•    25 selected GreenTech startups nurtured through physical and hybrid workshops and one-on-one mentorship by                    experts to scale their business. 
•    Out of 25 startups, the top 6 startups have been given grants from a corpus of INR 30 Lakhs.
•    All the startups to get an opportunity to raise equity-based funding to the tune of INR 1.25 Crores.

“Conclusion of Green Tech Accelerator 2024: Empowering Sustainability through Innovation”

New Delhi, 30th July 2024: The Green Tech Accelerator Program 2024, launched under the Cluster Intervention Program of Small Industries Development Bank of India (SIDBI) in partnership with ReNew and FITT, IIT Delhi, successfully concluded through a graduation ceremony held at Indian Institute of Technology Delhi (IIT Delhi).

The initiative nurtured 25 growth-stage GreenTech startups by providing them with comprehensive support to scale their sustainable solutions. The selected startups benefited from physical and hybrid workshops, one-on-one mentorship with industry and academic experts, product development training, technical and business guidance, access to high-end lab facilities, go-to-market strategies, corporate connections, legal and IPR support, and angel and VC connections.

A cohort of 25 sustainability-focused startups was constituted for the program through a selection committee consisting of professors from IIT Delhi amongst others. Providing a boost to inclusivity within the sustainability domain, seven of these selected startups were led by women founders/co-founders. To support the startups in scaling up their ventures, the program featured training sessions and exclusive workshops with industry leaders from GMR Group, Mahindra Rise, HCL Tech, and others. The workshops covered diverse themes including effective go-to-market strategies, value proposition development, resource leveraging, and achieving product-market fit. Additionally, through bespoke international connect sessions, investor interactions, and corporate connect events, the startups were supported in refining their solutions as per industrial expectations and international standards.

The graduation ceremony at IIT Delhi marked the felicitation of top-rated startups of the cohort by distinguished dignitaries such as Shri Ravindran A L, GM SIDBI; Prof. Preeti Ranjan Panda, Managing Director, FITT & Dean of Corporate Relations, IIT Delhi and Shri Ajay Tripathi, CHRO, ReNew. All the startups pitched their solutions to an exclusive committee comprising investors and business experts from the sustainability domain. In the category of Agri-Tech startups AgriVijay and AquaSynthesis emerged as the top-rated startups for their solutions focusing on Sustainable Agriculture. Unbubble and Vayuguard topped the Clean-Tech category for their innovative approach towards eco-friendly solutions while Terracarb and Green Aero secured the top spot in the Climate-Tech category for their innovations aimed at decarbonization.

All the top-rated startups were given a grant of INR 5 Lakhs under the program. The startups will further be supported in raising equity-based investments to the tune of 1.25 crores from investor groups that participated in the program. These startups represent a new wave of entrepreneurship that is not only driving economic growth but also paving the way for a more sustainable and environmentally conscious future.

Shri Ravindran A L, GM, Small Industries Development Bank of India, addressed the selected startups and other stakeholders during the graduation ceremony and stated, “Through its cluster intervention program, SIDBI intends to induce a model of collaboration among the incubators of the Delhi-NCR region and support them in enhancing their offerings to the startups. The initiatives like Green-Tech Accelerator Program are instrumental in forging industry-incubator linkages that can add to the long-term sustainability of the incubation centers whilst presenting innovative solutions to address some of the crucial challenges in areas such as sustainability.”

Reflecting an exceptional collaboration of diverse stakeholders in the field of green technology and sustainability, the program led to the convergence of resources and expertise of institutional, industrial, and governmental stakeholders. Prof. Preeti Ranjan Panda, Managing Director, FITT & Dean of Corporate Relations, IIT Delhi, emphasized the significance of such programs and said, “Environment and sustainability are the key challenges for the current generation, and entrepreneurs can play a pivotal role in solving many critical issues. FITT, IIT Delhi brings 25 years of experience in entrepreneurship development, and the mentorship for technical, business, and ecosystem components was leveraged well by the participating teams. This initiative's impact will be visible in the long term, with many of these solutions deployed to their respective users.

Speaking about the initiative, Shri Ajay Tripathi, CHRO, at ReNew, added, "ReNew is proud to have supported and empowered the next generation of green technology leaders through our partnership with SIDBI and FITT at IIT Delhi. Together, we have strived to shape a cleaner, greener tomorrow."

The GreenTech acceleration program presents a unique example of industry, Institution, and government collaboration to drive solutions for the challenges of the future.

About SIDBI
Small Industries Development Bank of India (SIDBI) is the apex regulatory body for the overall licensing and regulation of micro, small, and medium enterprise finance companies in India. Set up in 1990 under an Act of the Indian Parliament, it acts as the principal financial institution for the promotion, financing, and development of the MSME sector in India. Through its Cluster Intervention Program (CIP) SIDBI intends to develop about 100 MSME clusters across India in the coming years.

About FITT, IIT Delhi
IIT Delhi created the Foundation for Innovation & Technology Transfer (FITT) as a special-purpose vehicle to facilitate, research translation, technology development, technology transfer & commercialization, industry engagement, project management, startup incubation & mentoring, etc.  One of the pioneering academic institution-based technology transfer offices and startup incubators in the country, FITT has strong Intellectual Property, Technology Transfer, Industry Consultancy, and startup incubator management experience. The organization has supported more than 300 startups and entrepreneurs through various funding and mentoring schemes. FITT is a nodal agency for various government and industry-funded programs for startups and brings extensive experience in startup incubation and program management.

About ReNew
ReNew is a leading decarbonization solutions company listed on Nasdaq (Nasdaq: RNW, RNWWW). ReNew's clean energy portfolio of ~13.8 GWs on a gross basis as of December 31, 2023, is one of the largest globally. In addition to being a major independent power producer in India, we provide end-to-end solutions in a just and inclusive manner in the areas of clean energy, value-added energy offerings through digitalization, storage, and carbon markets that increasingly are integral to addressing climate change.