Business

AIC-Pinnacle to receive INR 45 million under Startup India Seed Fund Scheme

The NITI Aayog & Pinnacle Industries supported incubator aims to incubate and provide financial assistance to 19 startups over the next three years under SISF

Hyderabad, August 20, 2022: India’s leading incubation and investment platform, AIC (Atal Incubation Centre)-Pinnacle Entrepreneurship Forum, supported by Atal Innovation Mission, NITI Aayog, Ministry of MSME, and Ministry of Electronics and IT, Govt of India, has been selected under the Startup India Seed Fund Scheme (SISFS) announced by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Govt of India. Under this scheme, AIC-Pinnacle Entrepreneurship Forum will be receiving a grant of INR 45 million.

Speaking on the same, Dr. Sudhir Mehta, Founder, AIC-Pinnacle Entrepreneurship Forum, and Chairman of Pinnacle Industries & EKA, said, “We’re extremely grateful to the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Govt. of India, for such innovative and supportive schemes to establish and assist the startup ecosystem in India.

It’s indeed an achievement for us to be selected under the Startup India Seed Fund Scheme. The SISFS grant will work as a catalyst for us to achieve our goal of creating a vibrant and high-impact entrepreneurial ecosystem focused on innovation, incubation, and investment in key sectors. Through this assistance, we are aiming to incubate and provide financial assistance to 19 early-stage startups over the next three years. We will be helping the early-stage startups with prototype development, product trials, outreach activities, legal compliance, IP support, market-entry, commercialization, scaling up, etc.”

“So far, we have facilitated over INR 80 million to 56 startups across sectors like Automotive, Electric Mobility, Agritech, IT/IoT/AI, Clean Energy, Health-Tech, Social Innovation, and other emerging areas, and transformed their ideas and vision into scalable products, services, and models. With the SISFS grant, we look forward to supporting the startups from tier-2 and tier-3 cities that are willing to address the ground-level issues of “Bharat”—where 70 percent of Indians reside, and the next-generation entrepreneurs will come from.” Dr. Mehta further said.

AIC-Pinnacle Entrepreneurship Forum is a part of Pinnacle Industries Limited, a diversified group of companies in auto components, electric vehicles, retail store solutions, and financial and engineering services. With a highly experienced advisory board including 100+ veteran mentors, a 5000+ entrepreneur network, 15+ corporate partners, and a 500+ investor network, AIC-Pinnacle is one of the leading industry-backed incubators.

Its mentor pool comprises the country’s veteran industry experts that bring decades of knowledge and experience to nurture and prepare startups in a focused and practical manner with a real market environment and support. Krishigati, Arcatron, Ziffytech, Dynateq, Fountlab, Agrosonic, CargoFL, and Attron Automotive, to name a few AIC-Pinnacle incubated startups, are making a national impact by solving ground-level issues with innovative technologies.

About AIC- Pinnacle Entrepreneurship Forum:
AIC (Atal Incubation Centre)-Pinnacle Entrepreneurship Forum is one of India’s leading incubation & investment platforms supported by Atal Innovation Mission, NITI Aayog, Ministry of MSME, and Ministry of Electronics and IT Govt of India. AIC-Pinnacle supports and promotes complex, technology-enabled, high-impact product startups that generate economic wealth and support socio-economic development.

This article was shared with Prittle Prattle News as a Press Release.
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