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10th June 2021, Kanpur, UP: The Startup Incubation and Innovation Centre (SIIC), IIT Kanpur,today said it has raised funding from ICICI Securities, one of India’s leading financial services company,for Mission Bharat O2(MBO2),to support domestic manufacturing of oxygen concentrators on scale.With this project, SIIC IIT Kanpur aims to make the Indian healthcare manufacturing ecosystem self-reliant.
Mission Bharat O2 is a step towards the larger vision of SIIC to nurture a self-sustainable healthcare system in India. The project, led by Prof.AmitabhaBandyopadhyay, Professor In-charge, Innovation & Incubation, IIT Kanpur, SrikantSastri, Director, FIRST-IITK and Chairman, I3G Advisory Network, and Rahul Patel, Head of Strategic Initiatives, SIIC IIT Kanpur, will support local manufacturers to develop oxygen concentrators. Through a three pronged approach - Rapid Product Development, Centralized Sourcing and Decentralized Manufacturing - the project aims to deliver 20,000 indigenous yet high quality oxygen concentrators &oxygen plants for India’s emergency response to COVID-19 pandemic. Through MBO2, SIIC aims to create decentralised manufacturing pockets where Indian manufacturers will develop oxygen concentrators on a rapid scale.
ICICI Securities, has nurtured a legacy of contributing towards sustainable development initiatives across India. It’s Corporate Social Responsibility (CSR) efforts show a deep commitment towards nation building through a variety of initiatives.To help the county fight the pandemic, ICICI Securities in 2020, had joined hands with IIT Kanpur for developing affordable, indigenous ventilators to save lives.
The concentrator cost is atleast 40% lower than comparable imported products.SIIChas already selected eight manufacturing partners from 70+ participants who competed to manufacture this indigenous oxygen plant and oxygen concentrators. Product testing has been completed and by June 20th 2021, daily run rate of 100 units per manufacturerper day is expected to be achieved.
Commenting on SIIC’s vocal for local vision, Prof.AmitabhaBandyopadhyaysays, "The SIIC team at IIT Kanpur aims to turn the country into a manufacturing hub by supporting cutting-edge research and development. Our incubated companies have contributed immensely since COVID-19 struck India. We want to go a step further to build a nexus of local manufacturers who will put India on the map of the global manufacturing hubs. The support from ICICI Securities is a much-needed contribution in that direction."
As a coveted funding partner, ICICI securities’ generous support will pivot SIIC’s efforts towards efficient execution of the Mission Bharat O2.
“Providing timely and affordable healthcare facilities is a pressing need. ICICI Securities is honoured to further extend our CSR partnership with IIT Kanpur this year too for this crucial project which would help all players in the healthcare ecosystem – from the patients to manufacturers by providing affordable yet high quality, indigenous oxygen concentrators. We are inspired by their vision to make India a self-reliant nation in life-saving medical equipment by bringing together various players for a larger social cause,” said Mr. Vijay Chandok, MD & CEO, ICICI Securities.
About ICICI securities
ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services.
I-Sec operates www.icicidirect.com, India’s leading virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its four lines of businesses -- broking, distribution of financial products, wealth management and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government. I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For details, visit: http:www.icicisecurities.com
About Startup Incubation and Innovation Centre, IIT Kanpur
Startups and social enterprises are vital to addressing development challenges, especially in emerging economies such as India. With path-breaking innovation brewing at incubateestartups, SIIC aims to create impact from the bottom of the pyramid. Established in 2000, SIIC IIT Kanpur is one of the oldest technology business incubators with many successes under its belt. Nurtured over two decades, the multifaceted, vibrant incubation ecosystem helps convert an idea into a business. The incubator has developed an experience base and networks critical to developing early-stage, technology-focused startups that disrupt paradigms across domains, including agriculture, healthcare, aerospace, energy, water, and education.