Alternate Investment Funds supported by FFS shall invest at least twice the amount
Indian Institute of Technology, Kanpur (IIT-K) has sanctioned seed funding of Rs 50 lakh for a Lucknow-based startup, Decentrik Technologies.Helmed by Vineet Vats, the company is working towards providing a simple and inexpensive solution to drinking water needs of people on the move.The funding flows through Innovative Ventures and Technologies for Development (INVENT) platform, a joint collaboration of the Centre's Technology Development Board (TDB) and the Department for International Development (DFID), United Kingdom.Through INVENT, IIT-K targets to incubate 40 technological social start-ups with Rs 50 lakh being the maximum amount that can be offered as seed funding.The company has come up with Mobile Water ATMs 'Waah', which are portable units to dispense drinking water for as little as Rs 2 for 250 ml. Decentrik has tied up with Indian Oil to install stationery RO units at their petrol pumps.Each Waah unit comprises separate water and glass dispenser slots. Each unit also has .
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Ratan Tata and Kris Gopalakrishnan-backed electric bike company Ampere Vehicles is planning to go for its second round of fund raising to the tune of Rs 50 crore. This will support the company's plan to expand its operations on pan-India basis and increase its capacity. The company has also got an order from Germany for an inhouse mobility solution.The Coimbatore-based company designs and manufactures Electric Vehicles (EV) including E-scooters, E-cycles, E-trolleys, and special purpose vehicles for the differently-abled.Hemalatha Annamalai, CEO of the company said that the fund raising will be completed in the next few months and it will support Phase-II of company's growth, which just has started.Primary objective is to support marketing plan, pan-India expansion and to integrate the manufacturing capacity.The company currently has two facilities in Coimbatore and planning to set up a new one in Chennai.This comes on the back drop of company's plan to sell around 3,000-4,000 ...
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