Four months after its launch, ACT (Action Covid-19 team) Grants, a nonprofit initiative of venture capitalists and startup founders, has paid more than 64 million rupees out of the 55 running in responses to combat coronavirus in India.
Grants from Rs 20 lakh to Rs 10 crore, depending on the needs of the startup, said Nachiket Mor, member of the investment committee and spokesperson for ACT Grants at Moneycontrol.
The 100 million rupees initiative was introduced through venture capital firms such as Sequoia India, Accel Partners, Lightspeed Ventures and SAIF Partners for new companies operating with products or facilities in reaction to the COVID-19 crisis.
Grant-winning startups come with those that manufacture protective equipment and medical devices and those that paint in the box of intellectual well-being.
StepOne, which introduced a COVID-19 national telemedicine hotline, won Rs 25 lakh.MyLab, based in Pune, which has evolved and manufactures an RT-PCR kit for coronavirus, has received Rs 1 crore, according to the ACT website.
Kits evolved through MyLab are less expensive and can be obtained faster than those of their foreign countercomponents.The company also gained investment in July as a component of the biotechnology decompose’s national biopharmaceutical mission.
A grant of 20 lakh rupees has been granted to the underwear manufacturer Clovia, funded by risky companies, which also manufactures non-public protective devices (PPE).
In the early days of the epidemic, the scarcity of gloves, protective clothing, face protectors, glasses and other similar devices hindered the fight against coronavirus, as imports and chains were affected by blocking restrictions.
He has taken a step forward since then, as more and more brands have opted for PPE.
Shekhar Kirani and Prashanth Prakash, accel partners, Mohit Bhatnagar, managing director of Sequoia Capital, Vani Kola, managing director of Kalaari Capital, Mekin Maheshwari, founder of the Udhyam Foundation, and Abhiraj Bahl, founder of Urban Company, are the members of the investment committee.
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