8 Startups selected for Rs 80 L funding from AIC-Bamu Foundation

Chhatrapati Sambhajinagar: The Atal Incubation Centre-Dr Bababsaheb Ambedkar Marathwada University (AIC-Bamu)-Foundation will invest Rs 80 lakh fund in eight Startup companies under Startup India SEED Fund Scheme (SISFS).

It may be noted that a total of 24 Startups applied for the funding online proposal with SISFS under the seed fund scheme.

After the scrutiny, the startups were called in three phases for the presentation.

The Incubator Seed Fund Management Committee for Startup Indian Seed Fund Scheme held a meeting recently. The office-bearers and members from different parts of the country were present at the meeting.

Director of AIC-Bamu Dr Sachin Deshmukh, its Chief Executive Officer (CEO) of AIC-Bamu Amit Ranjan, Dr H Purushottam (AP), Dr Shanta Thoutam (Telangana), Mohini Kelkar (MD Grindmaster) and others were present.

CEO of AIC-Bamu Amit Ranjan said after reviewing proposals from Startup companies, eight of them were selected in two groups for funding. He said that four startups were selected under grant-in-aid while the remaining four were in convertible debentures.

The committee rejected 11 Startups while four did not turn up for the presentation. He said that the selected startups demonstrated strong potential for growth and met the criteria set by the committee for receiving fund support.

Bamu will invest Rs 80 lakh in the selected eight Startup companies under the Startup India SEED Fund Scheme,” he added.