Samved Ventures, an early-stage venture capital fund, has entered into a strategic Memorandum of Understanding (MoU) with the Foundation for Innovation & Research in Science & Technology (FIRST) at IIT Kanpur. This alliance aims to connect groundbreaking academic research with practical market applications, strengthening both entities’ roles in India’s thriving startup landscape.
As India solidifies its position as the globe’s third-largest startup hub, with more than 150,000 ventures and over 100 unicorns fueling economic growth through innovation, this partnership arrives at a crucial juncture. It supports the nation’s long-term goals by turning advanced research into businesses ready for global expansion.
Teaming up with IIT Kanpur isn’t just a partnership; it’s our pledge to cultivate tomorrow’s innovators who will shape India’s tech narrative, stated Vivek Khare, General Partner at Samved Ventures. “Merging our funding know-how with FIRST’s top-tier incubation resources, we’re establishing a strong foundation for startups to move seamlessly from concept to commercial success”.
Why This Partnership Counts
IIT Kanpur’s Startup Innovation & Incubation Centre (SIIC) stands out as a premier incubator in India, having guided over 425 startups, with 200 reaching key achievements like steady income and valuations above ₹10 crores. Its diverse portfolio includes pioneering advancements in areas such as AI-driven medical devices, advanced robotics, telecommunications components, and defense technologies, highlighting India’s deep-tech prowess outside conventional innovation centers.
Samved Ventures complements this with its operator-driven approach, targeting India’s vast middle class and aspiring population of more than a billion people. Guided by seasoned leaders like former Bridgewater Associates investor Amit Srivastava, LVX (formerly LetsVenture) founder Shanti Mohan, ex-Info Edge leader Vivek Khare, and Silicon Valley expert Gagan Saksena, the fund has backed three startups so far. Investment sizes range from $80K-$120K for pre-seed stages to $250K-$1M for pre-Series A.
Working with Samved Ventures strengthens our ecosystem for nurturing startups, offering them essential funding insights and operational direction, noted Prof. Deepu Philip, Director (Prof-in-Charge, Innovation & Incubation, IIT Kanpur). This MoU advances our goal of transforming innovative research into market-ready solutions with worldwide potential.
Key Elements of the Collaboration
The one-year MoU details several focused areas of joint effort:
– Startup Mentoring and Assessment: Shared guidance and review of IIT Kanpur-incubated ventures, emphasizing preparation for funding and market entry.
– Event Coordination: Co-hosting of seminars, conferences, and training sessions for aspiring entrepreneurs, drawing on combined expertise and connections.
– Governance Support: Input from Samved Ventures to FIRST’s Investment Committee and Program Governance Council, with Vivek Khare as the key contact.
– Knowledge Sharing: Mutual exchange of strategies and approaches to craft strong policies for entrepreneurship development.
Driving Broad Impact
This initiative aligns with a surge in India’s startup investment scene, since its inception in 2000 as one of India’s earliest tech incubators, SIIC has earned top national rankings and secured over ₹100 crores in funding for its companies. Its alumni span critical fields including healthcare, agriculture technology, medical innovations, automation, and artificial intelligence.
“India’s expanding economy opens doors for startups to create lasting change and build expansive enterprises,” remarked Amit Srivastava, Managing Partner at Samved Ventures “Our tie-up with IIT Kanpur’s FIRST establishes a vital channel for discovering and developing groundbreaking ventures that redefine industries.”
Advancing Toward India@2047
This collaboration underscores a shared dedication to positioning India as a worldwide innovation leader. By prioritizing deep-tech areas like AI, robotics, and health tech, it seeks to foster enterprises that deliver both commercial success and societal benefits, capitalizing on India’s digital infrastructure and growing consumer base.
About Samved Cap Advisors LLP
Samved Venture is an early-stage venture capital fund dedicated to tech-oriented startups serving India’s middle and aspiring classes. Covering domains such as AI, agritech, healthcare, fintech, e-commerce, skill development, and consumer goods, Samved delivers not only funding but also strategic advice, international networks, and practical assistance for sustainable growth.
About FIRST at IIT Kanpur
Foundation for Innovation & Research in Science & Technology (FIRST) functions as a non-profit Section 8 entity backed by IIT Kanpur and acknowledged by the Department of Science & Technology as a Technology Business Incubator. Via its Startup Innovation & Incubation Centre (SIIC), FIRST has supported technology-focused startups since 2000, evolving innovative concepts into profitable offerings from its facilities in Kanpur and Noida, aiding over 425 ventures in various tech fields.
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