Government of Odisha approves innovation grant, to fund 10 startups
India
Odisha
MEMBERS:
Startup Odisha
“Positioned at the forefront of India's thriving startup ecosystem, Startup Odisha stands as a solid foundation for innovation and entrepreneurship. With Startup Odisha's commitment for nurturing, guiding, and empowering startups, we are poised to kindle the ambitions of entrepreneurs across our State and the Nation.”
Highlights
In 2016, the Government of Odisha created the Startup Odisha policy with an aim to position Odisha as one of the top three startup and innovation hubs in India and a leading global destination for industry, corporations, social innovation, and female entrepreneurship. It has supported over 1,700 startups to date and aims to foster 5,000 by 2025.
Startup Odisha aims to promote the circular economy and position the state as a frontrunner in disruptive technological innovations and a leader in sustainability, social, and grassroot innovations in coming years. The INR 100 crores ($12 million) Odisha Startup Growth Fund provides continuous, long-term support to startups. Odisha State Fab Network, in partnership with the MIT Center for Bits and Atoms, and Fab Foundation is creating a holistic fabrication and prototyping infrastructure.
Odisha boasts at least one incubator in every district, and Startup Odisha’s O-Hub is one of the leading hubs in the country. Startups founded in Odisha include Medtel Healthcare, an aggregator for digital health clinics; Edtech platform LectureNotes; and BON V Aero, which develops carbon-free aerial logistics and mobility. Startup Yatra fosters entrepreneurship at college level, providing students with innovation opportunities. Startup Xpress offers innovation bootcamps to high school students in Odisha, and Startup Mela offers a platform for young people to showcase their innovations and network with government bodies, industry experts, and investors.
Ecosystem by the Numbers
NUMBER OF UNICORNS
(H2 2020 - 2022)
Sub-Sector Strengths
Agtech & New Food
Odisha is an agriculture and food-processing hub that is seeing a transformation using emerging technologies, and Startup Odisha has facilitated private funding opportunities for startups in the sector. Founded in 2017, Villa Mart is a zero-waste, tech-enabled platform that buys produce directly from producers. Agtech consulting company NiGi Organics is committed to bringing sustainable changes to Indian agricultural practices by encouraging and implementing zero budget natural farming.
Cleantech
Renewable energy is a growth sector in Odisha, spurred by state policies and funding support from Startup Odisha. To date, 14 Cleantech startups have received funding support from Startup Odisha, totalling $165,000. Aurassure is an intelligent environmental monitoring system that uses IoT and sensor networks to address various environmental hazards. Think Raw India creates and installs solar solutions including street lights, water pumps, and fertilizer dispensers.
Life Sciences
Ezerx Health Tech has created a non-invasive hemoglobin monitoring device and raised $3.5 million in October 2023. IoT-enabled MedTel Healthcare aims to make healthcare accessible, affordable, and user-friendly. An aggregator for digital health clinics in low-resource settings, it has raised $643,000 over two seed rounds. ProtExtent Biosolutions, which is incubated at the ILS-Bioincubation Centre, produces cost-effective recombinant proteins with application in food, drug, and industrial applications.
Reasons to Move Your Startup to Odisha
Government Support
Government-led Startup Odisha actively promotes the startup ecosystem through funding, mentorship, and infrastructure, as well as events and programs. The Odisha Startup Growth Fund (fund-of-funds) with a provision of INR 100 crores ($12 million) to be invested in startups, and the Investor Connect initiative facilitates connections within the innovation community.
Focus on Emerging Technologies
Startup Odisha and the wider ecosystem have a strong focus on emerging technologies including AI, machine learning, biotechnology, Agtech, and clean energy. This emphasis on cutting-edge technologies means there is ample support for innovative startups and entrepreneurs.
Collaborative Ecosystem
The Odisha ecosystem encourages collaboration between startups, established companies, educational institutions, government agencies, and investors. The state has also developed skills development programs and educational partnerships to enhance the skills of the local workforce, providing a strong talent pipeline.
Selected Startup Organizations
Startup Genome Members
Key Ecosystem Players
TiE Bhubaneswar
The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. TiE Bhubaneswar was formed by Odisha entrepreneurs and professionals in 2011 to foster an entrepreneurial ecosystem in the state of Odisha.
Bhubaneswar Angels
Created by TiE Bhubaneswar, the Bhubaneswar Angels fund assists Odisha entrepreneurs in setting up small and medium enterprises in the state.
Bhubaneswar City Knowledge Innovation Cluster (BCKIC)
An initiative by the Office of the Principal Scientific Advisor to the Government of India, set up under the direction of the PM-STIAC to seamlessly connect research institutions, academia, industry and corporates towards creation of a hub and spoke model, actively facilitating innovation and knowledge creation.
Fab Lab at Software Technology Parks of India (STPI)
News from the Ecosystem
Explore more ecosystems
Get connected
Are you interested in diving deeper into this ecosystem? Drop us a message. Our Ambassadors and Partners can plug you in.