Three Startups Win Rs 25 Lakh Seed Funding Each Under TIDES Accelerator Program

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TIDES Accelerator Program (TAP) is collaborative initiative of Department of Science & Technology and IIT Roorkee to support IoT-based startups.

The Technology Incubation and Entrepreneurship Development Society (TIEDS) and IIT Roorkee have shortlisted three startups for seed funding and they will be offered Rs 25 lakh each.

The three startups — HumbleShit, Safex Pay and Power Zest – have also been given cash prizes of Rs 50,000, Rs 30,000 and Rs 25,000 respectively.

TIEDS hosted ‘Entrepreneurs Day’ at The Taj Mahal Hotel in New Delhi on Wednesday and announced the winners.

The event was organised to mark the culmination of the accelerator program run by Technology Innovation and Development of Entrepreneurship Support (TIDES) Business Incubator at IIT Roorkee for a period of 16 weeks.

TIDES Accelerator Program (TAP) is collaborative initiative of Department of Science & Technology and IIT Roorkee to support IoT-based startups.

“The aim of running this program was to ensure that startups with the technology area of IoT grow with each other and to connect them with other stakeholders of startup ecosystem for right mentorship and resources,” said TIDES CEO Azam Ali Khan.

Startups With the Best Pitch

During the event, 12 IoT based startups accelerated by TIDES Business Incubator pitched their ideas to the various stakeholders.

HumbleShit won the first prize, while Safex Pay and Power Zest bagged the first runners-up and second runners-up prizes respectively.

In addition to the prizes, TIDES is also offering Rs 25 lakh as seed funding money to each winner.

TAP’s main objective is to facilitate knowledge exchange, understand innovation and requirements which can be bridged by the startups which have gathered here today, asserted IIT Roorkee Director Ajit K Chaturvedi at the event.

 

With inputs from PTI

 

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