An incubated startup at the Indian Institute of Technology, Kanpur (IITK), Noccarc, which played a pivotal role during the height of the COVID-19 pandemic, has 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), a specialized funding initiative introduced in March 2023 during IIT Kanpur’s annual startup festival, Abhivyakti 2023.
Designed exclusively to assist startups nurtured at the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur, this scheme aims to bolster entrepreneurial endeavors born within the institution. During the critical phase of the COVID-19 pandemic, Professor Amitabha Bandyopadhyay, then the Professor In-charge of SIIC at IIT Kanpur, led a team that developed a cost-effective, fully functional ventilator within a mere 90 days. Noccarc, operating under the guidance of mentors from IIT Kanpur, garnered attention for successfully executing this project and is now recognized for its innovations in the crucial healthcare sector. The SIDBI investment will enable Noccarc to expand its existing operations and further its efforts in creating a smart ventilator solution for the global market.
Professor Abhay Karandikar, Director of IIT Kanpur, praised SIIC’s role during the pandemic in facilitating various research and development initiatives aimed at enhancing the healthcare system. Noccarc, as a prominent startup incubated in this domain, is expected to benefit significantly from SIDBI’s investment, furthering its contributions to India’s critical care sector.
Nikhil Kurele, Co-Founder of Noccarc and an IITK alumnus, expressed gratitude for SIDBI’s financial backing and trust in their vision. He emphasized their commitment to venturing into uncharted realms of innovation, delivering more robust and accessible products and services. Kurele also extended appreciation to SIIC IIT Kanpur for their steadfast support since Noccarc’s inception, highlighting the anticipation of continued collaboration in creating world-class medical technology products.
The SIDBI Seed Equity Support Scheme (S4-SIIC) is the outcome of a partnership between SIDBI and SIIC IIT Kanpur, focusing on equity-based seed fund support for startups incubated at SIIC. Noccarc underwent a rigorous evaluation process to secure this funding.
Ramann, Chairman and Managing Director of SIDBI, underscored the scheme’s potential to usher in a new era of innovation for startups, aligning with India’s aspirations for global recognition in innovation.P. Singh, Chief General Manager at SIDBI, emphasized the scheme’s role as a catalyst for India’s journey toward self-reliance, marking a shift in the startup ecosystem from valuations to profitability and positioning India as a global leader in manufacturing.
SIIC IIT Kanpur will closely monitor the growth trajectory resulting from this investment. Prof. Ankush Sharma, Professor-in-Charge at SIIC IIT Kanpur, reaffirmed the institution’s commitment to nurturing investible startups for esteemed partners like SIDBI, contributing to India’s pursuit of global leadership in innovation.
Noccarc, with its vision to redefine healthcare innovation, has achieved remarkable progress in its journey. This investment, a collaborative effort between SIDBI and SIIC IIT Kanpur, is poised to foster the growth of innovative startups in India, promising a bright future for healthcare innovation and technological advancement
