Startup Financing and News Updates – Daily Recap (November 8, 2022)

Merak Ventures Climate Technology Accelerator Program

Merak Ventures, an industry-independent early-stage venture capital (VC) firm, and Huddle, an accelerator-led fund for Indian early-stage companies, have announced the launch of ClimAct, a ClimateTech accelerator program.

The program aims to accelerate and fund early-stage climate technology startups in India working in areas such as agricultural waste and supply chain efficiency, mobility and transportation, climate finance, accounting and carbon sequestration and digital solutions.

Applications for ClimAct opened on November 8, and the cohort will begin in February 2023. The program will run for four months, culminating in June 2023. Selected companies will gain access to an initial seed capital of $200,000 per startup, with the potential for a follow-on investment of up to $1.5 million after the four-month program. ClimAct’s fund partners include Aavishkar Capital, Accel, Lok Capital, Matrix Partners, Nexus Venture Partners, Sequoia Capital and Stellaris Venture Partners.

Phool.co among the finalists for the 2022 Earthshot Prize

foolCircular economy-focused startup incubator IIT Kanpur is one of fifteen finalists for the 2022 Earthshot Prize for developing ‘Fleather’, a regenerative approach to creating leather from floral waste.

The Earthshot Award recognizes an accomplished group of entrepreneurs and innovators spearheading innovative solutions to the planet’s dire environment. ‘Fleather’ is one of only two innovations shortlisted from India for this year’s award.

Fleather: The skin created by Phool.co from floral waste

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Fleather: The skin created by Phool.co from floral waste

Fleather by Phool.co will now be in the running to receive a £1 million prize at the second annual Earthshot Prize ceremony on December 2 in Boston. The award is inspired by President John F. Kennedy’s ‘Moonshot’. Finalists were selected from more than 1,000 nominations following a rigorous 10-month selection process by a panel of advisors with backgrounds in science, conservation, innovation, investment, economics, politics and activism.

NSRCEL signs MoU with YSBFB for rural entrepreneurship

NSRCEL, the Innovation and Entrepreneurship Center of IIM Bangalore, has signed a MoU with Yunus Social Business Fund Bengaluru (YSBFB).

NSRCEL’s Impact Orbit Incubation Vertical recently launched its first Rural Entrepreneurship Incubation program. The program aims to identify, nurture and scale social innovations in rural India. It is NSRCEL’s first foray into understanding the challenges of scaling for-profit impact businesses in rural India.

NSRCEL will support nine early-stage startups to increase their income through specialized business and investment readiness training through this program. The objective of this incubation program is to support at least 25% of the cohort to double their income and directly impact between 500 and 700 livelihoods and indirectly benefit between 2,500 and 3,000 lives.

While NSRCEL is leading the incubation programme, YSBFB will facilitate modules on investment readiness, working capital management and exposure to different forms of financing, including an opportunity for two companies to raise debt from the fund.

Oorjan Cleantech enables 150 MW of solar installation

Mumbai-based renewable energy startup Oorjan Cleantech has enabled the installation of 150 megawatts of solar energy and has deployed $100 million of green capital in a span of four years. The technological platform of this startup brings together installers, financiers and consumers, thus providing an easier way to adopt renewable energies.

“The important keys to accelerating the adoption of solar energy are to provide easy financing and a hassle-free adoption experience to consumers,” said Gautam Das, founder of Oorjan Cleantech.

India is targeting around 280 gigawatts (GW) of installed solar capacity by 2030. However, as of July 2022, India’s installed solar power capacity was only 57 GW with only 8 GW of solar in the rooftop. To meet the ambitious solar target in a structured way, much needs to be done, especially to provide easy access to financing for the end user.


Edited by Affirunisa Kankudti

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