!” – Pranav Marwah; CEO - Marwah Sports & Director of Marwah Group.

CIIE.CO is the Innovation Continuum spreading from incubation, acceleration, seed, and growth funding to research. CIIE.CO has accelerated over 1000 entrepreneurs/startups, funded in over 300 startups, mentored, and coached over 5000 startups

”Esports in India is witnessing "green shoots" of tailwinds. With the government priming up with recognition, regulatory frameworks should follow suit. Parallelly there is a sharp rise in esports athletes, teams, events, sponsors turning to franchises etc. There will be a need to bridge these facets with a community-driven solution and enable growth. This is where Qlan fits in and would be ripe to tap into what we feel is a sunrise sector in India today.” - Chintan Antani; VP Seed Investing - CIIE.CO.

Faad Network Limited, a well-renowned investor network, has a substantial portfolio in the Esports domain that includes India’s first cloud gaming service, the Gaming Project, and Esports XO which is one of the country’s fastest-growing organizations.

“India has over 400 million online gamers, with a total market size of over 4 billion dollars. Not only do 90% of these gamers transact, but they also maintain an active social profile to connect with other gamers. This is where we found a fit in Qlan, which is building a comprehensive solution to join gamers and esports enthusiasts. The stellar team understands these gamers' space and pulse and will drive home a scalable business.” – Aditya Arora; CEO – Faad Network Limited.

According to the latest research by SkyQuest Technology, the Global Esports Market was valued at USD 1.08 Billion in 2021, and it is expected to reach a value of USD 2.8 Billion by 2028, at a CAGR of 14.50% over the forecast period (2022-2028). Esports is becoming increasingly popular as a result of global digitization and the low cost of advanced gaming technologies.

Emphasizing the importance of establishing strong fundamentals, driving growth, and attaining product-market fit, Qlan plans to utilize the funds raised in the Pre-Seed round to not only expand its platform to a wider community but also to bolster its team and leverage its technologically advanced product, which is meticulously crafted with a focus on user-centric principles.

ABOUT QLAN:

Qlan is dedicated to cultivating an engaged and sustainable gaming and esports ecosystem that prioritizes accessibility and exploration. By uniting all key players in the industry, Qlan aims to establish a vertical community where gamers and esports enthusiasts can effortlessly enter, discover new avenues, and thrive.

On the Qlan app, users can establish gaming profiles, connect with gamers possessing comparable skill levels, explore and share gaming content, unlock exciting gaming rewards, and much more.

The objective is to leverage technology in order to address the issues of insufficient discovery, ineffective networking, and difficulties faced by aspiring gamers trying to crack the world of gaming and esports.

CIIE.CO in Partnership with the Govt of Assam to Accelerate 100 Agri Startups of North East India

CIIE.CO, the Startup continuum of IIM-A in collaboration with the government of Assam, will be supporting 100 startups, particularly in the agriculture sector, originating from Assam and the North East region as part of the Assam Agri Growth Lab initiative. This initiative has received funding from the World Bank and has already demonstrated remarkable success, with its first-year cohort witnessing the successful acceleration of 25 startups.

As part of the initiative, Assam Agri-business and Rural Transformation Project (APART) and ICCSPL have launched the second cohort of their program, known as Cohort 2.0, for continued efforts in supporting agribusiness entrepreneurs. Building upon the success of the first cohort, which saw 25 startups achieve remarkable outcomes such as a 20% average turnover increase and mobilising INR 8.26 crore in finance, the program is now witnessing the participation of 29 enterprises in its ongoing second cohort. Notably, there has been a significant rise in women-led startups, increasing from 32% to 45%. Furthermore, the program has expanded its reach, now encompassing 12 districts.

The program further aims to highlight the thriving startup ecosystem in Assam and attract investors. The goal is to position Assam as a hub for entrepreneurial activity and gain national visibility for these entrepreneurs. It will assist in developing new products, adopting innovative technologies, and improving quality standards. It also provides guidance in refining business pitch, facilitating access to finance and streamlining licensing processes.

"The startup ecosystem in Assam is brimming with untapped potential. The AAGL Program aims to unlock this potential by equipping entrepreneurs with the tools and resources to thrive. By offering mentorship, access to funding, and industry collaborations, we are empowering startups to overcome barriers and accelerate their growth trajectory," said Chintan Bakshi- Partner- Incubation- CIIE.CO.

Over the course of eight months, the program provides a comprehensive range of support, including virtual diagnostic and mentoring clinics tailored to individual founders, focusing on areas such as packaging, distribution channels, communication, markets, quality, and other forms of technical assistance. Each year, the program extends its support to 25 agribusiness enterprises. As part of the second cohort, participants can anticipate a wealth of benefits, including entrepreneurial workshops, business sessions, technical assistance, guidance on compliance, market linkages, and access to finance. 

With this, CIIE.CO will aim to drive agri-based innovation, foster sustainable growth, and empower entrepreneurs in the agricultural sector. By providing comprehensive support and resources, the program will enable agri and allied enterprises to flourish, contribute to the local economy, and create lasting impact.

About Assam Agribusiness Growth Lab (AAGL):

Assam Agribusiness Growth Lab (AAGL) is an innovative program launched by CIIE.CO in association with APART and co-implemented by ICCSPL. It aims to support and accelerate the growth of agri and allied enterprises in Assam. By providing comprehensive assistance and resources, AAGL strives to create a thriving agribusiness ecosystem that drives economic growth and improves livelihoods in the region.

About CIIE.CO:

CIIE.CO is the Startup Incubator of IIM-Ahmedabad and a leading catalyst in India's entrepreneurial ecosystem. It nurtures innovative startups, provides them mentorship and support, and connects them with relevant stakeholders to accelerate their growth and impact.

India’s First Legal Tech Report Launched by CIIE.CO, IIM Ahmedabad’s Entrepreneurship Platform

India’s legal services market stands at USD 1.3 billion - less than 1% of the US legal services market

India has more than 650 plus legal tech startups - the second highest in the world, highlights the CIIE.CO report

The report details the current legal tech landscape, investments, new opportunities and gaps for entrepreneurs

CIIE.CO at IIM Ahmedabad, has recently published India’s first comprehensive report on the legal tech startup ecosystem titled - “Beyond the bench: Promise of Indian legal tech startups”. The report highlights that while the legal services market in India is a small fraction of the much evolved USA market, India ranks second in the world in terms of the number of startups. With insights and opinions from founders, investors, lawyers and law firms, enablers, stakeholders, and subject matter experts, the report outlines the current landscape and highlights promising opportunities in the Indian legal tech sector.

Originally conceptualised as part of the Citizen Innovation Lab (CIL), an initiative by CIIE.CO & Omidyar Network India, the report captures product categories designed for different customer groups and stakeholders. It elaborates the six emerging product opportunities that are ripe for scalable interventions that are Online Dispute Resolution (ODR), Succession Management, Litigation Finance, Court Management, Due Diligence Management and Legal Transcription and Translation Service.

It also dives into digital technologies being leveraged and presents case studies of promising legal tech startups in India. However, despite increasing digitalisation, the vernacular nature of lower court proceedings limits the application of AI which can potentially reduce the burden on the system.

Speaking on the report, Supriya Sharma, Partner - Insights, CIIE.CO said, “Indians spend about 0.48% of GDP on litigation. Entrepreneurial drive aided by cutting edge technology can potentially tackle the inefficiencies found across the legal services landscape. While the sector is in its nascent stages, it is seeing strong tailwinds like the increasing digitalisation of court proceedings. I hope that this report aids the founders and investors aiming to build the legal tech market in India and the world.”

The report recognises the legal tech sector to be a promising bed of opportunities for investors too; the sector is seeing an increasing trend in growth stage funding. The report also enlists some critical ecosystem gaps which, if filled, will unlock the full potential of the legal tech market in India.

With over 650 startups and more than USD 55 million invested, legal tech as a sector may be at the cusp of expansion. Read here: go.ciie.co/legaltech

About CIIE.CO

CIIE.CO is the Innovation Continuum spreading from incubation, acceleration, seed, and growth funding to research. Founded at IIM Ahmedabad in 2002, CIIE.CO has since grown and pivoted to fill the multiple, ever-evolving gaps in the innovation-driven entrepreneurship ecosystem in India. Among its various initiatives, CIIE.CO has conceptualized and hosted India’s first and only CleanTech-focused fund, accelerated over 1000 startups, funded over 500 startups, inspired over a million with our publication - Stay Hungry, Stay Foolish and Startup Compass.

Research at CIIE.CO delivers sector intelligence into emerging areas like deep tech, climate tech and inclusion tech, learning tools, and academic investigations into pressing questions around building startups and their ecosystems. CIIE.CO publishes sharp, data driven insights and resources for founders, policy makers, incubators and investors in the Indian startup ecosystem. 

Know more at www.insights.ciie.co

CIIE.CO’s Financial Inclusion Lab is Set to Support 8 FinTech Startups

The initiative is supported by the Bill & Melinda Gates Foundation, J.P. Morgan, MetLife Foundation, the Michael & Susan Dell Foundation and Omidyar Network

CIIE.CO is collaborating with MSC Consulting, an international digital financial inclusion consultancy firm, to provide the startups with high-touch advisory and insights into the LMI segment.

CIIE.CO, the innovation continuum, has shortlisted eight startups for the Financial Inclusion Lab, India’s leading startup accelerator for inclusive fintech, skilling and livelihood focused launched under its Bharat Inclusion Initiative (BII).

The Financial Inclusion Lab was launched to help increase access and adoption of formal financial services by India’s underserved Lower and Middle Income (LMI) segments through supporting startups in the areas of FinTech, Skilling and Livelihood. The selected startups will receive capital support of up to INR 25 lakhs for product development and market validation, curated sessions by IIM Ahmedabad faculty and expert practitioners, field studies led by financial inclusion experts for customer and market insights, as well as opportunity to access seed capital via Bharat Inclusion Seed Fund, amongst others. 3 out of the 8 startups also have women entrepreneurs as co-founders.

Over the last 4 years, Financial Inclusion Lab has supported 42 startups in 5 cohorts to build and validate their solutions. Cumulatively, these startups have served over 30 million customers and have raised over $120 million in funding post their participation in the Lab.

The 8 FinTech startups that have been selected for the cohort of Financial Inclusion Lab, a part of the Bharat Inclusion Initiative:

1. Money Purse is redefining banking and financial services for Self Help Groups of Bharat through an assisted and door-step based model.
2. Finequs aims to bridge the credit access gap and other financial services for the Bharat segment through its QR codes at neighbourhood kirana stores.
3. Rydo enables financial inclusion for autorickshaw drivers in tier-2 and tier-3 cities through an app that also helps increase their income.
4. Roopya (B2C) and Roopya Money (B2B) is a SaaS-powered platform for digital loan origination, lead sharing and portfolio monitoring.
5. ChhotaStock aims to provide 300mn middle-income Indians access to curated equity instruments through an embedded model and gamified experiences.
6. Gullak offers a goal-based savings platform built atop a savings account to help individuals easily manage and monitor their finances.
7. PehchaanPe works with partners to offer micro-entrepreneurs with financial and market linkage through its payments and credit enablement solution.
8. Kaarigarmandi is a B2B marketplace for the footwear industry that enables upskilling of artisans and connects them with demand centres across India.

Commenting on the launch of the 6th cohort, Priyanka, Chief Operating Officer, CIIE.CO stated, “We are excited by the potential of this cohort to deepen financial inclusion of chronically underserved communities such as women, micro-entrepreneurs, artisans and others by providing them with tailored savings, investments and credit solutions. We look forward to partnering with them through the Financial Inclusion Lab and supporting their journeys to scale.”

AI-powered Deep Tech Solar Startup Renkube Bags INR 2.4 Cr in a Seed Funding Round Led by CIIE.CO

Renkube is the world's first company to offer a motion-free tracking solution embedded in the glass design for solar panel.

Halliburton Labs , JITO Angel Network, and K4 Mumbai Network also participated in the round

Renewable energy-focused deep tech startup - Renkube - has announced that it has secured $300K (INR 2.4 crores) in a seed round led by CIIE.CO. JITO Angel Network and K4 Forum Mumbai Network also participated in this round. Halliburton Labs, a wholly owned subsidiary of Halliburton Company (NYSE: HAL) is participating via Renkube’s selection to its clean energy accelerator. Renkube is the world's first company to offer a motion-free tracking solution embedded in the glass design for solar panels.

Founded by Balaji Lakshmikanth Bangolae, Dr Lakshmi Santhanam, Deepika Gopal and Dr Janardhana Vittal Rao in 2017 to build a sustainable future by producing cutting-edge products in the renewable energy field, the company plans to use the fresh funds to build industrial-scale manufacturing of this solar panel, secure necessary certifications and demonstrate the technology with top industrial customers in India, the US and Australia. The company will start with the Solar Photovoltaic market and, in future, enable this technology for different use cases such as an Integrated Solar Roof, Agri PV, Solar Water Heater and Solar Balcony.

Team Renkube

Commenting on the announcement, Balaji Lakshmikanth, CEO and Co-founder, Renkube - "At Renkube we want to enable the world to unlock the enormous potential of solar energy and accelerate the transition to a net zero carbon economy by 2070. Solar is booming and let’s make it even better.”

Large solar farms today have only mechanical trackers as their only option to increase energy yield which results in 15% more capital cost, an experienced workforce to maintain the trackers, and also the motors and gears have limited warranty. Renkube intends to replace this cumbersome technology with its AI based smart glass design that once installed lasts for the lifetime of the panel with absolutely zero maintenance overheads. Just like how a sunflower that tracks the sun to maximize the yield, our innovative light harvesting glass tracks the sun and improves the energy yield of the solar panels by 20% more. As long as the Renkube panel is installed as per the recommended latitude tilt, the design works across all geographies from Singapore to London.

“CIIE.CO has actively been investing in the Cleantech space since its inception and we believe this space requires crucial catalytic capital to foster innovation and better products for faster, efficient adoption. Renkube has a very strong technical background with founders having a decade of experience each in the engineering, research and software domains. Their patent pending light redirecting glass design based on their proprietary topology optimization algorithm is an extremely unique product and creates a strong defensibility and first mover advantage in the clean tech space”, said Vipul Patel, Partner, Seed Investing, CIIE.CO.

The company is also supported by prestigious government grants from IKP Knowledge Park, Hyderabad, as BIG partner (BIRAC) and Meity Tide 2.0 support from SINE, IIT Bombay. The company is also supported by AgHub Foundation, a Centre for Innovation and Agri-entrepreneurship at Prof Jaya Shankar Telangana State Agriculture University, (PJTSAU), Hyderabad. Renkube is working with AgHub under first of its kind Agritech Innovation Pilot, Cohort 2.0 and is currently conducting its innovation pilot at PJTSAU experimental farm on a real time basis for technology validation and developing farmer traction at Hyderabad, Telangana, India.

They were also initially supported for their prototype development by MSME Centre of Excellence (DESE), IISc Bangalore, by StartupNexus from US Embassy, and by Science and Technology Park, Pune under NIDHI PRAYAS programme of DST, Govt of India.

CIIE.CO to support over 100 early-stage craft startups by 2025

Over 20 startups to receive portfolio support and funding of up to INR 50 lacs

Since its inception in 2018, 50 craft startups have been supported & over 17 funded

In a bid to support India’s rich cultural heritage in crafts, CIIE.CO - India’s leading startup platform built at IIM Ahmedabad, has announced that it will accelerate and support over 100 early-age startups by 2025. The craft vertical at CIIE.CO will also provide over 15 innovative craft startups with access to portfolio support through sprints, incubation and acceleration programs, seed funding and catalytic capital support of up to INR INR 50 lacs, as a part of their committed program funds & also via other funds

In the last three years (2018-21), CIIE.CO has successfully conducted three craft-centric startup programs, supported over 46 startups to undergo an orbit change and enabled funding in 17 startups such as Khadigi, Kosha, Golden Feather, Fabriclore, Fabricmonde, P-Tal, Kalaghar, Dressfolk, Abira, Country Clay, Claybotik, Baansuli, Guddee, amongst others. In addition to this, CIIE.CO also published a report on the crafts sector in early 2022 outlining the startup opportunities in the sector and elaborating on the mechanisms of how private sector participation can positively impact the ecosystem.

Commenting on the announcement, Chintan Bakshi, Partner, Incubation, CIIE.CO, said - "Passionate entrepreneurs working directly with craft clusters in India and bringing interventions in design, materials, and technology to develop and market sustainable, socially conscious, and eco-friendly products, can help India leapfrog from a primarily fossil-fuel-based economy to a green and sustainable economy, at the same time creating millions of sustainable rural livelihoods. 

India has a rich cultural heritage in crafts and the sector has thrived for centuries. Today, with over 3000 craft forms and 7 million artisans, the country is strongly positioned to be a unique and fertile bed for product and business innovation. Since 2018, each year CIIE.CO supports a cohort of startups around a specific theme such as - crafts value chain, procurement with purpose, deep tech, FinTech sustainability etc. CIIE.CO also builds structured and outcome-focused interventions to amplify the sector for innovative craft startups in collaboration with partners such as SAP, Department of Science and Technology among others.

For the next 3 years, CIIE.CO is looking at the following themes within the Craft sector, to support startups in:

• Startups are building disruptive technologies to bring efficiencies within the craft value chain in areas like supply chain transparency, traceability etc
• Startups doing innovations in materials and enabling handicraft artisans to use these materials as part of their craft. For example, the use of more sustainable materials like bamboo and hemp. 
• Startups creating disruptive models for customer experience through the use of technology
• Startups going deep within a craft/cluster and then doing multiple innovations and interventions (including design, supply chain etc) to bring in efficiencies and better market connections for the craft / cluster

CIIE.CO's Bharat Inclusion Initiative Invites Application From FinTech Startups for Its 6th Financial Inclusion Lab Cohort

The last date to submit applications for the cohort is 8th May 2022.

CIIE.CO’s Bharat Inclusion Initiative (BII) announced the sixth cohort of Financial Inclusion (FI) Lab to support innovations that aid in making mainstream financial products more inclusive for low-and-middle-income households and women.

FI Lab seeks to support startups and entrepreneurs building for low and middle income (LMI) segments in purpose-driven areas across FinTech, Livelihood, and skilling. The initiative is establishing an ecosystem of entrepreneurs and supporters who are building for Bharat, envisioning innovative, technology-enabled solutions for underserved communities.

Inviting applications for the 6th cohort, the FI lab will offer contextualised bouquet of services including capital support upto INR 25 Lakh for market validation and investor connects alongside expert guidance, technical assistance by MSC Consulting and service partner support worth over INR 50 Lakh.

Key focus areas for this cohort include embedded fintech serving industries such as dairy, agri, construction, skilling etc., solutions that are facilitating savings in financial assets that enable protection against uncertainties and exigencies, and products that are built for scale. The cohort is particularly interested in solutions that are contextualised to the needs of women.

Some successful startups who were a part of the 5th cohort included startups such as CreditHaat, Qonect, FLYK, Microfinance.ai, Arboreum, MissCallPay, Mool, GreyMatter and Yes!poho that are building inclusive credit, savings, payments and livelihood solutions.

Startups selected to the 6th FI Lab cohort can gain guidance from FI Lab’s exclusive Network of 100+ founders and an opportunity to access seed capital via Bharat Inclusion Seed Fund.

Commenting on the Cohort, Priyanka Chopra, COO at CIIE.CO, said “The Financial Inclusion Lab is a critical component of the Bharat Inclusion Initiative ecosystem that we have built over the last five cohorts with our partners. We look forward to supporting the sixth cohort with our networks, experience and expertise to help these startups in their scale-up journey"

To date, CIIE.CO’s BII has supported 42 startups with the last five FI Lab cohorts. Post participation, these 42 startups have cumulatively raised over $80 million in funding and have served over 30 million customers.

Building an ecosystem of entrepreneurs who are building solutions for Bharat, Bharat Inclusion Initiative (BII) is serving domain knowledge, training, financial support, mentorship and market access they need to bring inclusive, for-profit businesses to life. It supports businesses serving the Indian mass market through programs, fellowships and funding where possible.

CIIE.CO’s Bharat Inclusion Initiative is supported by Bill & Melinda Gates Foundation, J. P. Morgan, Michael & Susan Dell Foundation, MetLife Foundation, Omidyar Network, and is run in collaboration with MSC Consulting.

For more information or to apply for the program, please visit - https://go.ciie.co/3wTybjS

About CIIE.CO

CIIE CO is the Innovation Continuum spreading from incubation, acceleration, seed, and growth funding to research. Founded at IIM Ahmedabad in 2002, as an academic centre, it has since grown and pivoted to fill the multiple, ever-evolving gaps in the innovation-driven entrepreneurship space in India. Among its various initiatives, CIIE.CO has conceptualised and hosted India’s first and only CleanTech-focused fund, accelerated over 1000 startups, funded over 300 startups, inspired over a million with their publication - Stay Hungry, Stay Foolish.

The Bharat Inclusion Initiative (BII) is an effort towards bringing the benefits of technological progress to underserved populations. Led by CIIE.CO, the initiative is supported by the Bill & Melinda Gates Foundation, J.P. Morgan, MetLife Foundation, the Michael & Susan Dell Foundation and Omidyar Network. The Initiative focuses on incubating and backing startups that work in areas such as financial inclusion, livelihood, skilling, and health.

All startups supported by the Initiative are expected to be using technology as leverage to increase reach and build products that serve the underserved. For ambitious entrepreneurs working on problems of the Bharat market, the Bharat Inclusion Initiative provides domain knowledge, training, financial support, mentorship and market access they need to bring inclusive, for-profit businesses to life. It supports businesses serving the Indian mass market through programs, fellowships and funding where possible.

Biotech Startup Mestastop Solutions Raises 1.3 Cr from CIIE.CO to Map the Anatomy of Cancer Using Deep-dive Analysis

• Mestastop aims to make a difference by understanding metastasis biology and addressing it, for both diagnostics and drug discovery
• Using their predictive analogy, the company is also building a platform that will diagnose patients that have a higher chance of cancer metastasis

Bengaluru-based Biotechnology startup Mestastop Solutions  Pvt. Ltd has raised a new INR 1.3 Crores seed funding round, led by CIIE.CO and including participation from IKP Knowledge Park and Angels. 

Mestastop will use the funding to scale its AI-based platform METSCAN, which characterizes cancer cells using patient data samples and their assay panels to understand the cell behaviour. It will further be utilised for running PoC animal model studies to validate proof of concept for Cancer drug discovery and repurposing.

Founded in the year 2018, the start-up’s unique edge is to be “the metastasis specialists”, by creating a world-class R&D leveraging the unique strengths of being in India. The company is based in Bengaluru, where they are bringing together a cross-functional team, trained in discovery, diagnostics and AI, supported by the state-of-the-art infrastructure available in India’s best bioscience incubators. Dr Arnab Roy Chowdhury and his wife Dr Debabani Roy Chowdhury are the brains behind Mestastop which looks at bringing a revolution in cancer treatment.

Cancer metastasis, a complex biological process, is responsible for 90% of cancer-related deaths. According to Emergen Research 2020 report, the Global Metastatic Cancer Treatment Market is projected to be worth USD 111.16 Billion by 2027. Mestastop is creating a cancer metastasis focused  platform which uses wet lab biology and predictive analytics to identify and distinguish unique properties of metastasis and leverage them for drug discovery and patient treatment. Mestastop has mimicked metastasis biology in multiple steps, each being represented by a cell-based functional assay. Summatively, these assays provide a biological model that will expedite the in vitro drug discovery efforts against metastasis. The colorectal and triple negative breast cancer-based platform is ready and Mestastop is normalizing the colorectal platform with patient sample data.

Speaking on the announcement, Dr Arnab Roy Chowdhury, Founder & CEO, Mestastop states, “An evolutionary disease like cancer cannot be holistically targeted without targeting metastasis, a process that is complex and is yet to be fully understood. We have successfully created tools and platforms to decipher this biology, translated it with patient data, and then into animal models completing our first phase. Now we endeavour on the bigger journey of using these tools for first-in-class metastasis drug discovery and predictive diagnostics, that will give terminal cancer patients a second shot at life, further reinforcing India’s image as one of the pioneering innovation hubs in the Biotech world."

Currently, the company has initiated testing patient data samples as well as animal model validation. In addition to this, one international patent has been filed and another provisional patent  is currently being drafted.

“Globally, there are several startups focusing on cancer diagnostics and drug discovery. Mestastop is creating a niche for itself using assay and genetically engineered cell-based approaches to develop an AI-based platform to predict metastasis and we are delighted to partner with them on this journey. We believe that their platform will play an instrumental role in changing cancer treatment in India and the world around,” Said Chintan Antani, AVP, Seed Investments, CIIE.CO.

Mestastop has developed three proprietary platforms - METAssay, METSCAN, and METVivo to unravel metastasis drug discovery and predictive diagnostics. The company is currently working on validating its platforms on a larger sample of patient tumours that will empower its IP creation. Previously the company also received an investment from Vistari Ventures and Mumbai Angels.

About CIIE.CO:

CIIE.CO is The Innovation Continuum. This continuum spreads across incubation, acceleration, seed and growth funding, and research. Founded at IIM Ahmedabad in 2002, as an academic centre, CIIE.CO has grown and pivoted to include acceleration, incubation, investment, research and publication. Overall, we have aimed at filling the multiple, ever-evolving gaps in the Indian innovation-driven entrepreneurship space in many ways. Among various initiatives, CIIE.CO has conceptualised and hosted India’s first accelerator, created India’s first and so far the only cleantech-focused fund, accelerated over 1000 entrepreneurs, invested in over 160 startups, inspired over a million with their publications, including Stay Hungry Stay Foolish.

All the initiatives on the innovation continuum are aimed at supporting fearless, innovation-driven entrepreneurs. Working with like-minded partners like corporates, government agencies, investors and academia, helps us push harder towards co-creating exponential change.

About MestaStop:

Mestastop Solutions is a deep-dive biotech start-up focussed around cancer metastasis, which involves the spreading of the tumor that is responsible for 90% of cancer deaths. Mestastop has developed three proprietary platforms METAssay™, METSCAN™, and METVivo™ to unravel metastasis drug discovery and predictive diagnostics. The company is currently working on validating its platforms on a larger sample of patient tumors that will empower its IP creation.

Smart Video Analytics Startup Pixuate Raises Funding from Mumbai Angels Network, CIIE.CO–IIM Ahmedabad’s Incubation Centre and Other Eminent Angel Investors

Mumbai Angels Network, CIIE.CO – IIM Ahmedabad’s incubation centre and multiple eminent angel investors invest in smart video analytics startup Pixuate

While the investment amount remains undisclosed, a bulk of it would be invested in Pixuate’s R&D for accelerated product development and market expansion.

Mumbai, 11th May, 2021: In a new development, Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, along with CIIE-IIMA and a group of eminent angel investors, has invested in intelligent video analytics startup Pixuate by Cocoslabs Innovative Solutions Pvt Ltd. While the investment amount remains undisclosed as of now, Pixuate has also recently received debt funding support from the Technology Development Board(TDB), a nodal agency of the Govt. of India.

A brainchild of technology enthusiast Prathvi Palekar, Pixuate uses proprietary algorithms in AI, Deep Learning, and Computer Vision to deliver real-time and actionable insights from high-volume video and image data. Pixuate offers a wide range of capabilities for security intelligence, compliance audits, and automation, which includes analytics for people (such as facial recognition and thermal scanning), vehicle analytics (like ANPR, vehicle classification, and violation detection), and object recognition (including safety gear check and object detection). Powered by world-class analytics capabilities, the platform provides a complete suite of deep-tech enterprise solutions for a safer today and a smarter tomorrow.

Having delivered AI solutions to marquee clients such as L&T, Unilever, ITC, Bigbasket, along with several clients in the UAE, Pixuate now offers video analytics solutions specifically designed for industries such as Pharma, Logistics, Oil & Gas, and Food & Hospitality. Besides this, the platform’s video analytics capabilities are also applicable for smart cities and highway traffic management. With Pixuate having an exciting line-up of new product features in the pipeline, this freshly infused funding will largely be invested in R&D for accelerated product development and feature engineering. The company also plans to fast-track its growth through market expansion and adding more industry use cases and applications.


Commenting on the investment, Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said, “There is no doubt that the future will be driven almost entirely by technology and given that video-based analysis is a rapidly growing and evolving field, our investment will help Pixuate scale up swiftly to cater to the growing demand for tech-powered video analytics across various sectors. This funding is a testament to the Pixuate team’s in-depth expertise in the field to build a robust platform that India needs.”


Speaking about the new investment in his company, Prathvi Palekar, co-founder of Pixuate said, “Our mission is to create real value for enterprises by deploying cutting-edge AI since it is unquestionably the best way ahead. Over the past 5 years, our R&D team has worked relentlessly to develop an enterprise-class analytics engine that can make sense of any video stream or image database. High availability and scalability are inherently built-in in Pixuate’s system. We are extremely grateful to receive strong support from eminent platforms such as Mumbai Angels Network, CIIE.CO, and the Technology Development Board, and hope to take Pixuate to new heights with this fresh infusion of capital.”

“Our platform has been a boon for enterprises in both private and public sectors and we are overwhelmed by the response received so far. Pixuate helps industries prevent workplace hazards, ensure compliances, track inventory at high efficiency, and reduce pilferage of goods drastically. Most importantly, the company enables top-notch automation without the need for heavy upfront investment by the clients. We can enable existing CCTV cameras, with our software that runs on low-cost GPU devices that can scale from 5 to 5000 cameras frictionlessly. Further, all our analytics have API connectors available for data that needs to be passed on to existing systems like HRMS. Lastly, our system can alert for any camera downtime, inform if an intruder or fire or any mishap is happening on the premises through instant email/SMS/API alerts. We are excited to have joined hands with reputed investors Mumbai Angels and CIIE.CO and look forward to breaking new barriers in enterprise-tech with our product”, added Akshata Kari, Co-Founder of Pixuate.

Pixuate also recently developed a unique video analytics-based traffic count and classifier system for highway audits and efficient toll management, which was successfully tested by L&T. The product reduces the turnaround time for highway audits by up to 90% which can be used by NHAI and the Government of India. Furthermore, last year, Pixuate’s temperature checking solution was utilized by the Department of Urban Land Transport (DULT) and the Government of Karnataka at Church Street – one of Bangalore’s busiest areas - for the ‘Clean Air Street’ initiative. With advanced tech-driven systems, Pixuate also helped identify 3000 mask violators and checked over 200,000 people for instances of increased body temperature.



About Mumbai Angels Network:

Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India with successful exits / next round of funding in over 60 of the companies. Today the platform has 550+ investors spread across 40+ cities within and outside India.

Financial Inclusion Lab Announces its 4th Cohort Comprising Nine Innovative Startups

The Financial Inclusion Lab, an accelerator programme at CIIE.CO's Bharat Inclusion Initiative (BII) is supported by Bill & Melinda Gates Foundation, J. P. Morgan, Michael & Susan Dell Foundation, MetLife Foundation, and the Omidyar Network and run in collaboration with MSC Consulting. The Lab identifies and supports startups that focus on enhancing the financial health of lower-income communities with mentoring, market research, access to networks, capital and other support to build and scale their solutions. The Lab being one of the key components of BII helps in taking the entrepreneurial ecosystem of India forward by solving financial, skill, and livelihood issues.

Meet the 4th Cohort of Bharat Inclusion Initiative's Financial Inclusion Lab

This year, the FI Lab announces its 4th cohort consisting of nine innovative startups that are offered customised support as per their individual needs. It aims to accelerate these early-stage startups towards product-market fit and scale up to positively impact lower and middle income underserved communities.

Credochain (Credochain Technologies Pvt. Ltd.) enables flow-based lending for MSMEs by capturing and analysing the underlying business transactions and cash flows using GST in a completely automated manner for faster and better credit decision-making.

Team: Vaibhav Anand and Shivani Sharma