AIC RAISE Funded 32.8 Million Rupees to Support Incubated Startups in FY 2023-24

Coimbatore, (Tamil Nadu), [India], August 06, 2024: AIC RAISE, India’s first UN SDG incubator, has reached a noteworthy milestone by providing ₹32.8 million for its startups in the 2023–2024 fiscal year. This achievement highlights how important the incubator is for developing sustainable innovation and enabling young enterprises in India.

Dr. Madan A Sendhil, a chairman of Rathinam Groups, emphasised the incubator’s unique approach, saying, “We foster a supportive atmosphere where entrepreneurs can flourish in addition to providing funding. Our focus on UN SDGs ensures that every innovation we support contributes to a more sustainable future.”

Backed by the Atal Innovation Mission, NITI Aayog, and UN SDSN, AIC RAISE works with startups that address essential issues in water, energy, consumption, climate, and biodiversity. The incubator provides a comprehensive support ecosystem, offering startups access to capital, advanced infrastructure, and expert mentorship. This approach has proven effective in accelerating growth, tackling complex challenges, and enabling startups to scale their impact.

“The ₹32.8 million funding given to startups shows the innovative spirit and potential nurtured within AIC RAISE’s incubation program,” said Dr. B. Nagaraj, CEO and Vice President of AIC RAISE. 

The significant capital obtained indicates the high belief that investors have in the innovative possibilities and long-term business strategies that AIC RAISE has established. The beneficiary startups, which include Kovai BSF, Cyster Care, E-Sandhai, Clean Clan, The Money Bin, Papercraft, Backyard Creators, Vexillum Ventures, Buyofuel, GradRaise, Raise Edutech, Watello, Siloho, and Yali Mobility, span diverse sectors.

The funds have been sourced from various government agencies, including Atal Innovation Mission, MSME, StartupIndia, MeitY Startup Hub, StartupTN, and EDII-TN. Additionally, investments from AIC RAISE’s, Raise Angel Investor Network (RAIN) and CSR funds from HDFC Parivartan Startup Grants have contributed to this funding pool. These diverse sources of capital underscore the collaborative effort to support sectors such as renewable energy, healthcare innovation, and social entrepreneurship.

AIC RAISE offers a comprehensive incubation program designed to empower a startup’s success. Its program provides a blend of resources, including:

• Mentorship: Gain invaluable guidance from industry experts and trainers offering technical and business insights.
• Infrastructure: Work in a supportive environment with dedicated office space, co-working space, equipped PCs, reliable WiFi and LAN network. 
• IP Support: Benefit from active support in navigating intellectual property protection and entrepreneurship essentials.
• Laboratory Facilities: To bring ideas to life, get access to a fully furnished research and prototyping lab facility.
• Funding and Investor Network: Take use of the vast fundraising assistance network provided by AIC RAISE. This includes access to the “Startup Fund” corpus, valued at approximately $2 million USD, which is made up of government grants, industry contributions, private funding, and AIC RAISE’s dedicated financial pool. Additionally, the program facilitates connections with a vast network of angel investors, high-net-worth individuals, and venture capitalists and provides opportunities to pitch your ideas to potential investors.

The accomplishments of AIC RAISE exceeded the top 25 incubator recognition by Startup India.  The incubator has been designated as a Front Runner Incubator by Atal Innovation Mission(AIM) under the SDG band, highlighting its commitment to Sustainable Development Goals.  With over 80 startups successfully incubated, AIC RAISE boasts a $10 million Seed Fund to fuel their ventures. The incubator’s effectiveness is even evidenced by the impressive  ₹50 crore+ ($6.6 million USD approx.) in external funding raised by its startups and the creation of over 3,000 jobs.  Additionally, AIC RAISE’s dedication has been acknowledged with over 60 awards and recognitions, including StartupTN’s Scaleup Incubator award in 2021 and 2023 for Rural Innovations. 

The incubator’s accomplishments in raising capital and assisting startups are consistent with India’s broad objectives of sustainable development and economic growth. AIC RAISE is actively transforming India’s entrepreneurial sector by promoting an evolving ecosystem where investors, industry experts, government stakeholders, and academic institutions work together.

For more information, please visit: aicraise.com