Date: November 10, 2021
Startup Punjab Hub backed 'Grainpad' raises funding at valuation of Rs 101.74 crores from Solarus Group
Backed by Punjab Government’s Startup Punjab Hub (Neuron), a Research and Innovation company ‘GRAINPAD Private Limited’ has raised funds from Solarus group at a valuation of Rs 101.74 Crores.
Dr Rohit Sharma, CEO-cum-MD GRAINPAD, thanked the Punjab Government for their enormous support. “We have been a part of the Startup Punjab Hub (Neuron) at STPI Mohali since 2018. The continued support and efforts of the whole Startup Punjab team has helped us reach so far, ” he said.
He said that the recent recognition and seed grant by Startup Punjab gave their company the needed boost for further establishing their validation in international markets.
According to the information, Startup Punjab, which is Government of Punjab's nodal cell for promoting innovation and entrepreneurship, has recently awarded the GRAINPAD with Rs 3 lakhs as seed grant.
Secretary-cum-Director Industries and Commerce Mr Sibin C, who is also State Startup Nodal Officer said that to encourage entrepreneurship in Punjab, the State Government offers various fiscal incentives including Seed Funding, Interest Subsidy, Lease Rental Subsidy as outlined in Industrial and Business Development Policy (IBDP), 2017. Furthermore, all incentives which are available for MSME units are also available to Startup units as per IBDP 2017, he said.
“Punjab has a rich tradition of entrepreneurship that dates back several decades, and Punjabis have gone on to establish strong businesses in different sectors such as Agri and Food Processing, Textiles, Pharmaceuticals, IT/ITeS, Steel, Manufacturing, Mobility etc.” said Mr Sibin C.
Talking about recent initiatives of the Startup Punjab, he said that they have started Punjab Student Entrepreneurship Scheme in collaboration with department of Technical Education and department of Higher Education, and the 500-seater Startup Punjab Hub (Neuron) at STPI Mohali, which will offer plug-n-play space to startups and has a state-of-the-art AI/Data Analytics Lab.
Startup Punjab Cell is committed to strengthening the startup ecosystem of the state by providing mentorship, fiscal support, incubation and acceleration support, ” he said.
Meanwhile, GRAINPAD has developed an Artificial Intelligence medical product named ZINI which can be implemented in OPD and Hospital waiting areas for patients to complete a thorough interview, redirect patients to the right specialty which will save both doctors’ and patients’ time.