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Four startup ventures led by students of Indian Institute of Technology (IIT) Delhi have won a grant of ₹50 lakhs each under the Endowment Nurture Fund initiative launched by the IIT Delhi Endowment Management Foundation, institute administration said.
Startups Circle, Bag-It, Onpery, and I-Stem are founded and helmed by students of the institute.
While Circle, founded by Ankur Yadav and Navan Jaiswal, is a financial wellness product for organisations to provide daily salary and low-cost retirement to their employees, Bag-It is an on-demand platform for wholesalers that digitizes the jewellery supply chain for the benefit of retailers. Bag-It was founded by IIT Delhi students Madhukar Ranka and Dipanshu Verma.
Founded by Pramod Priya Ranjan and Nachiket Thakur, menstrual health startup Onpery aims to make green menstruation adaptable and accessible to the masses.
The fourth startup venture I-Stem was founded by Akashdeep Bansal, Kartik Sawhney, Shakul Raj Sonker and Sunil Choudhary of IIT Delhi. It provides digital content accessibility solutions helping universities and enterprises make their digital infrastructure like documents, website and mobile application accessible (compatible with assistive technologies used by persons with disability for accessing the digital content) for persons with disability.
Speaking about the Endowment Nurture Fund initiative, Prof PVM Rao, Dean, Alumni Relations, IIT Delhi, said, “Many students are relinquishing placement option to start ventures immediately after their graduation. The Endowment Nurture Fund will encourage such students to pursue their entrepreneurial ambitions”.
“The grant provides a cushion to IIT Delhi’s student teams to take risk and experiment with innovative ideas, products, and/or business models; that in turn helps spread the culture of innovation and entrepreneurship among the student community”, said IIT Delhi Endowment Management Foundation CEO Anurag Rastogi.
IIT Delhi alumni and co-founder of Indifi Tech, Alok Mittal; partner at Stellaris Venture Partners Alok Goyal; and general partner at Stellaris Venture Partners, Parag Dhol were the members of the jury which selected the winners.
