Indian Institute of Technology, Kanpur has launched INVENT, an incubation fund. The fund plays a significant role in incubating the startups that are planning to take up social ventures. The institute has launched INVENT in collaboration with Department for International Development (DFID) and Technology Development Board (TDB), Government of UK or United Kingdom.
The fund amount gathered from this collaboration is Rs. 7.5 crore and a total number of 40 startups will be incubated. The fund is applicable to only those startups, which run for-profit in the social enterprise space.
INVENT stands for Innovative Ventures and Technologies for Development. INVENT has made its third investment successfully in Decentrik Technologies. It is a Lucknow-based startup and a sum of Rs. 50 lakh investment has been made in it.
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Innovation and Incubation of Indian Institute of Technology, Kanpur revealed that they are ready to invest up to Rs. 50 lakh in any startup that comes under the sphere of social ventures.
Abhijit Sathe, Chief Executive Officer of Innovation and Incubation Centre revealed that their main aim is to encourage startups and make collaborations with DFID and TDB. Earlier, the centre had invested in two startups, i.e., Prosoc Innovators and Promorph Solutions.
The third investment in Decentrik Technologies, Lucknow will also play a significant role in developing the company. Mr. Vineet Vats heads the startup and the main duty of Decentrik Technologies is to offer mobile water stations by dispensing portable water. Through this process, the purified water can be made available at nominal cost. Currently, the company is operating and implementing the plan in Lucknow and Varanasi.