YES Bank makes its first institutional tie up for lending to start-ups, had joined hands with Gandhinagar-based Entrepreneurship Development Institute of India (EDII), a national resource Institute for entrepreneurship education, research, training & incubation. YES Bank provided Rs 50 lakh to EDII incubated startup – Green Ideology, maker of India’s first organic antimicrobial lingerie brand ‘Inner Sense’.
“Start-ups are critical to the growth of the economy. As an extension of our YES Head-Startup program, we have collaborate with EDII to help start-ups scale up and grow rapidly, thereby creating a multiplier effect on the Indian economy” said Rana Kapoor, Managing Director and CEO, YES Bank.
Founded by Abhishek Lodha and Neerja Lakhani in 2013, Green Ideology has introduced India’s first organic antimicrobial lingerie brand ‘Inner Sense’, claims EDII statement. Green Ideology had initially received a grant of Rs. 5 lakh from the Government of Gujarat acting through its nodal institute EDII, to commence its operations and launch its product range.
With the Rs 50 lakh debt funding from YES Bank, the start-up will now scale-up its operations. YES Bankis providing the loan under the CGTMSE program (Credit Guaratee Fund Trust for Micro and Small Enterprises) to the startups.
“EDII has been mentoring and supporting start-ups. But, our ability to lend to these start-ups was miniscule as we are an educational institute. Now, in association with YES Bank, EDII is in a position to provide debt to many of the start-ups whom we support in various ways” said Sunil Shukla, Director, EDII.
EDII’s recently set up technology business incubator, CrAdLE (Centre for Advancing & Launching Enterprises), headed by Infosys cofounder S Gopalakrishnan as its first chairman, is also nurturing start-ups in the fields of manufacturing, food & agri business, renewable energy and healthcare.
A new Technology Business Incubator (TBI) of the famous Entrepreneur Development Institute of India (EDII) is all set launch, known as the Centre for Advancing and Launching Enterprises (CrAdLE), to support entrepreneurs in getting their new businesses started. The ambitious plan aims to work with about 40 startups in a course of three years. Each of these budding companies would be expected to create 100 jobs each, thereby creating over 4000 jobs in all.
CrAdLE will have Infosys co-founder Kris Gopalakrishnan as its first chairman of its advisory committee. The board would comprise of seasoned entrepreneurs, technologists, venture capitalists, academicians and other professionals from the specific domains that the centre aims at promoting. Businesses will therefore benefit immensely from specialized knowledge and the right technological support for smart organization, communication and selling. In addition, enterprises incubating in CrAdLE will go through review parameters to give them an exact measure of growth they have witnessed in various stages.
CrAdLE will be set up at EDII’s Ahmedabad campus, and a space of 10,000 square feet has been marked for the same. The centre should be up and about in a matter of a few weeks now. Its main focus, as of now, is to help nourish businesses in four sectors: manufacturing, healthcare, renewable energy and food and agriculture.
Gujarat is recognized to have a sizeable number of naturally entrepreneurial people and Ahmadabad shows fine signs of becoming India’s next start-up hub particularly in the non-IT sectors. With the right institutional support, businesses started here can thrive not only in India but in international markets as well. Gopalakrishnan believes EDII’s TDI to be an excellent resource for entrepreneurs, especially at this point of time when there is a most conducive climate of encouragement to new enterprises coming from the PM himself.
Besides facilitating the essential hand-holding to companies in their nascent stages towards a seamless commercialization of ideas, knowledge and technologies, CrAdLE will also provide assistance in legal, financial and technical matters. Moreover, all entrepreneurs who are part of the program will have access to additional sources of funding besides a fund of Rs. 10 crore from the DST for 5 years.[Top]