DPIIT Partners Rukam Capital To Bolster Product Startups

The department for promotion of industry and internal trade (DPIIT) has signed a memorandum of understanding (MoU) with early-stage VC firm Rukam Capital and non-profit Bootstrap Incubation & Advisory Foundation.

Under the partnership, the organisations will develop dedicated programmes to fuel the growth of product startups, innovators and entrepreneurs across the country. 

The startups will be provided with resources such as infrastructure, mentoring, funding opportunities and more, the DPIIT said in a statement.

Additionally, this collaboration will assist startups with prototype development and international expansion.

“Together, we aim to provide entrepreneurs with the tools, mentorship, and opportunities they need to innovate and scale their ideas, contributing to the country’s economic growth and global competitiveness,” Rukam Capital founder and managing director Archana Jahagirdar said.

Founded by Jahagirdar in 2019, Rukam Capital is an early-stage consumer-focussed VC fund which has backed more than 18 startups, including Sleepy Owl, Go Desi, BECO, Pilgrim, Curefoods, Yoho, among others.

Jahagirdar also serves as the director of Bootstrap Incubation & Advisory Foundation. It is a community-driven organisation aiming to bridge the gap between stakeholders of the Indian startup ecosystem.

The development comes at a time when the DPIIT has been tying up various stakeholders to further boost the Indian startup ecosystem.

Last month, it partnered with professional networking platform Apna to boost employment in the startup space. Around the same time, it also inked an MoU with Shahi Exports’ Bhaane group to incubate startups in the manufacturing space. 

The DPIIT also announced a strategic partnership with ITC Limited to accelerate startup growth and technological advancements in the ecosystem.

Last year, it partnered with Startup Policy Forum (SPF) to accelerate  innovation, drive technology adoption, boost manufacturing capabilities in India and facilitate relationships with international stakeholders and ecosystem enablers.