Odisha Government Supports Startups with INR 1.28 Cr Grant to Foster Innovation
The Odisha government, through its Startup Odisha initiative, has approved a grant of INR 1.28 Cr to boost innovation and entrepreneurship in the state. The aim is to support 10 startups from various sectors including agritech, food and beverages, HRtech, enterprise technology, retail, education, and logistics.
The selected startups for this grant are Axonotics, EME Technologies, Foliyoo Technologies, Indersons Services, Happiness Under Budget, Lex Protector, Sabhyasha Retail Tech, Zentai Workforce, Kickstart Careers, and Manikstu Agro. These startups will receive the grant in instalments based on their progress and achievement of predetermined goals. The funds will enable them to focus on research and development activities, product development and marketing, and other operational expenses.
Omkar Rai, chairperson of Startup Odisha, expressed his pride in announcing this significant grant allocation. He stated, In our relentless pursuit of fostering innovation and nurturing the entrepreneurial spirit, we are proud to announce this significant grant allocation.
The grant was approved during the 2nd board meeting of Startup Odisha, an initiative supported by the Micro, Small, and Medium Enterprises (MSME) Department of Odisha. This board committee plays a crucial role in evaluating and approving financial assistance for recognized startups and incubators.
Under the leadership of Chief Minister Naveen Patnaik, the state has set the ambitious target of supporting 5,000 startups by 2025. The government aims to establish Odisha as one of India’s top three hubs for innovation through this initiative.
Since its launch in 2016 under the Odisha Startup Policy-2016, Startup Odisha has nurtured more than 1,700 startups, with over 600 of them being led by women directors, founders, and co-founders. This reveals the inclusiveness and diversity of the startup ecosystem in the state.
Through this grant, the Odisha government underscores its commitment to creating a thriving environment for startups. By providing necessary financial aid, mentorship, and guidance, the government envisions building successful startups that can scale and grow.
The support for these startups aligns with the government’s aim to establish Odisha as a leading innovation hub, and this significant grant allocation is a testament to the state’s dedication to fostering entrepreneurship and driving economic growth.
