The Amrita Technology Business Incubator (TBI) has committed a total of $120,000 in seed funding for four promising start-ups. These were shortlisted out of 702 start-ups from all over India. The winning startups are Preksh Innovations (ecommerce), B2BSphere (ecommerce), Meladath Auto Components, and MaaxMarket (social media marketing).

“As PM Modi prepares to unveil his ambitious ‘Start-up India Stand-up India’ action plan, Amrita TBI, an incubator supported by the Government of India and Amrita University, is doing its part by organizing this PitchFest every year. Amrita TBI has grown to be amongst the top-five most prolific start-up incubators due to our commitment to promote ground-up innovation, creativity and entrepreneurship. With 29 incubated start-ups and zero per cent loss in investments, Amrita TBI is committed to providing the right ecosystem and mentor support for its incubates,” said Dr. Krishnashree Achuthan, CEO of Amrita TBI.

Initially, Amrita TBI had planned for a total seed investment outlay of USD 100,000 for the top three start-ups at the PitchFest. During the final review, however, the quality of the top start-ups was found to be exceptional. The Amrita TBI review board then decided to increase the outlay to USD 120,000 and provide funding to top four start-ups instead of three.

The Amrita TBI PitchFest that debuted in the year 2012 has become an annual event. This event was organized this year in partnership with the Government of India, NASSCOM 10K, Indian Angel Network and FreshersWorld. It attracted a total of 702 start-up applications from all over India, with product/service offerings spanning more than 25 areas, including IT, IT services, mobile apps, advertising/media, agriculture, financial services, and social media.

Out of the start-ups that applied, the top 30 start-ups were shortlisted. Finally, four start-ups were selected for funding. Amrita TBI also received 80 applications for co-working space at its start-up facilities in Bengaluru and Kollam.