Odisha Approves Grant Worth INR 1.28 Cr For 10 Startups

The Odisha government has approved a grant worth INR 1.28 Cr for 10 startups with an aim to boost innovation and entrepreneurship in the state.  

In a statement, Startup Odisha said the government aims to foster startups from sectors such as agritech, food and beverages, HRtech, enterprise technology, retail, education and logistics with the grant. 

Axonotics, EME Technologies, Foliyoo Technologies, Indersons Services, Happiness Under Budget, Lex Protector, Sabhyasha Retail Tech, Zentai Workforce, Kickstart Careers, and Manikstu Agro are the startups that will receive the grants.

The selected startups will receive the grant in instalments on the basis of progress and goals achieved. It will enable the startups to work on areas like research and development activities, product development & marketing activities, and other operational expenses.

Commenting on the grant allocation, Omkar Rai, chairperson of Startup Odisha, said, “In our relentless pursuit of fostering innovation and nurturing the entrepreneurial spirit, we are proud to announce this significant grant allocation.” 

The government approved the grant during the 2nd board meeting of Startup Odisha, an initiative backed by the Micro, Small, and Medium Enterprises (MSME) Department of Odisha. The board committee focuses on evaluating and approving financial assistance to recognised startups and incubators. 

Additionally, the committee is working on a comprehensive framework for the startups to flourish. 

Rai said these investments in startups signify the state’s commitment to creating a thriving ecosystem. “Our vision is to build successful startups by providing necessary financial aid, mentorship and guidance that will help them scale and grow,” he added. 

The initiative is in line with chief minister Naveen Patnaik’s commitment to support 5,000 startups by 2025. With this, the government aims to establish Odisha as one of India’s top 3 hubs for innovation. 

The Startup Odisha initiative was launched in 2016 under the Odisha Startup Policy-2016 to introduce a holistic and inclusive ecosystem for existing and aspiring startups. 

The government claims that since its inception, Startup Odisha has fostered and facilitated more than 1,700+ startups, out of which over 600 are led by women directors, founders and cofounders. 

Last year, the Odisha government said it received commitments worth INR INR 1,000 Cr for its fund of funds for startups. Rai said the funds would be deployed over the next five years.