Kochi: The Cochin Shipyard Limited (CSL) has awarded seed funding to two startups as part of an initiative, called 'USHUS, aimed at promoting marine entrepreneurship.
The initiative has been implemented in association with IIMK LIVE, the business incubator of the Indian Institute of Management, Kozhikode.
The startups which won the funding are NyQuest Innovation Labs Pvt Ltd and Pelican Thermogenics Pvt Ltd. NyQuest Innovation Labs received a grant of Rs 50 lakh, while Pelican Thermogenics was awarded Rs 30 lakh in seed funding.
Prof Ashutosh Sarkar, executive director of IIMK LIVE, signed the agreements with the startups in the presence of CSL officials at a function held at IIM Kozhikode Campus on Tuesday.
Madhu S Nair, CMD, CSL, said he was optimistic that the initiative would help in catalysing the maritime startup ecosystem in the country and facilitate a larger participation of the startup fraternity in opening up the immense potential in the relatively unexplored sector.
The collaboration between IIMK LIVE and CSL aims to create a supportive ecosystem for maritime startups, providing them with technical, regulatory, financial, and marketing support.
The CSL has introduced the 'USHUS' startup framework for facilitating the development of innovative products and solutions to bolster the marine industry.
The selected startups are expected to demonstrate dedication to innovation, enhancing goods, services, or processes, and presenting a scalable business strategy with the potential for substantial revenue growth and job creation. The funding provided through the programme can be utilised for both operational and capital expenses, including working capital, the acquisition of fixed assets, and other necessary costs.
Following the conclusion of the first round, IIMK LIVE and CSL are inviting applications for the next round of startup selection. Startups selected in the upcoming rounds have the opportunity to receive funding of up to Rs 1 crore as grants and direct equity funding from CSL. To apply for the programme and avail incubation support, interested startups can visit www.iimklive.org. The deadline for submitting applications for the next round is July 20, 2023.
