IIMK Live and Cochin Shipyard Limited have awarded seed funding worth ₹90 lakh to three promising start-ups as part of Ushus Scheme. IIMK Live is the business incubator of the Indian Institute of Management Kozhikode for supporting the startups in maritime sector.
In the second round of seed funding, IIMK Live has selected Fuselage Innovations (Kerala), Xalten Systems (Kerala), and Ensoverse Pvt Ltd (Delhi) for early stage seed funding thus adding the total number of startups supported under the Ushus programme to five with overall funding support to ₹1.7 crore.
Debashis Chatterjee, Director IIM Kozhikode and Chairman IIMK Live said “This game-changing collaboration has re-energised the maritime sector and has encouraged the young and talented entrepreneurs to develop innovative products and services. The success of Ushus Scheme to empower deserving nascent startups only strengthens our resolve to play a vital role in shepherding the dream of an Aatmanirbhar Bharat at 2047.”
Madhu S Nair, CMD CSL said, “India’s maritime sector offers substantial opportunities for start-ups to drive innovation and reduce reliance on foreign technology. We are optimistic that Ushus will catalyse the growth of the maritime start-up ecosystem in the country, benefiting all stakeholders.
In the first round of funding early this year, seed funding worth ₹80 lakh was awarded to two promising start-ups from Kerala as part of IIMK Live– CSL Scheme, giving a boost to startups in maritime sector.
Cochin Shipyard Limited and IIMK Live introduced the ‘Ushus start-up framework, which facilitates the development of innovative products and solutions to bolster the marine industry. The selected start-ups 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 this program can be utilised for both operational and capital expenses, including working capital, the acquisition of fixed assets, and other necessary costs.
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Published on November 4, 2023
