Three Hubballi based companies incubated at the Sandbox Startups
Thursday, 19 April 2018, 18:45 IST
The Sandbox Startups, a Central Government-recognized technology startups incubator, has made investments in three of its incubated companies under NIDHI-SSS funding provided by the Department of Science and Technology, Government of India.
The funding will help the startups incubated in the Sandbox Startups facility to graduate to the next level in terms of technology development and put them in a better position to raise funds from investors and financial institutions to further scale and grow.
The startups that received funding under the NIDHI-SSS are Freshboxx Services Pvt. Ltd., fresh produce supply chain e-commerce startup; WideMobility Mechatronics Pvt. Ltd., offering end-to-end machine vision and inspection solutions tailored for various industries; and Microchip Payments Pvt. Ltd., another Hubli-based startup that offers reliable digital payment solutions.
NIDHI-SSS (National Initiative for Developing and Harnessing Innovations-Seed Support System) is an umbrella program under the DST (Department of Science & Technology)of Government of India, for nurturing knowledge-based and technology-driven ideas and innovations into successful startups.
NIDHI-SSS provides financial assistance to startups whose products and services offer promise, and are designed to address novel problems.The funding will enable these companies to scale and advance to a position where they will be able to raise funds from angel or venture capitalists or any financial institutions. The fund will support innovative ideas to move from incubation to execution.
CEO of Sandbox Startups C M Patil said, “Most entrepreneurs struggle hard to raise the angel or seed funding during the early stages and this fund from NIDHI-SSS is like a boon for the entrepreneurs in the ecosystem.We at the Sandbox Startups are building an entrepreneurial ecosystem in non-metros. Because of our geographical location, it is more difficult for entrepreneurs here to raise funds. We are thankful to the DST for this fund allocation which would help organizations like our Sandbox Startups, a central government-recognized technology business incubator, to invest against equity and build a self-sustainable model wherein we can co-create entrepreneurial culture in our ecosystem. With this funding mechanism in place, it allows us to invite the investment firms to co-invest in the startups associated with us, which in turn will help more mission-driven entrepreneurs.”
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