Chennai: Four start-ups have won seed funding worth a total of $120,000 (Rs.80 lakh) from Amrita Technology Business Incubator (TBI), supported by the central government and Amrita University.
The start-ups—Preksh Innovations (e-commerce), B2BSphere (e-commerce), Meladath Auto Components and MaaxMarket (social media marketing)—were shortlisted out of 702 start-ups from all over India through the incubator’s annual PitchFest event, organized in partnership with the central government, NASSCOM 10K (Nasscom India’s initiative for start-ups), Asia’s largest network of angel investors Indian Angel Network and job portal FreshersWorld.
“Amrita TBI has grown to be amongst the top-five most prolific start-up incubators due to our commitment to promote ground-up innovation, creativity and entrepreneurship,” said Dr. Krishnashree Achuthan, chief executive of Amrita TBI in a statement.
The university’s incubation centres function out of its Kollam, Coimbatore and Bengaluru campuses. The centre had signed a pact with Indian Angel Network in September 2015.
According to the Amrita University’s incubation centre, it has so far mentored 181 start-up ideas, built 31 products, filed for five patents and trained 6,700 students, and incurred zero loss from its investments.