GUSEC sets up ₹10 crore seed fund for start-ups

AHMEDABAD: Gujarat University Start-up and Entrepreneurship Council (GUSEC) has set up a seed fund for start-ups worth Rs 10 crore. The amount was sanctioned to GUSEC by the National Science and Technology Entrepreneurship Development Board (NSTEDB) – an autonomous board under Department of Science and Technology, Government of India. The fund was sanctioned as part of the NIDHI Seed Support System (SSS) scheme. This fund will enable GUSEC to invest in start-ups under its ambit to help them scale better.

“Over the last four years since we started working towards promoting and nurturing entrepreneurship and innovation, we have believed that access to capital is one of the biggest challenges for start-ups in Gujarat. With support of various agencies and partners, we have been able to address this gap to an extent, but using this latest support from NSTEDB under DST, GUSEC will be able to directly invest into start-ups, which is a very important and remarkable development for the start-up ecosystem of Gujarat,” said Prof Himanshu Pandya, vice chancellor, Gujarat University, who is also the ex-officio Chairperson of GUSEC.

The seed fund will be deployed over three years into start-ups within the GUSEC network and incubation programs. The average ticket size per start-up would be approximately Rs 25 lakhs per investment.

“A fund like this and of this size will help us invest into deserving start-ups and chart out a sustainability plan allowing the success of start-ups to also convert into success of GUSEC. Up until now we have been facilitating grants from various partner agencies for our start-ups, but the influx of this capital would allow GUSEC to rake in equity in start-ups,” said Rahul Bhagchandani, group CEO, GUSEC.

Since inception, GUSEC has supported over 234 start-ups, which have created over 666 jobs as well as over ₹14 crore in revenue.

“Over the last four years since we started working towards promoting and nurturing entrepreneurship and innovation, we have believed that access to capital is one of the biggest challenges for start-ups in Gujarat. With support of various agencies and partners, we have been able to address this gap to an extent, but using this latest support from NSTEDB under DST, GUSEC will be able to directly invest into start-ups, which is a very important and remarkable development for the start-up ecosystem of Gujarat,” said Prof Himanshu Pandya, vice chancellor, Gujarat University, who is also the ex-officio Chairperson of GUSEC.

The seed fund will be deployed over three years into start-ups within the GUSEC network and incubation programs. The average ticket size per start-up would be approximately Rs 25 lakhs per investment.

“A fund like this and of this size will help us invest into deserving start-ups and chart out a sustainability plan allowing the success of start-ups to also convert into success of GUSEC. Up until now we have been facilitating grants from various partner agencies for our start-ups, but the influx of this capital would allow GUSEC to rake in equity in start-ups,” said Rahul Bhagchandani, group CEO, GUSEC.

Since inception, GUSEC has supported over 234 start-ups, which have created over 666 jobs as well as over ₹14 crore in revenue.




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