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Kanpur, September 11, 2023: The Indian Institute of Technology, Kanpur (IITK) incubated startup Noccarc, which had been at the forefront during the peak of COVID-19, has secured a substantial investment from the Small Industries and Development Bank of India (SIDBI). The investment comes under the SIDBI Seed Equity Support Scheme (S4-SIIC) launched in March 2023 during the annual startup festival Abhivyakti 2023, in IIT Kanpur. This is an exclusive investment scheme tailor-made to support startups incubated at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur.
During the peak of COVID, responding to the clarion call to develop robust healthcare solutions to mitigate the crisis, Prof. Amitabha Bandyopadhyay, the then Professor In-charge of SIIC, IIT Kanpur, led a team to develop a fully-functional low-cost ventilator within only 90 days. The Noccarc team came to the limelight by successfully executing the project under the guidance of mentors from IIT Kanpur. They are now revered for bringing out innovations in the critical healthcare sector. The investment from SIDBI will help expand their existing operations and make progress in developing a smart ventilator solution for a global market.
Prof. Abhay Karandikar, Director IIT Kanpur, said on the announcement, "Our technology business incubator SIIC had been a flagbearer during the peak of COVID for facilitating various research and development work to enrich the healthcare system. Noccarc has been a key incubated startup in that domain. I believe that this investment from SIDBI will give more push to the healthcare innovations the startup is aiming to bring and help enrich the country’s critical care sector."
Mr. Nikhil Kurele, IITK alumnus and Co-Founder of Noccarc, expressed his gratitude, saying, "We are not only thankful for SIDBI's financial backing but also for their trust in us. With their unwavering support, we are poised to venture into uncharted territories of innovation, delivering even more robust and accessible products and services. We extend our heartfelt appreciation to SIIC IIT Kanpur for standing by us since our inception, and we eagerly anticipate our continued journey together in creating world-class medtech products."
The SIDBI Seed Equity Support Scheme (S4-SIIC) comes as a result of a partnership with SIIC IIT Kanpur to invest in startups incubated at SIIC through equity-based seed fund support. Noccarc has been selected for funding following a thorough evaluation.
Mr. S. Ramann, Chairman and Managing Director of SIDBI, affirmed, "Through this investment, we are opening doors to a new era of innovation for startups. We remain committed to supporting such groundbreaking initiatives, which will propel New Bharat onto the global innovation stage."
Mr. S. P. Singh, Chief General Manager at SIDBI, added, "This scheme is a catalyst for Bharat's journey toward self-reliance. A paradigm shift in the startup ecosystem, from valuations to profitability, has begun, and India is poised to emerge as a global leader in the manufacturing sector."
SIIC, IIT Kanpur will closely monitor the growth prospects of this investment. In this regard, Prof. Ankush Sharma, Professor-in-Charge at SIIC IIT Kanpur, remarked, "IIT Kanpur has been on a trajectory of excellence since its inception. We will continue to foster investible startups for esteemed partners like SIDBI, contributing to India's aspiration of global leadership in innovation."
Dr. Nikhil Agarwal, CEO of SIIC IIT Kanpur, shared his optimism, stating, "Noccarc shines brightly in our startup portfolio, but there are over 150 such startups within our ecosystem, all deeply rooted in innovative DNA. With steadfast support from SIDBI, we are poised to make a resounding impact on the global innovation landscape."
Noccarc, driven by a vision to redefine healthcare innovation, has made remarkable strides in its journey. This investment from SIDBI in cooperation with SIIC IIT Kanpur, will help to foster the growth of innovative startups in India, creating a promising future for healthcare innovation and technological advancement.
Noccarc is a healthcare startup incubated at IIT Kanpur, dedicated to pushing the boundaries of healthcare innovation. The company gained acclaim for its pioneering efforts in developing India's first indigenous ventilator during the Covid-19 pandemic, and it continues to drive forward with a mission to revolutionize healthcare through cutting-edge technologies.
The Small Industries and Development Bank of India (SIDBI) is a prominent financial institution committed to supporting small and medium enterprises (SMEs) in India. SIDBI's initiatives play a crucial role in fostering entrepreneurship and economic growth.
About SIIC, IIT Kanpur
Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, is one of the oldest incubators in the country. It was established in 2000 when the entrepreneurial ecosystem was still at a nascent stage in India. The multifaceted and vibrant incubation ecosystem at IIT Kanpur, nurtured for over two decades, prospers to fill the gaps on the road to converting an idea into a successful and meaningful business model. The domain expertise combined with the infrastructural prowess of the academic institute has collectively demonstrated a knack for tremendous social impact and technological advancement over the years.
For more information, visit, https://siicincubator.com/.