Startups mentored under the Social Innovation Lab by Citi, a collaborative initiative among Indian Institute of Technology (IIT) Kanpur, Citi and T-Hub, presented their disruptive AgriTech, HealthTech and FinTech solutions to over 100 industry stakeholders at a startup showcase held to accelerate their social sustainable development solutions to market.
According to an official IIT-K release, more than 30 business discussions and over 20 investment discussions have been initiated as a result of the first Social Innovation Lab Startup Showcase, attended by prominent corporate and government stakeholders, angel investors, and venture capitalists.
The startups presented their indigenous disruptive technologies catering to critical contemporary challenges in agriculture, healthcare, and finance, to the attendees.
Prof. Abhay Karandikar, Director IIT Kanpur, said “Citi India, IIT Kanpur, and T-Hub selected 29 social impact startups in healthcare, agriculture, finance domains under the Social Innovation Lab by Citi. The program has supported this stellar cohort through their product development journey and accessing the market. During the program period, startups raised more than Rs 60 crore from private investors and Rs 6 crore from the government and public grants, approximately. It is indicative of the quality mentoring and support offered under the program.”
“Given India’s startup community’s agility, market proximity, and deep understanding of the evolving digital landscape, these startups are well positioned to solve the country’s challenges in finance, agriculture, and healthcare,” said Ashu Khullar, CEO Citi India.
“Citi initially supported funding and mentoring of these 29 startups through Social Innovation Lab by Citi and we believe they are ready to reach a new growth stage. There is so much potential in the years to come from India’s vibrant startup community and we hope to continue to contribute to the startup ecosystem’s development,” he added.
Srinivas Rao Mahankali (MSR), CEO, T-Hub, said, “Our partnership with Citi and IIT Kanpur will be a platform to showcase the talent and growing network of tech innovators and capital resources to collaborate for sustainable businesses. Over the years, T-Hub’s robust vision has enabled multiple startups, corporates and investors to get together for mutual benefits.”