Gujarat Government Earmarks INR 500 Cr For Climate Action Startups

Gujarat Government Earmarks INR 500 Cr For Climate Action Startups

SUMMARY

The climate change department will invest upto INR 2.5 Lakh in startups at the ideation stage while startups at an advanced stage offering products or services will receive up to INR 10 Lakh seed fund

The fund will be directed to student startups and startup founders, who are under 35 years and are not students

Under the SSIP 2.0, startup founders upto the age of 35 years–who have either completed their studies or are school dropouts, are also eligible for the fund

In a bid to reduce carbon emission and improve green cover in the state, Gujarat’s climate change department has recently earmarked INR 500 Cr for climate action startups for the next five years, as per the Ahmedabad Mirror. 

The fund will be directed to student startups and startup founders, who are under 35 years and are not students. 

Under this initiative, the climate change department will primarily be focusing on climate change startups that are contributing to society. 

Principal secretary of climate change department S J Haider said, “Under the Student Startup Innovation Policy 2.0 (SSIP 2.0), we have kept provision of INR 300 Cr for the startups plus another INR 200 Cr for the private startups too, making it a total of INR 500 Cr.”

The climate change department will invest upto INR 2.5 Lakh in startups at the ideation or ‘proof of concept’ stage while startups at an advanced stage offering products or services will receive up to INR 10 Lakh seed fund. 

It will further scrutinise the selected startups by procuring their products and services.  

Under the SSIP 2.0, startup founders upto the age of 35 years who have either completed their studies or are school dropouts, are also eligible for the fund. The climate change department will connect such startups with different departments such as roads and buildings, and forest among others that can buy their products or services.

The move comes two weeks after Chief Minister of Gujarat, Bhupendra Patel announced that the state (Gujarat) will comply with PM’s vision ‘Net Zero by 2070’. Patel also informed that INR 910 Cr is allotted to climate change in the budget. 

Net zero means reducing carbon emissions by implementing ways to absorb carbon dioxide from the environment. 

Some of the climate action startups that Gujarat’s climate change department is looking at are Triecon Developers LLP, Orgro Fibre LLP and Ecoterra Biodesign.  

In December 2021, cleantech startup Atomberg Technologies grabbed $20 Mn in the funding round led by Jungle Ventures. The round also saw participation from Inflexor Ventures and its existing investors A91 Partners and Ramakant Sharma, cofounder of Livspace. 

Before this, Atomberg Technologies also raised an undisclosed amount from Deepika Padukone-led investment firm KA Enterprises in its Series B funding round.

In August 2021, cleantech startup Chakr Innovation raised INR 2 Cr from Startup India-affiliated ‘ONGC Start-up Fund’. According to an Inc42 report, ONGC was allotted 592 compulsory convertible preference shares (CCPS) at a premium of INR 33,683.78.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Gujarat Government Earmarks INR 500 Cr For Climate Action Startups-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Gujarat Government Earmarks INR 500 Cr For Climate Action Startups-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Gujarat Government Earmarks INR 500 Cr For Climate Action Startups-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Gujarat Government Earmarks INR 500 Cr For Climate Action Startups-Inc42 Media
Gujarat Government Earmarks INR 500 Cr For Climate Action Startups-Inc42 Media
You’re in Good company