Karnataka’s IT Minister, Priyank Kharge, recently launched ELEVATE 2024 and KAN to empower startups with seed funding and acceleration support. ELEVATE 2024 offers up to Rs 50 lakh in grants for early-stage startups, while KAN provides mentorship and market access, especially for companies outside Bengaluru. Designed to foster innovation, these programs support growth in sectors like AI, IoT, and SpaceTech, positioning Karnataka as a major startup hub. Applications for ELEVATE 2024 are open until November 29 via missionstartupkarnataka.org.
Transition VC has launched India’s first energy transition startup accelerator, in collaboration with T-Hub and IEEE, to support startups working in decarbonisation, energy storage, electrification of transport, and Net Zero technologies. With part of its ₹400-crore fund allocated to the initiative, Transition VC aims to incubate 7-8 startups, offering funding, R&D support, mentorship, and prototyping assistance. Co-founder Mohammed Shoeb Ali emphasized the importance of leveraging India's engineering expertise to reduce fossil fuel dependency. The accelerator aligns with the government’s energy transition goals, with two Centres of Excellence being established to drive innovation and sustainability efforts.
Vaanam, the first private space tech accelerator in India, was launched in Chennai to bolster the space startup ecosystem in Tamil Nadu. Spearheaded by entrepreneurs Hariharan Vedamurthy and Sameer Bharat Ram, the accelerator aims to support startups with mentorship from former ISRO scientist Nambi Narayanan. The initiative was inaugurated by Tamil Nadu industries minister TRB Raaja, highlighting the state's commitment to advancing space technology. With plans to establish a propellant park and a second rocket launchpad in Thoothukudi, Tamil Nadu is positioning itself as a hub for space innovation. Minister Rajaa emphasized the state and central government's support for space tech startups, highlighting the significance of accelerators in funding and development. Narayanan underscored the need for private sector involvement and proposed an Asian Space Agency to foster interplanetary travel and enhance trade relations in the region.
India Accelerator has launched a new vertical to back cleantech businesses. This initiative supports startups focused on sustainability, waste reduction, energy efficiency, and climate change. Each startup will receive INR 1.5 Cr from the Finvolve Accelerator Fund and INR 4.1 Cr from the Finvolve Seed Fund. Finvolve, a joint venture of India Accelerator and Finolutions, aims to help wealth managers explore startup investments. The vertical will provide growth frameworks for clean energy, e-waste recycling, lithium-ion battery manufacturing, and biotechnology startups. India Accelerator's founder Ashish Bhatia emphasized redefining resource use and building a regenerative future. Managing Partner Deepak Nagpal highlighted the circular economy's potential, promoting responsible consumption and production.
ArcelorMittal announced the winners of its inaugural XCarb® India Accelerator Programme, selecting three startups for their climate technologies. Launched with IIT Madras, the programme received over 50 applications. The winners, UrjanovaC, AgroMorph Technosolutions, and Susstains Engineering Solutions, will each receive USD 50,000 and mentorship. UrjanovaC focuses on CCUS technology, AgroMorph Technosolutions creates algae-based CCUS systems, and Susstains offers biochar as a coal replacement for the steel industry. Irina Gorbounova, Head of the XCarb® Innovation Fund, praised the startups for their decarbonization potential. The programme supports ArcelorMittal’s climate goals and India's startup ecosystem. Winners expressed gratitude for advancing their technologies and business models. UrjanovaC’s CO2 management technology, AgroMorph’s algae-based solutions, and Susstains’ biochar production show promise in tackling carbon emissions in the steel industry.
