Rs 20 lakh grant awarded to 2 startups through MAGIC under MeitY’s GENESIS EIR Initiative

Chhatrapati Sambhajinagar

Under the GENESIS (Gen-Next Support for Innovative Startups) EIR initiative of the Ministry of Electronics and Information Technology (MeitY), the Marathwada Accelerator for Growth and Incubation Council (MAGIC) selected two startups for a total grant of Rs 20 lakh.

The Marathwada Accelerator for Growth and Incubation Council (MAGIC) received 128 applications from 22 states across the country. Out of these, two outstanding startups were selected and awarded a total grant of Rs 20 lakh, with each startup receiving Rs 10 lakh in financial assistance.

Selected startups

Oxobot Robotics Private Limited, Rahata – Founder: Chaitanya Yenge

Cyvon Technology Private Limited, Loni Pravara Nagar – Founder: Swami Kurkute

The GENESIS EIR initiative supports early-stage startups in electronics, IT, AI, IoT, blockchain, and digital solutions, focusing on entrepreneurs from Tier-II and Tier-III cities. The selected startups will receive mentorship, business support, and industry connections. MAGIC Director Ashish Garde stated that the initiative helps startups develop their ideas into businesses. MAGIC will continue to provide funding and guidance under the GENESIS program.