Mytrah Energy earmarks Rs 60 lakh capital for startups

Mytrah Energy India Limited, which has wind power generating assets totalling 500-Mw in India, has earmarked $100,000 (Rs 60 lakh) seed capital to support potential startup ideas from entrepreneurs.

For this, Mytrah has partnered with Kochi-based Startup Village, Indian Angel Network and Villgro for assisting the potential and "worthy" startup ideas to the next level through mentoring, incubation and market introduction among others.

This is for the first time Mytrah has come up with such a programme aimed at identifying innovation and addressing their business needs. The company is doing the 'Inspiring Minds' programme by inviting entries from individuals. It will pick up worthy business proposals from the entries by August 30.

While Mytrah would address the early-stage funding support for the best picks, other partners would assist them in market introduction, branding, hiring senior executives and facilitating access to potential investors.

Ravi Kailas, chairman and CEO of Mytrah India, said the company would be willing to support as many promising ideas as possible and was happy to see significant entrepreneur entries for the initiative till date.

“The initiative is not focused on the return-on-investment (RoI) model, and the company has no intention to seek stakes in successful ideas,” he said.

Some of the entries included an online saloon and laundry services firm, said Venugopal Sathyanarayana, vice president of Indian Angel Network.