Amrita University’s Technology Business Incubator (TBI) has committed USD 350,000 in seed funding for five promising start-ups. The start-ups were shortlisted out of 720 startups from across the country which participated in the fifth edition of annual “PitchFest” organized by the University. The five winning startups are Cookifi, SwastiAgro& Bioproducts, Bizbee, Nextsky Technologies, and MiqasaHome Automation, the University said in a release here.
The Amrita TBI PitchFest is an annual platform for startups across the country to showcase their ideas, qualify to receive seed investments, and get incubation space at Amrita University’s Technology Business Incubator, it said.
Dr Krishnashree Achuthan, CEO of Amrita University’s Technology Business Incubator, said “PitchFest” is held every year to support the Government’s ambitious ‘Startup India, Standup India’ action plan.
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“This year, we increased the total funding outlay from USD 200,000 to USD 350,000 considering the high quality of start-ups that made it to the Top 30 list out of 720 startups which applied for the PitchFest,” he said.
NITI Aayog CEO Amitabh Kant addressed the participants through video-conferencing, the release said.
Till now, Amrita TBI has incurred 0 per cent loss from its investments, the release said.