The Startup and innovation culture is spurring in Tier II &Tier III cities in Odisha
As part of bringing best practices and standards to the Startup Ecosystem in Odisha and for the effective management of its funds, Startup Odisha has roped in the Small Industries Development Bank of India (SIDBI) for managing the Odisha Startup Growth Fund (OSGF), said Dr. Omkar Rai, Executive Chairman, Startup Odisha, at the opening session of 30th Convergence India Expo in New Delhi on Monday.
The SIDBI will also bring its own fund for supporting the startup ecosystem in Odisha, said Dr. Rai who shared the dais with Aastha Grover, Head Startup India and Entrepreneur and Actor Gul Panag at the opening session titled “Creating a Vibrant Ecosystem for Innovation.” The Odisha Startup Growth Fund (OSGF) was initially started with Rs 250 Crore commitment from Odisha Government and has grown up to Rs 1000 Crore.
“We have roped in SIDBI for managing our fund. They will also bring their own fund. In the next 5-10 years, Odisha will be ready with a lot of funds for startups. I call upon the startup ecosystem players from across the nation to look towards Odisha for access to funds, access to markets, and for the best support system,” said Dr. Omkar Rai.
Further, Dr. Omkar Rai said that Startup Odisha is sensitizing the High Net-worth Individuals (HNIs) across Odisha to come together, form a strong network, and foster an angel investing culture in the State of Odisha so that much-needed angel investing infrastructure and support mechanism can be provided to the startups.
He emphasized upon the need to take the startup ecosystem to the grassroots level in Tier II and Tier III cities and inculcate a culture of innovation and ideation. He said that in the coming days in Odisha, more and more startups would be coming from Tier II & Tier III cities and some of these would be Unicorns.
“In Odisha, we are reaching out to the young boys and girls in Tier II, tier III cities and in the rural areas and taking the ecosystem to the grassroots levels. The kind of innovation and the fundamental idea that is coming from Tier II & Tier III cities are not even coming from Tier I cities because young boys and girls who are witnessing/facing various problems in tier II & III cities are coming up with viable solutions. That is how the startup ecosystem must emerge and grow,” said Dr. Rai.
“As far as ideation is concerned if one gets the right kind of sensitization and good connect, the culture of innovation and ideation is inculcated,” he added. We are planning to open Incubators in each district, and in every educational institution, and trying to take the ecosystem at the grassroots level, said Dr. Rai.
“The startup ecosystem is not only growing in terms of numbers but also in terms of funding. Unicorns have grown from a handful to a strong 107 and also the incubators supporting startups have grown immensely,” said Aastha Grover, Head, of Startup India.
About Startup Odisha
With the creation of the Odisha Startup Policy-2016, the government of Odisha established Startup Odisha under the MSME Department as the Nodal agency for creating the startup and innovation ecosystem in the state. The goal was to create a comprehensive and welcoming ecosystem for both established and future companies, to become one of the top startup centers in the nation, and to empower the young of Odisha to become job-creators and aid the state in creating jobs.
Weekly Startup Funding News Report For 25 October - 29 October 2024 (Latest Updates)
Weekly Funding Roundup - We compile a Weekly Startups Funding News Report summarizing all the startups that secured funding during the week. This report provides a consolidated list of newly funded ventures daywise.
Weekly Funding Roundup - We compile a weekly startups funding news report summarizing all the startups that secured funding during the week. This report provides a consolidated list of these newly funded ventures day-wise, offering a concise overview of the latest developments in the startup funding landscape. Get allIndian statups news at Viestoires.
Weekly Startups Funding News [25 October 2024 - 29 October 2024]
Althion Funding News - Althion has Secured Rs 3.6 crore in Pre-Series A Round Funding
Trisu Funding News - A pre-seed funding round, which was co-led by All In Capital, has secured an undisclosed quantity of investment for the vermeil jewelry brand Trisu.
GameEon Funding News - GameEon, a game development studio, has raised $1 million in its most recent funding round, which was co-led by SucSEED Indovation Fund, ICE VC, IAN, CD EQUIFINANCE, Nexus Global Opportunities Fund, Vivek Goel, Patni Family, Tal64.
Wundrsight Funding News - Wundrsight, a digital therapeutics startup, has secured $400K in its seed round, which was led by Inflection Point Ventures. Social Alpha, in conjunction with other angel investors, has also participated in the round.
Dharaksha Ecosolutions Funding News - Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured Rs 24.8 crore (approximately $2.95 million) in a Seed funding round sponsored by Avaana Capital.
Omnivore Funding News - Omnivore’s third fund, the Omnivore Agritech and Climate Sustainability Fund, received $5 million in investment from Proparco, a subsidiary of the Agence Française de Développement (AFD) Group.
Futwork Funding News - In its Series A round, which was led by the Michael & Susan Dell Foundation and included Artha Ventures, Simile Capital, and other investors, sales outreach platform Futwork has raised Rs 20.9 crore, about $2.5 million.
Centricity Funding News - In a seed round, Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others, led the investment in wealth management startup Centricity, which raised $20 million at a valuation of $125 million.
11 September 2024 - Funding News
Zivy Funding News - Zivy, an AI tool that prioritizes workplace messages and duties, has secured $1.2 million in a pre-seed funding round co-led by Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures.
Mitra Funding News - A strategic family office based in Dubai and Bestvantage Investments led the Pre-Series A fundraising round for D2C FMCG firm Mitra, which raised INR 11 Cr ($1.3 Mn).
InMobi Funding News - MARS Growth Capital, a joint venture between MUFG and Liquidity Group, has provided $100 million in debt financing to InMobi, a provider of mobile advertising network software.
Track3D Funding News - Track3D, an AI reality intelligence platform for the construction industry, announced that it had secured $4.3 million in seed funding. The funding was led by Endiya Partners, with participation from Shadow Ventures and Monta Vista Capital.
Flexiloans Funding News - In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).
10 September 2024 - Funding News
Crackle Technologies Funding News - Crackle Technologies, an adtech startup, has secured $1.7 million (approximately INR 14 crore) in a pre-seed funding round that was jointly headed by We Founder Circle and AC Ventures.
Nestasia Funding News - Nestasia, a lifestyle and home décor brand, secured $8.35 million in a new funding round from Susquehanna Asia VC, Stellaris Venture Partners, and angel investors.
Supersquad Funding News - Supersquad, a startup that specializes in creator monetization, has secured Rs 2.1 crore in a funding round that was spearheaded by WLDD. Nitin Rajput and Jivraj Singh Sachar, angel investors, also contributed to the round.
AppsForBharat Funding News - AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round, which was led by Fundamentum.
Arnya Real Estate Funding News - Arnya Realestates Fund Advisors, an alternative investment management firm, has successfully closed the first close of its Rs 1,000-crore maiden debt fund, raising Rs 375 crore.
9 September 2024 - Funding News
Transcell Biologics Funding News - Quantiphi and IAN Group, both of Boston, have invested an undisclosed sum in Transcell Biologics, a biotechnology company.
2 September 2024 Monday - Latest Funding News in India
Mintifi Funding News- Mintifi a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.
Clean Electric Funding News - Clean Electric, an energy storage solutions startup, has secured Rs 48.5 crore (approximately $6 million) in funding from both new and existing investors.
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