AIC-Pinnacle’s Incubated Startups Surpass Collective Valuation of 300 Crores

• ByStartupStory     |    October 31, 2023

The Atal Incubation Centre (AIC) – Pinnacle Entrepreneurship Forum, a prominent startup incubator and accelerator supported by Atal Innovation Mission (AIM), Niti Aayog, Government of India, proudly announces that the cumulative valuation of its incubated startups has exceeded the significant milestone of INR 300 crores.

AIC-Pinnacle-backed startups have secured approximately Rs. 30 crores in funding from various sources, including angel investors, awards, and challenges. These investments have collectively propelled 30 companies to a total market valuation of over Rs. 300 crores, with the largest startup being valued at Rs. 40 crore. AIC Pinnacle’s remarkable success in raising funds for these businesses is attributed to strategic collaborations with angel investors, venture capital firms, and financial institutions.

Founded under Atal Innovation Mission (AIM) in 2018, AIC Pinnacle, a not-for-profit Section 8 entity, has emerged as a beacon of innovation, nurturing more than 60 startups spanning diverse sectors such as Electric Vehicles, Agri-tech, Health-tech, Manufacturing, Information Technology, and Clean Energy. The incubator empowers these businesses with a robust support structure through comprehensive incubation programs. 

To date, they have provided seed fund support of Rs. 5.41 Crores through various government schemes. Beyond financial backing, AIC Pinnacle offers access to cutting-edge software, prototype assistance, certification guidance, legal and intellectual property support, mentorship from a distinguished panel of experts, state-of-the-art infrastructure, and invaluable networking opportunities.

Dr. Sudhir Mehta, Chairman of Pinnacle Industries & EKA and Founder of AIC-Pinnacle Entrepreneurship Forum, expressed his pride, stating, “We are proud to witness the incredible success of our incubated startups as they collectively cross the 300-crore valuation mark. This milestone is a reflection of the hard work, dedication, and ingenuity of Indian entrepreneurs we support. AIC-Pinnacle remains committed to fostering innovation and nurturing the next generation of industry leaders in India.”

Over the past four years, AIC Pinnacle has fostered a nurturing environment for entrepreneurs, providing a comprehensive spectrum of services and support during their early stages. Dr. Mehta emphasized the significance of leading investors recognizing the potential of these business concepts to scale and become profitable. This progress will enable AIC Pinnacle to empower the next generation of entrepreneurs by nurturing unique ideas and commercializing them. The fact that a seed capital of Rs. 5.41 crores from various government initiatives has leveraged over Rs. 30 crores of equity, resulting in a total market valuation exceeding Rs. 300 crores, underscores the value of their unique support system.

AIC Pinnacle’s impact extends beyond financial support, with the incubator and its startups generating 35+ Intellectual Property Rights applications, creating over 250 jobs, and fostering a vibrant community of 15,000 individuals within the entrepreneurial ecosystem. Several startups have also received notable national and international accolades, further demonstrating their innovative potential.

Dr. Mehta assured continued support for their startups even after they graduate from the AIC Pinnacle Entrepreneurship Forum, thanks to strong relationships with angel investors, venture capital firms, and financial institutions, ensuring ongoing funding for their growth journey.

AIC Pinnacle’s success story transcends mere wealth creation; it centers on transforming ideas into significant enterprises, fostering innovation, and shaping the future of entrepreneurship in India. As AIC-Pinnacle continues to champion startups, it reaffirms its dedication to propelling the nation’s innovation ecosystem forward.

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AIC (Atal Incubation Centre) – Pinnacle Entrepreneurship Forum is one of India’s foremost incubation and investment platforms, supported by the Atal Innovation Mission, NITI Aayog, Ministry of MSME, DPIIT, and Ministry of Electronics and IT, Government of India. AIC-Pinnacle, a Section 8, not-for-profit company, is committed to promoting complex, technology-enabled, high-impact product startups that contribute to economic growth and socio-economic development. With a mission to stimulate entrepreneurship, foster the startup ecosystem, and generate employment through research, skill development, innovation, incubation, acceleration, investments, consultancy, and product development, AIC Pinnacle has successfully incubated over 60 startups across various sectors and boasts a diverse pool of over 80 mentors. AIC-Pinnacle aims to create a dynamic, high-impact entrepreneurial ecosystem centered on innovation in key sectors, ultimately leading to inclusive and sustainable techno-socioeconomic development in India, with a partner network of over 50 collaborators, including Invest India, AWS, CII, NASSCOM, MeitY, Arthayan, among others.

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