Bangalore, Oct 30, 2024: NSRCEL, the innovation and entrepreneurship hub of IIM Bangalore, has announced the launch of the second cohort of its Circular Economy program initiative, which will focus on four key areas of climate smart agriculture, plastic circularity, alternate materials and green tech with special emphasis on the first two sectors.
The project is supported by global non-profit organization Pernod Ricard India Foundation (PRIF) as the lead program partner. This year, the initiative will also welcome Yunus Social Business as an Impact Readiness & Alternative Financing Partner. The PRIF is a wholly owned subsidiary of Pernod Ricard India Private Limited (PRIPL) which has worked across different sectors in water, healthcare, education, environment, and livelihoods.
The second cohort has received over 180 applications, out of which 26 were selected for incubation. The cohort cuts across sectors like Climate Smart Agriculture, Plastic Circularity, Innovations in Waste management and Green Tech and alternate materials. The top 10 ventures will receive grant funding support from PRIF. Additionally, top 2 ventures will also receive debt funding from Yunus Social Business Fund.
The program builds entrepreneur capacity, provides mentorship, industry networking, and exposure to showcase their solutions at national and international level in the larger ecosystem.
At the launch, Anand Sri Ganesh, CEO of NSRCEL, stated, "Through our partnership, NSRCEL, PRIF and Yunus Social Business remain committed to supporting circular economy startups by fostering innovation and creating ideal conditions for scaling. This cohort’s focus on Climate-Smart Agriculture and Plastic Circularity tackles urgent challenges, and we look forward to supporting the next wave of entrepreneurs as they build sustainable solutions for the future."
"At Pernod Ricard India, we remain steadfast in our commitment to driving initiatives that not only ignite innovation but also nurture programs essential for building a circular economy. Our strengthened partnership with IIM Bangalore and NSRCEL aligns seamlessly with our sustainability roadmap, centered on the vision of creating 'Good Times from a Good Place.' By empowering visionary entrepreneurs who are leading the charge in waste reduction and resource optimization, we are collectively paving the way toward a more resource-efficient future. Together, we are dedicated to creating lasting positive impacts on society and the environment, ensuring that our efforts resonate well into the future,” said Gagandeep Singh Sethi, Senior VP Integrated Operations, Pernod Ricard India and Director Pernod Ricard India Foundation.
“We are proud to partner with NSRCEL and Pernod Ricard India Foundation as the Alternative Financing Partner for the Circular Economy program. At Yunus Social Business Fund, our focus is on providing impact-driven startups with access to innovative financing options. By offering debt funding, we aim to support ventures in climate-smart agriculture, plastic circularity, and green tech, enabling them to scale their solutions and drive sustainable impact,” said Sai Kumar, Principal – Investments, Yunus Social Business Fund.
The first cohort of the program achieved a reduction of 0.36 KT in carbon emissions, created livelihoods for over 867 individuals, and successfully raised more than Rs 12 crore in funding.
The ventures which will be incubated over the next few months are: MyHarvest Farms, Blockceuticals Private Limited, Fuloni, Apratima Biosolutions, VAPAC Bio-plastics, Green Trek Research and Development Private Limited, Kashhith Innovations Private Limited, Greenovate Solutions, Newcycl, Centre for Grower-centric Eco-value Mechanisms, Ecoveda Ventures, gohemp agro ventures pvt ltd, GoFig, SisourcePrivate Limited, VGFS Technologies Private Limited, Urban Trash, Khadyam Speciality Foods Pvt Ltd, Echo Friendly Acoustics, Ukhi, Crop Domain Private Limited, Rechain Technologies Private Limited, Agrozee Organics Pvt Ltd, econscious®, Mavron Tech Pvt Ltd, Unbubble and Azeedo.
