The short-listed startups will get opportunities within the group to implement and demonstrate business impact and opening up revenues to win commercial orders for a potential global rollout
MUMBAI: Metals and mining major Vedanta Group has shortlisted 23 start-ups from the first edition of the Vedanta Spark initiative to make available opportunities for them within the group to implement and demonstrate business impact and opening up revenues to win commercial orders for a potential global rollout.
Vedanta Spark was launched in October last year, with the objective of building technology capabilities for achieving business transformation and strategic growth by partnering with early-stage, growth-stage, and venture-stage digital tech start-ups.
"At Vedanta, we will make it our duty to embrace these start-up partners as we strongly believe Vedanta can derive huge enterprise value. Vedanta will make this a periodic program going forward and consider expanding this partnership with global educational and research organizations as well," said Sunil Duggal, Group CEO, Vedanta.
The initiative, organised as an innovation grand challenge and corporate accelerator programme, had attracted over 1,350 registrations from across 19 countries with more than 250 overseas startups.
"The winning 23 start-ups having been selected after a highly rigorous process of evaluation involving business executives and industry experts and under strong competition, hold the potential to deliver a business impact of around $45-50 million in this current financial year," Vedanta said in a statement.
The key national partners for Vedanta Spark are Forge (strategic partner incubator), Startup India, AIM, Agnii (Invest India) and the key global partners are Core Hub, World Startup. The company plans to make investments of about Rs100 crore towards the implementation of this programme.