NEW DELHI: Build3, a prominent ecosystem dedicated to fostering impact startups, and ventures that combine profit with purpose has been selected as an incubator under the Startup India Seed Fund Scheme.
The firm has received a significant grant of ₹3 Crore from the Government of India, marking a pivotal moment in its mission to support early-stage startups that align with the United Nations’ Sustainable Development Goals (SDGs).
The Startup India Seed Fund Scheme, introduced by the Ministry of Commerce and Industry, aims to provide financial support to startups for crucial stages including proof of concept, prototype development, product trials, market entry, and commercialization.
Build3’s selection was based on a rigorous evaluation process that assessed various parameters such as the quality of the team, previous track record, infrastructure, and the performance of incubated startups.
As a recognized incubator, Build3 is now poised to disburse funds to impact founders, assisting them in developing their products and navigating the market. This grant is set to significantly bolster the early-stage impact startup ecosystem in India, furthering Build3’s goal of supporting ventures that contribute positively to society and the environment.
“This recognition from the government validates our vision of supporting founders who are committed to creating a better world,” said Mr Varun Chawla, Co-Founder of Build3. “The true benefits of capitalism are realized through its emphasis on innovation and creativity. Build3 aspires to be a platform where capitalism meets holistic values to produce solutions that truly benefit humanity. We are thrilled to partner with the government to bring this vision to fruition.”
The announcement of the grant comes shortly after Build3 was honoured with the 2024 Flourish Prize from the Weatherhead School of Management at Case Western Reserve University. This accolade recognized Build3’s significant role in fostering impactful innovation. With this latest recognition, Build3 is now preparing for its third cohort of the Impact Accelerator program, designed to support the next wave of impact startups.
Certified as a B Corp, Build3 is committed to aiding startups through its comprehensive offerings, including capability building, community engagement, and capital access. The organization also supports startups by securing additional funds from external sources. Key figures in the successful acquisition of the Startup India Seed Fund grant include Co-Founders Varun Chawla, Girish Sampath, and Anjali Nair.
Founded in 2020, Build3 is dedicated to empowering 100,000 founders to create impactful startups that benefit the mind, body, and earth, in alignment with the UN SDGs. Its flagship program, the Impact Accelerator, focuses on helping founders find co-founders, refine their ideas, and develop viable business models, offering structured support through the stages of ideation, creation, and scaling.