News Update
Union Minister Dharmendra Pradhan Launches 100-Cube Startup Initiative at IIT-Bhubaneswar
-
ByStartupStory | February 12, 2024
Union minister Dharmendra Pradhan on Sunday launched an initiative of IIT-Bhubaneswar’s Research and Entrepreneurship Park, which aims at creating 100 startups with a valuation of Rs 100 crore each by 2036. The 100-Cube startup initiative was unveiled by Pradhan, Minister for Education, and Skill Development and Entrepreneurship, who added that innovation is “in the DNA of Odia society”.
“After seeing the new ideas and innovations of our youths, I am confident that 100 startups will be created by 2036,” he said. To achieve this goal, the park will provide essential resources, mentorship, seed capital and access to potential investors. It is set to expand to about 80,000 square feet from the existing 20,000 square feet over the next two years with support of Rs 130 crore from the Ministry of Education, officials said.
The minister also hailed the startup ecosystem in India, particularly in Odisha, “where 40% of startups are led by women”. “Innovation is in the DNA of Odia society. Our academic institutions, have the potential to provide solutions to global problems. Initiatives like 100CubeOdisha will tap the untapped potential of our youth and engineer solution-driven innovation and start-up revolution,” Pradhan posted on X. The trinity of youth, faculty and industry will drive this initiative, he added.
Also Read
-
-
Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
Follow Startup Story
