IIT-Kanpur Raised Seed funding for a Lucknow based Startup

By Shariq Hussain

Posted on March 24, 2017

Indian Institute of Technology- Kanpur financed seed funding of Rs.50 Lakhs for a Lucknow-based startup, Decentrik Technologies.

The startup is led by Vineet Vats. They provide simple and inexpensive solutions to provide drinking water for needy people on the move. Decentrik Technologies Private Limited is a Social Start-up, conceived by a group of passionate youths concerned about Social and Environmental challenges and devising innovative and sustainable solutions through the use of technology.

The funding was supported by Innovative Ventures and Technologies for Development (INVENT) platform, a joint collaboration of the Centre’s Technology Development Board (TDB) and the Department for International Development (DFID), United Kingdom. Dean of research and development, S Ganesh and Abhijeet Sathe of IIT-Kanpur handed over a cheque of Rs 50 lakh to Vineet Vats.

The startup has come up with an unique ATM for water named ‘WAAH’ which provides portable units of drinking water for just RS.2 for 250 ML. One of the prototypes has been tested in Delhi and will be making new changes that will make to improve the working process. At present, 27 of water ATM are operational in Lucknow. Soon new water ATM’s will be available in Kanpur and Allahabad`.

Professor S. Ganesh Dean, Research and Development, IITKanpur said, “Innovative Ventures and Technologies for Development (INVENT) is a joint collaboration of the Technology Development Board, Government of India and the Department for International Development (DFID), Government of the United Kingdom. Through INVENT, IIT-Kanpur aims to incubate 40 technological start-ups working towards a positive social impact. Rs 50 lakh is the maximum amount that can be given to any start-up as seed funding.”

As per Times of India report, the glasses used in Waah are made from food-grade recyclable paper. Approximately 1,500-3,500 kg of plastic waste generated from the store-bought disposable water bottles.

SIDBI Innovation and Incubation Centre (SIIC) at IIT-K, is operational since 2001, it is considered as one the largest in-campus business startup incubator and has elevated more than 65 Startups. Read more about Indian Startups.

IIT-Kanpur Raised Seed funding for a Lucknow based Startup