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Akzo Nobel inks LoIs with two Indian startups


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Akzo Nobel India said that it has signed letters of intent (LoIs) with two India startup challenge winners viz. HyperReality Technologies and Fluid AI.
Bengaluru-based HyperReality Technologies offers a collaborative platform for inspiration, visualization of a space in metaverse.
Headquartered in Mumbai, Fluid AI offers multi-channel conversational immersive and interactive AI platform to guide consumers during their painting journey.
Akzo Nobel said that winning the 'Paint the Future' award has opened more doors for these startups. Having signed the letters of intent, the two winners now join AkzoNobel's accelerator program.
Oscar Wezenbeek, managing director, AkzoNobel Decorative Paints, South-East South Asia (SESA) and chairman, Akzo Nobel India, said: Over the next six months, the goal is clear - to work together with our winners and develop a digital value proposition. The startups will have access to our global network of experts and resources leading up to 'Demo Day'.
That's when they'll showcase the results that will shape the future of their collaboration with us. By bringing Paint the Future to the third largest startup ecosystem in the world, AkzoNobel is transforming the paints industry in India. We're bringing value - for our winning startups, our business and most importantly for Dulux consumers.
Rajiv Rajgopal, managing director, Akzo Nobel India, stated: This startup challenge is about collaborating with equally passionate Indian startups to boost the magic of Dulux and enhance the digital experience of our consumers'. Innovation is key to AkzoNobel's approach to sustainable business, and we see a lot of potential in these winning solutions.
The India startup challenge is the third regional edition of AkzoNobel's Paint the Future, and the first such challenge for the paints and coatings industry in India. Run in partnership with NASSCOM Industry Partnership Program (NIPP), the challenge on enhancing Digital Consumer Experience for Dulux paints in India attracted 207 submissions from 33 cities across India.
AkzoNobel India is a leading paints and coatings company and it supplies essential protection and essential colour to industries and consumers.
The company's consolidated net profit rose 1.32% to Rs 76.90 crore on a 49.70% increase in sales to Rs 937.70 crore in Q1 FY23 over Q1 FY22.
The scrip shed 0.33% to currently trade at Rs 2148 on the BSE.
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First Published: Sep 26 2022 | 12:49 PM IST

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