US firm commits 25cr for IIT-K startups in aerospace, defence
Kanpur: US-based venture capital firm- Foxhog Ventures Corp- announced a Corporate Social Responsibility (CSR) investment of Rs 25 crore to support innovative startups incubated at the Indian Institute of Technology, Kanpur through the institute's Startup Incubation and Innovation Centre (SIIC).
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In addition to the CSR investment, a dedicated CEO Fund, operated by Tarun Poddar, CEO of Foxhog Ventures, will offer research and development grants to newly incubated startups aligned with Foxhog's social impact mission.
Recently, Poddar had visited IIT Kanpur on June 11, where he engaged with student entrepreneurs and early-stage ventures and pledged strategic support to bolster India's innovation ecosystem.
The visit included an insightful presentation by Deepu Philip, professor-in-charge (Incubation & Innovation), SIIC IIT Kanpur, highlighting SIIC's vision and milestones. Piyush Mishra, COO and CFO of SIIC, was also present during the engagements.
As part of the visit, a select group of SIIC-incubated startups presented their products and technologies, showcasing innovations in defence and aerospace, agritech, and sustainability.
Speaking on the occasion, Poddar said, "Innovation with purpose has the power to change lives and nations. We see immense potential in India's youth-led startup ecosystem, especially in critical sectors like defence, aerospace, agritech, and sustainability. Our CSR initiative at IIT Kanpur is a step towards nurturing this talent and creating meaningful social impact. I am also proud to announce that our CEO Fund will also offer R&D grants to mission-aligned ventures.
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The CSR funds will be directed towards startups working in defence and aerospace, agritech, and sustainability. Foxhog Ventures will explore further capital infusion through equity, debt, and convertible notes, forming part of a wider commercial investment strategy.
Prof Deepu Philip said, "At SIIC IIT Kanpur, we believe in empowering cutting-edge tech-product oriented startups with the right mentorship, capital, and infrastructure mix.This partnership will amplify our efforts to translate breakthrough ideas into scalable product-based solutions that will power our country's rapid growth."
A formal Memorandum of Understanding (MoU) between IIT Kanpur and Foxhog Ventures will be prepared, under which IIT Kanpur will play a key role in evaluating, mentoring, and monitoring the startups receiving support, ensuring rigorous technical due diligence and alignment with national priorities.
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