Chennai
The Amrita Technology Business Incubator (TBI) has committed a total of $1.2 lakh in seed funding for four startups— Preksh Innovations (ecommerce), B2BSphere (ecommerce), Meladath Auto Components, and MaaxMarket (social media marketing). These were shortlisted out of 702 start-ups from all over the country.
“As Prime Minister Narendra Modi prepares to unveil his ambitious ‘Startup India Standup India’ action plan, Amrita TBI, an incubator supported by the union government and Amrita University, is doing its part by organizing this PitchFest every year. With 29 incubated start-ups and zero per cent loss in investments, Amrita TBI is committed to providing the right ecosystem and mentor support for its incubates,” said Dr Krishnashree Achuthan, CEO of Amrita TBI.
Initially, Amrita TBI planned for a total seed investment outlay of $ one lakh for the top-3 start-ups at the PitchFest. During the final review, however, the quality of the top start-ups was found to be exceptional. The Amrita TBI review board decided to increase the outlay to $ 1.2 lakh and provide funding to top four start-ups instead of three.
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