INVENT programme supports startups in low-income states

INVENT, a British government-supported programme, has successfully incubated 160 startups across different sectors since its inception in 2016, according to a senior official.

The Innovative Ventures and Technologies for Development (INVENT) has been investing in agri-business, healthcare, education, energy, livelihood and skill development sectors across Rajasthan, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Bihar, Jharkhand, Odisha and West Bengal.

Overall, the INVENT programme has facilitated Rs 34 crore in 139 Indian ventures through its implementing incubators and 58 of them have obtained follow-on investments totalling Rs 133 crore from leading venture capital organisations.

"Programmes such as INVENT excel at raising venture capital funds, creating jobs in low-income sectors and designing remarkable go-to-market strategies for start-ups in the social sector," said Programme Leader Mohammad Azhar. "The tangible results of INVENT's outreach further cement this belief."

The startups have created 1,930 direct and 27,195 indirect jobs of which 40 per cent were taken up by women. Collectively, these 160 startups have created an impact in the lives of 1.5 million people across the country, according to a statement.

The programme is being implemented by the government's Technology Development Board, which is under the Ministry of Science and Technology. Nearly 80 industry experts and corporates leaders support these startups which subsequently provide market connects, follow-on investments besides national and international networks for their sustainability.

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