IIT Kanpur Incubated Startup Noccarc Secures Substantial Investment from SIDBI

New Delhi: The startup Noccarc, incubated at the Indian Institute of Technology, Kanpur (IITK), which played a crucial role during the peak of the COVID-19 pandemic, has successfully secured a significant investment from the Small Industries and Development Bank of India (SIDBI). 

This investment falls under the SIDBI Seed Equity Support Scheme (S4-SIIC), which was introduced in March 2023 during IIT Kanpur's annual startup festival, Abhivyakti 2023. This scheme is specifically designed to provide financial support to startups incubated at the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur.

Prof. Abhay Karandikar, Director of IIT Kanpur faculty, mentioned that SIIC, their technology business incubator, played a pivotal role during the peak of COVID by facilitating various research and development initiatives to enhance the healthcare system. 

He stated that Noccarc, one of the key startups incubated in this domain, is expected to further healthcare innovations in critical care with the investment from SIDBI.

An alumnus of IIT Kanpur and Co-Founder of Noccarc, Mr. Nikhil Kurele expressed his gratitude for SIDBI's financial support and trust in their venture. He highlighted that this backing would enable them to explore new avenues in innovation, enhancing their products and services. 

He also extended his appreciation to SIIC IIT Kanpur for their continuous support since the startup's inception and looked forward to their ongoing collaboration in creating top-notch medtech products.

Mr. S. Ramann, Chairman and Managing Director of SIDBI, remarked that their investment marks the beginning of a fresh era of innovation for startups. He underscored their dedication to backing pioneering endeavors that have the potential to elevate India's position on the global innovation platform.

Mr. S. P. Singh, Chief General Manager at SIDBI, pointed out that this scheme serves as a catalyst for India's progress toward self-sufficiency. 

He also highlighted a significant transformation occurring in the startup ecosystem, shifting the focus from valuations to profitability. India, in his view, is on track to become a global leader in the manufacturing sector.

During the peak of the COVID pandemic, in response to the urgent need for robust healthcare solutions, Prof. Amitabha Bandyopadhyay, who served as the Professor In-charge of SIIC at IIT Kanpur at that time, led a team in the rapid development of a fully-functional, cost-effective ventilator within a mere 90-day timeframe.

Under the guidance of mentors from IIT Kanpur, the Noccarc team gained significant recognition for their successful execution of this project, particularly within the critical healthcare sector. The investment from SIDBI is poised to support the expansion of their current operations and facilitate progress in the development of an advanced smart ventilator solution intended for a global market.

The progress and potential of this investment will be diligently overseen by SIIC at IIT Kanpur. Regarding this, Prof. Ankush Sharma, who holds the position of Professor-in-Charge at SIIC IIT Kanpur, commented saying that IIT Kanpur has consistently pursued a path of excellence right from its inception. 

The institute is committed to nurturing startups with investment potential, benefiting valued partners like SIDBI, and playing our part in India's journey towards global innovation leadership. 

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