IIMK LIVE and Cochin Shipyard Limited (CSL), have awarded seed funding worth Rs. 90 Lakhs to three promising start-ups as part of USHUS Scheme, a start-up initiative of Cochin Shipyard Ltd helmed by IIMK LIVE, the business incubator of the Indian Institute of Management Kozhikode for supporting the startups in Maritime sector from the technical, regulatory, financial, and marketing points of view by bringing the stakeholders together.
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In the second round of seed funding, IIMK LIVE has selected M/s Fuselage Innovations Pvt Ltd (Kerala), M/s Xalten Systems Pvt Ltd (Kerala) and M/s. Ensoverse Pvt Ltd (Delhi) for early stage seed funding thus adding the total number of startups supported under the USHUS program to 5 with an overall funding support to 1.7 Cr till date.
Prof. Ashutosh Sarkar, Executive Director IIMK LIVE and Mr Deepu Surendran, General Manager, CSL, presented the representatives of the three selected startups with the award and signed agreements to its effect in the presence of IIMK LIVE and CSL officials.
Expressing delight over the development Director IIM Kozhikode and Chairman IIMK LIVE Prof. Debashis Chatterjee added “This game-changing collaboration has re-energized the maritime sector and has encouraged the young and talented entrepreneurs to develop innovative products and services. The success of USHUS Scheme to empower deserving nascent startups only strengthens our resolve to play a vital role in shepherding the dream of an Aatmanirbhar Bharat at 2047.”
Shri Madhu S Nair, CMD CSL, conveyed his congratulations to the selected start-ups and expressed optimism, stating, “India’s maritime sector offers substantial opportunities for start-ups to drive innovation and reduce reliance on foreign technology. We are optimistic that USHUS will catalyse the growth of the maritime start-up ecosystem in the country, benefiting all stakeholders. We also hope that this will play a relevant role in supporting the Atmanirbhararta efforts of our country.”
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In the first round of funding early this year, seed funding worth Rs 80 Lakhs was awarded to two promising start-ups from Kerala as part of this IIMK LIVE – CSL Scheme, giving a boost to startups in Maritime sector.
Cochin Shipyard Limited and IIMK LIVE introduced the ‘USHUS’ start-up framework, which facilitates the development of innovative products and solutions to bolster the marine industry. The selected start-ups are expected to demonstrate dedication to innovation, enhancing goods, services, or processes, and presenting a scalable business strategy with the potential for substantial revenue growth and job creation. The funding provided through this program can be utilized for both operational and capital expenses, including working capital, the acquisition of fixed assets, and other necessary costs.
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About Indian Institute of Management, Kozhikode (IIM Kozhikode or IIM K): Started in 1997 with its Post Graduate Programme (PGP), the Indian Institute of Management Kozhikode (IIMK) is on a high growth trajectory today, offering widest range of academic programs in the field of management education. These include Fellow Programme in Management, Executive PG Programmes, Management Development Programmes and Faculty Development Programs. IIMK set up a Satellite campus at Infopark, Kochi, in 2013 dedicated to Executive Education. IIMK has also the unique distinction of launching a PhD (Practice Track) programme for working professionals besides bringing in new dynamic courses like the one-year Post Graduate programme in Business Leadership (2019) MBA in Finance and MBA in Liberal Studies & Management (2020). The institute is also home to IIMK LIVE a first-of-its-kind startup incubation programme and the Indian Business Museum. IIMK is ranked 3rd as per NIRF India Rankings 2023: Management and consistently features among the Top 5 B-Schools in the country in various rankings. The institute also features regularly among top global institutes for its flagship MBA (PGP) and EMBA programme (EPGP) in QS World University Rankings. The Institute has leapfrogged 100 spots to be placed in the Top 251-300 Institutes in Business & Management Studies globally, as per the QS World University Rankings by Subject 2023. It is also Ranked No.2 in CFIs (non-Technical) category in the Atal Innovation Rankings (ARIIA 2021) rankings released recently by Ministry of Education, Govt. of India, and has the distinction of being the only IIM in the coveted innovation rankings. IIM Kozhikode is globally accredited by EQUIS (EFMD) and AMBA (UK). Submitted by IIM Kozhikode PR Team
