The initiative will support 25 growth stage startups in the Indian manufacturing sector
Moglix and DPIIT will help startups with collaborations, investment opportunities and resources to build globally competitive products
South Korean game developer KRAFTON’s India arm expanded the first cohort of its KRAFTON India Gaming Incubator with the addition of two new startups. Excitel’s cofounder Vivek Raina also launched an incubator to foster startups in Jammu & Kashmir
The Department for Promotion of Industry and Internal Trade (DPIIT) has signed an initial pact with B2B ecommerce platform Moglix to offer 12-month incubation support to manufacturing startups.
The initiative will support over 25 growth stage startups operating in the chemicals, automotive, infrastructure and green energy sectors. It will also enable them with collaborations, investment opportunities and resources to build globally competitive products, Moglix said in a statement.
The statement further said that startups will be provided with access to Moglix’s mentor network, supply chain infrastructure and financial support via its NBFC arm Credlix while DPIIT will enhance the programme’s reach through its Startup India ecosystem, facilitating adoption, resource-sharing and nationwide outreach for startups.
“This collaboration is a transformative step for India’s manufacturing sector. By combining Moglix’s technological expertise with DPIIT’s strategic guidance, we aim to build a sustainable, innovation-driven manufacturing economy that empowers entrepreneurs and aligns with India’s vision of becoming a global manufacturing hub,” said Rahul Garg, founder and CEO at Moglix.
Sanjiv Singh, joint secretary at DPIIT, said, “Startups are catalysts for India’s economic and technological progress. This MoU with Moglix underscores our commitment to fostering innovation, nurturing entrepreneurship, and building a resilient manufacturing ecosystem aligned with India’s vision of self-reliance.”
The development comes at a time when a number of companies are establishing incubators and accelerators to foster startups in the country.
Last month, South Korean game developer KRAFTON’s India arm expanded the first cohort of its KRAFTON India Gaming Incubator with the addition of two new startups. Prior to that, internet service provider Excitel’s cofounder Vivek Raina launched an incubator to foster startups in Jammu & Kashmir.
At the heart of all is the burgeoning Indian startup ecosystem, which has raised more than $154 Bn in funding between 2014 and September 2024.
The country is home to 118 unicorns and 112 soonicorns. With a vibrant ecosystem comprising nearly 10,000 investors, as many as 31 Indian startups have gone on to list on the bourses.
