IIM Bangalore's NSRCEL and SIDBI have collaborated to establish a pre-seed fund, specifically for startups in the deep tech and emerging businesses area. The MoU signed between the two organizations laid the foundation for a multi-year relationship to nurture startups and lead them towards scaling up their business activities.
Over the past twenty years, NSRCEL has been supporting early-stage ventures in India, incubating more than 1600 startups and mentoring many more. The organization's singular focus has been on supporting founders who are building disruptive solutions in their early stages. It provides support to startups and entrepreneurs through various programs, including incubation, mentorship, and educational initiatives. The center aims to create an ecosystem that nurtures and accelerates the growth of early-stage ventures.
“We are thrilled to embark on this transformative journey with SIDBI, a partnership that echoes our commitment to fostering innovation and empowering the entrepreneurial spirit. Together, we aim 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 startups but also venturing into direct investment, amplifying our role in shaping the future of entrepreneurship”, said Anand Sri Ganesh, CEO of 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 co-ordination of functions of institutions engaged in similar activities.
To support the “India of Tomorrow” and early-stage startups in impact areas SIDBI has partnered with the leading incubators of the country, for seed funding of such startups. The seed fund corpus will support tech startups in healthcare, sustainability, defence innovations, rural impact and R&D driven startups.