In 2025, brands are turning to emphatic social initiatives not just for goodwill, but as a deliberate marketing tactic known as cause marketing. This strategy aligns brand storytelling with social, environmental or cultural causes, earning consumer attention, loyalty and media buzz while signalling purpose. A brand that has mastered these tactics is Swiggy, particularly through its Durga Puja campaigns. Over the years, Swiggy has evolved from being a convenience-driven food delivery app to a brand that understands, reflects and amplifies the emotional pulse of its audience. Approaches like these can be particularly powerful for startups. They can create a positive brand image, drive organic engagement and earn widespread attention.

Caution: However, the goodwill must remain the primary motivation behind such initiatives, with marketing benefits as a secondary outcome. Failing to prioritise genuine intent or misreading the cultural context can lead to backlash rather than goodwill.

The Swiggy Case Study: When Empathy becomes a Strategy

2022 – “Bhog Elo Ghorey”: Bringing Puja Home to the Elderly

During Durga Puja, when families flood pandals and streets are alive with celebration, Swiggy noticed an often-forgotten group: the elderly citizens who could no longer step out. So, instead of running a discount-driven festive sale, the brand delivered bhog (the sacred offering) to their homes in Kolkata.

That simple act of thoughtfulness transformed Swiggy from a delivery app into a bridge between devotion and inclusion. It told the city: “We see you. We care.”

2024 – “Bhog Elo Boney”: Taking the Festival to the Sundarbans

Two years later, Swiggy expanded its empathy circle further. Through a floating pandal, it brought the Puja experience to the remote islands of the Sundarbans, the home to marginalised communities often left out of urban festivities.

This campaign wasn’t just about food; it was about belonging, reminding people that joy should not be a privilege of geography.

2025 – “Bhog Elo Charpeye Der”: The Mobile Pandal for Street Dogs

This year, Swiggy’s compassion extended to the voiceless. A mobile pandal serving dog-friendly bhog to over 400 street dogs across Kolkata became one of the most talked-about brand acts of the season. It was unexpected and deeply humane, positioning Swiggy as a brand that celebrates empathy not as a tagline, but as an experience.

The Business of Belonging: Why Empathy Pays

Compassion isn’t charity. It’s a strategy with soul. In Swiggy’s case, empathy-led campaigns delivered several business advantages startups can learn from:

1. Emotional Recall > Ad Recall: People forget discounts, but they remember gestures that make them feel something. When Swiggy delivered bhog to the elderly or fed street dogs, it evoked an emotion tied to the brand name.

2. Earned Media > Paid Media: Campaigns that come from the heart travel faster than ads designed for clicks. Swiggy’s mobile pandal generated organic PR, social shares and community conversations that no paid media plan could buy.

3. Community Trust > Transactional Loyalty: Empathy transforms users into advocates. When people sense that your brand genuinely cares, they stop treating it as a commodity. That’s how Swiggy, despite being in a highly competitive and discount-heavy space, maintains high brand affection.

4. Long-Term Equity > Short-Term ROI: Compassion builds intangible equity like trust, credibility and differentiation. And in a world where AI and automation make brands feel colder, that human warmth becomes your greatest strength.

Lessons for Startups: Building Brands that Feel, not just Function

Startups often believe empathy campaigns require big budgets or celebrity faces. But Swiggy’s playbook shows that it’s insight, not investment, that makes a campaign memorable.
Here’s how smaller brands can apply the same principles:

1. Start with Observation over Assumption: Look for moments of exclusion or unnoticed need around your audience. Who is being left out of joy, access or convenience in your ecosystem? Addressing that gap can become your next brand story.

2. Humanise every Touchpoint: From your customer emails to social media posts, write like a person rather than a corporation. Empathy is as much about tone as it is about action.

3. Find your own ‘Bhog Elo’ Moment: You don’t need a festival or a city-scale campaign. Your “Bhog Elo” can be as simple as a meaningful gesture rooted in your purpose. If you’re a fintech startup, how can you celebrate financial inclusivity? If you’re in health-tech, how can you make care feel more human?

4. Measure Feelings, not just Metrics: Engagement rates and impressions matter, but also track sentiments. What are people saying, sharing and feeling about your brand? Empathy-driven branding is about hearts, not just likes.

In today’s digital economy, where every brand fights for attention using the same ad formats and AI-driven precision, emotion is the last human differentiator. Swiggy’s Durga Puja campaigns are proof that empathy can be operationalised through storytelling, thoughtful design and consistent purpose. In the end, empathy isn’t soft power; it’s smart power. It builds brands that are not just seen, but felt. And in a market overflowing with sameness, that feeling is worth more than gold.

You’ve built your deck, crafted your story and hit send with hope. And then, silence!

If you’ve been ghosted by investors, you’re not alone. Thousands of founders find themselves in the same spot every day, wondering where they went wrong. The truth? Unlike what many might believe, most investor silence isn’t personal, but structural. Let’s decode what might really be happening behind the scenes.

1. You’re Targeting the Wrong Investors

While investors may be sector-agnostic, many of them focus stringently on specific sectors and stages of startups. Pitching to investors outside their focus area, stage, or sector could mean an instant “ignore” for startups.

Pro tip: Research before you reach out. Use platforms like Crunchbase, PitchBook or Tracxn to understand each firm’s portfolio. Look at what they’ve invested in during the past 12-24 months. Read their blog posts and partner interviews to understand their investment philosophy. Create a targeted list of 20-30 investors who have explicitly funded companies in your space, at your stage, with similar characteristics. If your startup aligns with their past investments, your odds of a reply go up dramatically.

2. You’re Too Early

There’s a painful gap between when founders think they’re ready to raise venture capital and when VCs are actually interested. Most venture capitalists avoid betting on ideas or prototypes. They’re investing in demonstrable traction, product-market fit and scalable growth. If you’re still at the idea or prototype stage, your pitch might not fit their risk appetite. 

Pro tip: Be honest about where you are. If you’re pre-product or pre-traction, focus on angel investors, accelerators or friends and family rounds. These sources are designed for earlier stages. Use this capital to build your minimum viable product, acquire your first 100-1,000 users and generate initial revenue. Once you have tangible metrics to show, only then approach VCs. Build first, pitch later.

3. Your Cover Letter is Incoherent

Your pitch deck might be gold, but if your intro mail is confusing, long-winded or generic, you’ve lost them already. Investors spend less than a minute deciding whether to open an attachment. So, if your email doesn’t immediately answer “what do you do,” “why does it matter,” and “why should I care about you specifically,” you’re done.

Pro tip: Make your introduction concise and evidence-based. You need to hook them in the first two sentences with what you do and the problem you solve. Follow with real numbers that prove people want what you’re building. End with a clear ask and a reason why this particular investor is a good fit for your company.

4. Your Idea Feels Replicated, Sans any Differentiation

Venture capital is a game of outsized returns. Investors need to believe your startup has the potential to become a billion-dollar company, or at a minimum, return 10x their investment. When they see a pitch for another project management tool, another food delivery app, or another marketplace for X, their default response is scepticism. Markets are crowded. If your product doesn’t stand out in its category, it gets lost in the noise.

Pro tip: Highlight what makes your startup different. A fundamentally different approach to solving the problem. A unique insight about customer behaviour that others have missed. Proprietary technology or data that’s difficult to replicate. Or a business model innovation that changes the economics of the industry. Focus on what sets you apart at a structural level.

5. You Couldn’t Make Through the “Sniff Test”

Investors are trained to detect exaggeration. When something smells off, when the numbers don’t quite add up, when claims sound too good to be true, or when there’s more vision than evidence, they move on. If your claims don’t add up—say, a pre-revenue startup claiming “10x growth potential”—you may fail the invisible sniff test.

Pro tip: Replace “we will” with “we did” with historical evidence. Let real numbers, testimonials and user data speak for you. Instead of “we will reach ₹8 Cr ARR next year,” say “we’ve grown from ₹8 Lakh to ₹70 Lakh MRR in six months, putting us on track for ₹8 Cr ARR.” Instead of “customers love our product,” say “we have a 75% monthly retention rate.” Show your work. Investors invest in proofs, not promises.

6. You Sent One Mail and Gave Up

Even the best pitch can get buried under hundreds of unread emails. Most founders send one pitch email and interpret silence as rejection. They move on to the next investor, rinse and repeat, never following up. This is a massive missed opportunity.

Pro tip: Follow up strategically. Send a short, respectful update email after a week or two. Persistence (not pestering) gets noticed. Send 2-3 follow-ups over the course of 4-6 weeks, each with a genuine update like a new milestone, a press coverage or a partnership. If you still get no response, move on. But don’t give up after one attempt.

At the end of the day, fundraising is part science, part art and mostly consistency. To break through the noise, you need to align your pitch with what investors truly care about.

1. Validate investor fit before reaching out.

2. Lead with traction and a clear problem–solution narrative.

3. Personalise every pitch. Mass emails don’t work.

4. Treat fundraising as a process, not a one-time event

Investor silence doesn’t mean your startup lacks potential. It means your approach needs refinement. Think of every ignored email as a signal to improve, not a verdict on your idea. Build traction, sharpen your message and find investors who truly get what you’re building.

Four startups incubated under the PRIF Prakriti Incubation Launchpad participated in Pernod Ricard India Foundation’s Diwali Startup Exhibition in Gurgaon on October 15, 2025. The initiative enabled participating startups from North East India, namely Ahenba Products, Bam Fibre, Teakore Products and Ezaar Collective, to showcase their eco-conscious offerings, ranging from Kouna crafts and banana fibre tissue papers to scented wax items, wooden home decor and eco-lifestyle accessories, directly to the PRIF community.

Through this market exposure facilitated by IIMCIP, the startups had the opportunity to engage directly with customers, enabling them to test product-market fit, understand urban buying behaviours and gather actionable consumer feedback. This direct market engagement yielded remarkable results, with an impressive 84.5% average product sale rate across participating startups, validating product appeal and reinforcing PRIF’s commitment to providing market linkages to promising enterprises under its CSR initiative.

Beyond immediate sales, the exhibition also fostered meaningful dialogue, leveraging PRIF’s corporate network to facilitate deeper business development opportunities. The exhibition served as a gateway for startups to engage in insightful deliberations with the PRIF internal team, exploring potential corporate tie-ups, retail partnerships, bulk procurement opportunities and pathways to expand their distribution channels. These interactions represent the kind of high-value market connections that typically remain inaccessible to grassroots entrepreneurs without institutional support.

Programmes like PRIF Prakriti Incubation Launchpad prove how corporate social responsibility can translate into concrete market-building infrastructure for emerging startups, especially from Tier 2, 3 and 4 areas.

IIMCIP’s collaboration for initiatives like Prakriti Incubation Launchpad represents a transformative model for building India’s entrepreneurship ecosystem. While IIMCIP brings in sturdy incubation frameworks, corporates possess market reach and resource networks. It is the synergy between these entities that creates a sustainable impact. IIMCIP brings to such partnerships a decade of business management expertise, structured incubation methodologies, credibility within the startup ecosystem and a deep understanding of entrepreneurial challenges across diverse sectors and geographies. By serving as the bridge between corporate social commitment and entrepreneurial aspiration, IIMCIP ensures that CSR-driven entrepreneurship initiatives translate into measurable outcomes—job creation, innovation diffusion, and inclusive economic growth. This partnership model not only maximises the impact of corporate CSR initiatives but also creates a replicable blueprint for building robust support systems that can nurture entrepreneurship at scale across India, particularly in underserved regions and sustainable sectors that are critical for the nation’s long-term development goals.

From Years to Months: India’s Space-Tech Revolution

In the high-stakes world of space exploration, conventional wisdom dictates that reaching orbit requires years of preparation, millions in investment and rockets that ultimately become expensive ocean debris. Spantrik, a Made-in-India space-tech startup, is challenging this paradigm with a bold promise: “Let’s make it months.”

What was once a multi-year journey to launch satellites is being compressed into a matter of months, and at a fraction of traditional costs. This is nothing less than a fundamental reimagining of how we access space.

The Satellite Launch Crisis

The current state of space launches presents formidable barriers to entry:

1. Sky-high costs: Launching a modest 100 kg payload can cost over $10 million.

2. Glacial timelines: The process typically spans 2 years from planning to launch.

3. Wasteful economics: After a single use, multi-million-dollar rockets are discarded, sinking into oceans as expensive debris.

For emerging space economies, research institutions and commercial ventures, these constraints are outright prohibitive.

Enter RAVEN: The Game-Changing Solution

Spantrik’s answer to this challenge is RAVEN, a next-generation rocket system that represents a paradigm shift in launch economics and sustainability.

More than just another rocket, it’s a complete rethinking of launch architecture:

1. Rapid deployment: Launches are accomplished within 3 months rather than years.

2. Dramatic cost reduction: Cost is slashed to $0.3 million per 100 kg, a reduction of over 97%.

3. Unprecedented reusability: Engineered for 100 reuse cycles, eliminating the throw-away model.

4. Mission flexibility: Modular design enables multi-orbit configurations for diverse mission profiles.

5. Environmental responsibility: Powered by green propellant (LNG) for cleaner launches.

The economics are staggering. What once cost $10 million will now cost $0.3 million. What took 2 years will now take 3 months.

The Innovators Behind the Mission

At the helm of Spantrik are founders Kajal Rajbhar and Hitendra Singh, whose work has garnered recognition from Hon’ble Prime Minister Shri Narendra Modi, which in itself is a testament to the national significance of their innovation.

Their journey from successfully testing affordable cryogenic rocket engines to developing fully reusable launch systems demonstrates a commitment to sustainable space technology, architecting India’s dominant position in the global space economy.

The duo represents a new generation of space entrepreneurs who combine technical excellence with commercial pragmatism, proving that world-class space technology can emerge from the Indian soil.

India’s Ascent in Global Space-Tech

Spantrik’s success reflects India’s broader emergence as a responsible space power. With its focus on:

1. Sustainability: Reusable systems that minimise space debris.

2. Accessibility: Democratising launch capabilities for smaller players.

3. Innovation: Pushing technological boundaries in propulsion and materials.

The company exemplifies how Indian space-tech is moving beyond traditional government-led programmes to create a vibrant commercial ecosystem.

The Future is Reusable

The space industry stands at an inflection point. As satellite constellations multiply, scientific missions expand and commercial applications burgeon, the demand for affordable, rapid access to space will only intensify.

Spantrik’s fully reusable rocket technology addresses this future head-on. By making launches 10X more affordable and 5X faster, they aren’t only improving existing systems but also enabling entirely new categories of space applications that were previously economically unviable.

From earth observation and climate monitoring to communications and space research, the ripple effects of accessible launch capabilities will be profound.

As RAVEN prepares for launch operations in the next 2-3 years, the message is clear: space is no longer reserved for those who can wait years and spend millions. The countdown has already begun.

India’s GST Council has recently unveiled one of India’s most transformative tax overhauls since the rollout of GST in 2017. The GST Reforms, coming into effect on September 22, 2025, don’t just mean cheaper goods for consumers, but could completely change how startups run their businesses, manage money and grow.

Here’s an overview of what the new reforms have in store.

Key Changes in GST 2025

• Simpler Tax Slabs: Just two main rates now: 5% for essentials and 18% for standard items. Luxury items stay high at 40%.
• Cheaper Essentials: Everyday items like groceries, toothpaste, hair oil, cornflakes and personal care products are now at 5% or NIL.
• Mobility Boost: Taxes on small cars (≤1200cc, ≤4000mm) and two-wheelers (≤350cc) cut from 28% to 18%.
• Agri Relief: Taxes on agricultural machinery dropped from 12% to 5%.
• Drone Tech: GST on drones with cameras cut to 5%.
• Healthcare made Affordable: Life and health insurance premiums are now GST-free, while 36 life-saving drugs have moved to a zero-tax slab. GST on other medicines has been cut to 5%, and medical equipment and devices now attract only 5% instead of 18%.
• Easier Compliance: E-commerce sellers can get GST registration approved in just 3 days.

Economic Impact

The nation may initially witness a short-term dip in revenue (₹48,000–₹480 billion), but higher consumption could add 1% to GDP within a year.

What This Means for Startups

1. Lower Costs, Higher Margins

• Startups in FMCG, food tech and D2C brands can now sell essentials at competitive prices with better margins.
• Mobility startups (bike rentals, EV leasing, small cars) benefit from lower taxes on vehicles.
• Agri-tech startups offering farm machinery or agri-input platforms can now sell products at more accessible prices.
• Health-tech startups can now make their products more accessible through better affordability.

2. Demand Surge

• With essentials and goods becoming cheaper during the festive season, consumer spending is set to rise.
• Insurance and fintech startups can promote affordable health/life policies
• Drone startups in agriculture, logistics and security will see stronger adoption thanks to lower costs.

3. Simpler Compliance

• Startups selling across states via e-commerce will find GST registration faster and paperwork lighter, resulting in faster onboarding and go-to-market.
• Less time on tax filing means lean teams can focus more on growth instead of tax admin.

4. Better Cash Flow

• Lower upfront GST rates mean more liquidity for startups.
• Simplified filing will reduce the risk of blocked input credits.
• Saved funds can be invested in marketing, hiring or R&D.

Points of Caution

• Reclassify products/services carefully: With the new GST slabs in place, startups need to be extra cautious in how they classify their products and services. A misstep here could mean charging the wrong rate of tax, which may not only invite penalties but also erode customer trust. Founders should work closely with tax consultants to double-check classifications and avoid costly mistakes.
• Follow anti-profiteering norms: The government has made it clear that the benefits of lower GST must reach the end consumer. This means startups cannot simply keep the tax savings as extra profit. Instead, they are expected to adjust prices so customers feel the impact directly. Ignoring this could invite audits, fines or damage to brand credibility.
• Update systems from Day 1: ERP systems, billing software and invoicing tools must reflect the revised GST rates immediately. Any delay in system updates could cause compliance issues, wrong filings or customer disputes. Startups should ensure their digital tools are well-configured in advance to maintain accuracy and ensure smooth operations.

Strategic Takeaways for Startups

• Realign pricing: Startups should quickly adjust their pricing strategies to reflect the reduced GST rates. Marketing products as “Now GST-Cheaper” could give a psychological edge that’d make customers feel they’re saving money. This can help startups stand out in competitive markets, especially for essentials and consumer-facing goods.
• Update compliance systems: Tax compliance can easily become a headache for growing startups. Automating GST classification and reporting ensures accuracy, reduces human error and keeps the business audit-proof. Early investment in smart compliance tools enables founders and teams to focus on scaling rather than getting bogged down in repetitive administrative work.
• Leverage festive demand: The reforms arrive just before India’s peak shopping season: Navratri, Durga Puja, to Diwali. Startups should capitalise on this timing by designing promotions and campaigns around the lower GST rates. A simple nudge like “Festive Offers, now even cheaper with GST cuts” can tap into consumer excitement and boost sales volumes.
• Highlight affordability: For sectors like fintech, Insurtech, agri-tech and mobility, affordability is now a strong selling point. With lower GST, startups in these spaces can position themselves as enablers of access – affordable farm machinery, cheaper health insurance and more economical mobility solutions. This messaging can create deeper trust and wider adoption.

The 2025 GST reforms could be a big boost for the startup ecosystem! The new tax regime lowers costs, eases compliance, and unlocks cash flow, giving startups the much-needed space to focus on innovation, traction and scaling. For founders, the winners will be those who quickly align pricing, marketing and systems to ride this policy wave.

The Problem that’s becoming a Billion-Dollar Opportunity

What if the very thing we’ve been trying to get rid of turns out to be the thing that helps us move forward? It sounds like a plot twist. But that’s exactly what’s happening.

Across labs, factories and farmlands, a new wave of climate-tech entrepreneurs is turning pollution into potential. They’re using carbon capture not just to clean the air but to build the businesses of the future. From fuels to building materials, and even diamonds, carbon dioxide is being transformed into value. And in the process, they’re not just helping the planet but also unlocking a whole new economy.

CO₂: From Problem to Possibility

For years, carbon dioxide was seen as a nuisance that we usually despised or just ignored. But today’s startups are rewriting the rules. They’re treating CO₂ not as waste, but as a resource.

Think of it this way:

1. It can be turned into fuels and electronics components.

2. Used to make greener buildings and improve soil health.

3. Translated into luxury goods like perfumes, beverages and even diamonds.

As countries race towards their net-zero targets, industries like cement, steel and aviation are under serious pressure to clean up. That pressure has created a massive opportunity for startups.

What’s exciting is that this isn’t just about cutting emissions. It’s about creating scalable, sustainable businesses that might just become the next household names in clean tech.

Meet the Startups turning Carbon into Value

Climeworks (Switzerland): A trailblazer in Direct Air Capture (DAC), Climeworks pulls CO₂ directly from the air and stores it underground in basalt formations. Backed by Breakthrough Energy Ventures and Microsoft, it is pioneering scalable, decentralised carbon removal infrastructure.

Charm Industrial (USA): Charm Industrial turns agricultural and forestry waste into bio-oil and pumps it into EPA-regulated wells, locking away carbon permanently. With growing demand for durable carbon removal credits, Charm Industrial is helping set the gold standard.

CarbonCure (Canada): CarbonCure injects captured CO₂ into fresh concrete during mixing. The result? Stronger buildings and a smaller carbon footprint by converting the CO2 into a mineral within the concrete. It’s practical, profitable and already being used by construction giants.

India’s Emerging Forces

Carbon Clean: A standout in industrial carbon capture, Carbon Clean focusses on reducing emissions from some of the hardest-to-abate sectors like cement and steel. With partnerships across the globe and $195 M+ raised, it’s putting India on the global carbon capture map.

Takachar: Winner of the Earthshot Prize 2021, these innovators are fighting air pollution and climate change by building portable machines that convert agricultural residue into value-added products, mitigating stubble burning and reducing CO₂.

Varaha Climate: A game-changer in climate-smart agriculture, Varaha Climate helps smallholder farmers adopt carbon-friendly practices and earn money through carbon credits, combining technology, sustainability and livelihoods.

Breakthroughs that are Changing the Game

• Modular Direct Air Capture (DAC) Systems: Startups like Climeworks and others are proving that Direct Air Capture can scale like cloud data centres.
• Carbon-to-Value Products: Startups like Air Company, SkyNano and Aether Diamonds are turning CO₂ into fuels, vodka, perfumes, electronics and even diamonds, transforming pollution into premium products.
• Biochar and Soil Carbon: Startups are enhancing soil fertility and biodiversity while storing carbon long-term, offering win-win solutions for agriculture and climate.

These technologies are no longer science fiction. They’re raising capital, entering commercial markets and operating at an industrial scale.

Why Investors are Paying Attention

In 2023 alone, more than $6 billion went into carbon capture and removal startups. Investors like Lower Carbon Capital, Breakthrough Energy Ventures and Union Square Ventures are all in.

Why?

Stable Revenue from Carbon Credits: Startups can sell credits in voluntary and regulatory markets, bringing in consistent income.

Technology that’s Hard to Copy: The fusion of hardware, software and science creates solid, defensible and scalable solutions.

Policy Support: Incentives like the U.S. Inflation Reduction Act ($180 per ton of CO₂ removed) are making this financially sustainable. India is also increasingly promoting carbon dioxide capture technologies as part of its climate action strategy, offering policy support to encourage innovation and commercialisation in this sector. NITI Aayog has proposed a Carbon Capture, Utilisation and Storage (CCUS) policy with industry clusters, jobs and financial incentives, aiming for a capacity of 750 million metric tons per year by 2050.

Global Problem, Local Innovation: Every region needs its own solutions, making room for diverse, localised startups to shine.

The startups around the world are showing us that the answers to our biggest environmental challenges might already be in the air, literally. They aren’t only reducing emissions but rather reimagining them. CO₂ is no longer the villain of the story. It might just be the unlikely hero of the climate-tech revolution.

On June 19, 2025, IIM Calcutta Innovation Park (IIMCIP), in collaboration with Pernod Ricard India Foundation (PRIF), hosted PRAVAH in Guwahati—a flagship event under the PRIF Prakriti Incubation Launchpad, designed to spotlight sustainable innovation and circular entrepreneurship in North East India.

The event brought together an inspiring mix of government officials, industry leaders, social entrepreneurs and ecosystem enablers, all united by a shared vision for a greener, more inclusive future.

Championing Sustainable Innovation in the North East

Delivering the keynote address, Dr. Jeevan Basavaraj, IAS, Secretary, Department of Innovation, Incubation and Startups, Government of Assam, emphasised the enormous potential of startups from North East India in driving sustainability and circularity. He applauded IIMCIP for its consistent efforts in nurturing the entrepreneurial landscape in the region.

Ajay Jain, Chairman of the IIMCIP Board and Member of the Board of Governors at IIM Calcutta, echoed this sentiment. “Entrepreneurs in North East India have both the drive and capability to scale their ventures nationally. What they need is focused guidance—and that’s exactly what we’re here to offer,” he shared.

The event was further enriched by the presence of esteemed dignitaries like Prabhat Kamal Bezbaruah, former Chairman of the Indian Tea Board and the Tocklai Tea Research Centre, and Bhaskar Jyoti Phukan, Managing Director of Numaligarh Refinery Limited.

Insights and Inspiration

A key segment of the event was a thought-provoking panel discussion on building a robust support system for green entrepreneurship. Moderated by Gaurav Kapoor, Chief Business Officer, IIMCIP, the panel featured Dr. Arup Misra, Chairman, Pollution Control Board, Assam; Anantika Singh, GM – CSR, Pernod Ricard India; and Achitra Borgohain, Founder, Binbag.

Another powerful moment was the inspiring story of David Gogoi, founder of Zerund Manufacturing and an IIMCIP-supported clean-tech entrepreneur. He shared his journey from crafting a college project prototype to building a venture now recognised by industry leaders like Gruhas Proptech, DLF Family Office, Anthill Ventures, Villgro, NEDFi and NRL.

Welcoming the Prakriti Incubation Launchpad Cohort

One of the event’s key milestones was the onboarding of the PRIF PRAKRITI Incubation Launchpad cohort, comprising 12 carefully selected startups from North East India that are creating impact at the crossroads of sustainability, circularity and social change. Over the coming months, these startups will receive dedicated support from IIM Calcutta Innovation Park, including mentorship, funding opportunities and strategic market linkages to help them scale their ventures across India.

Showcasing Impact: The PRIF UNNATI Report

Adding to the day’s highlights, an Impact Report was unveiled, capturing the impact of the PRIF Women Entrepreneurship Programme—an incubation initiative that has empowered 22 women-led ventures from across the country.

India’s defence sector is entering a new chapter—one where the focus is not just on protecting our borders, but on building the strength to do so with homegrown technologies. An apt example of this shift is the newly inaugurated BrahMos Aerospace Integration and Testing Facility in Lucknow, part of a larger national effort to ramp up indigenous manufacturing under the ‘Make in India’ banner. The trend presents an unprecedented opportunity for Indian startups to enter the defence ecosystem, innovate rapidly and shape the future of national security while building globally competitive, cutting-edge defence solutions right here at home. Startups like ideaForge, whose UAVs are now a staple for the Indian Armed Forces, and Tonbo Imaging, which provides advanced imaging and sensor systems for night vision and battlefield awareness, have already demonstrated that Indian startups can deliver mission-critical technologies. Sagar Defence Engineering has developed autonomous marine systems that aid in maritime security, while Big Bang Boom Solutions is working on anti-drone technologies; its Vajra Sentinel Systems being famously deployed by the Indian Air Force during Operation Sindoor. These instances exemplify the capacity of Indian startups in the high-stakes defence sector.

But are we doing enough? Despite the wins, India still does not have a single unicorn in the defence startup space. In contrast, the United States, Israel and China have several startups surpassing the $1 Bn mark. Nevertheless, going by the current trend, the prospects are high for defence startups. With Defence Industrial Corridors taking shape and policies encouraging domestic innovation, India is steadily reducing its reliance on imports and stepping up as a serious player in global defence exports—a development that’s poised to create a nurturing ground for startups in the defence sector.

1. Growing defence market: Valued at $27.1 billion in 2024, the market is expected to double to $54.4 billion by 2033. With ambitious national targets of achieving Rs. 3 lakh crore (approx. $34.7 billion) in defence production and Rs. 50,000 crore (approx. $5.8 billion) in defence exports by 2029, India is poised to emerge as a key player in the global defence ecosystem.
2. Substantial budget allocation: India’s defence budget for 2025–26 has climbed to an impressive Rs. 6.81 trillion ($78.7 billion), marking a 9.5% jump from the previous year. This substantial investment underlines the nation’s commitment to strengthening its military capabilities and modernising its defence infrastructure.
3. Push for self-reliance and import reduction: Historically, India has been one of the world’s largest arms importers. However, recent times have witnessed a significant reduction in imports, with a 9.3% drop in India’s share of global arms imports between 2015-19 and 2020-24. This shift indicates a growing emphasis on indigenous defence production.
4. Increasing defence exports: India’s defence exports reached a record high of Rs. 23,622 crore (approximately $2.76 billion) in the fiscal year 2024-25, reflecting a 12.04% growth over the previous year. This surge demonstrates the global potential of Indian defence products and the opportunity for startups to tap into international markets.

Government initiatives fuelling defence innovation

1. Innovations for Defence Excellence (iDEX): The iDEX programme aims to drive innovation in India’s defence and aerospace sectors by providing targeted financial support to startups, MSMEs, and individual innovators. Through its Advanced Defence Technology Innovation (ADITI) challenge, selected projects can receive product-development grants of up to Rs. 25 crores. Additionally, the iDEX Defence India Startup Challenge (DISC) offers funding of up to Rs. 1.5 crore, while iDEX Prime extends financial support up to Rs. 10 crores. These funds are valuable for developing prototypes, offering an excellent springboard for early-stage startups.
2. Defence Industrial Corridors: India has established two Defence Industrial Corridors, each in Uttar Pradesh and Tamil Nadu, to promote indigenous production of defence and aerospace-related items, thereby reducing imports and driving exports. These corridors offer infrastructure support, streamlined regulations and opportunities for collaboration between private companies, public sector undertakings (PSUs) and international firms. However, startups may not have enough capital bandwidth to invest in such zones. Under the given situation, startups may consider forming consortia with MSMEs or industrial partners to share infrastructure costs.
3. SIDBI Cash Defence: The SIDBI Cash Defence scheme brings an air of respite for defence startups trying to navigate bottlenecks in executing work orders. The scheme provides short/medium-term financial support to eligible defence MSMEs by way of purchase order financing for executing confirmed work orders with financial assistance of up to Rs. 20 crores.
4. Technology Development Fund (TDF): Managed by the Defence Research and Development Organisation (DRDO), the Technology Development Fund (TDF) is a pivotal initiative aimed at fostering the indigenous development of defence technologies by supporting startups, MSMEs and academia. The scheme provides grants of up to Rs. 10 crores per project for the development of niche technologies that the Indian Armed Forces can eventually absorb. TDF is particularly focused on bridging the gap between prototype development and actual defence deployment—a phase where many startups struggle due to a lack of capital or access to testing. For startups, the key is to align their R&D with the problem statements issued under TDF and build proof-of-concept models that demonstrate strategic utility.

Areas to focus on

1. Dual-use technologies: It’s smart for startups to build dual-use technologies with both military and civilian applications. Technologies like AI, drones, autonomous systems and cybersecurity have both civilian and defence use cases. Startups can tap into these dual markets to stay financially sustainable while developing defence-ready solutions. For example:

• ideaForge: Founded by IIT Bombay alumni, ideaForge dominates the Indian UAV market with a 50% market share. Its products are extensively used by the Indian armed forces, state police forces and organisations like the DRDO.
• QNu Labs: QNu Labs is India’s pioneering quantum cybersecurity company that has also established significant collaborations with India’s defence sector, securing multiple procurement contracts with the Indian Army and the Indian Navy, and advancing India’s defence capabilities through quantum technologies.
• Indrajaal: Indrajaal, developed by Hyderabad-based Grene Robotics, is India’s first AI-powered wide-area autonomous drone defence system. Designed to protect critical infrastructure such as nuclear plants, oil refineries, ports, airports and power grids, Indrajaal offers real-time airspace security over areas up to 4,000 square km. It is operational at a naval port in Gujarat and is also deployed at India’s largest naval port in Karnataka.

2. Fast, frugal innovation: Startups can identify micro-challenges faced by jawans, officers and logistics units. These could be as specific as better grip gloves for cold climates, portable charging solutions for long treks, or faster tools for field medical assessment. These seemingly small pain points often go unnoticed by large defence players, but solving them can yield a massive impact and open the door to deeper engagements. For example:

• Axio Biosolutions: The startup has designed smart body armour and trauma care kits for soldiers operating in hostile environments.
• Signaltron Systems: The startup develops portable, lightweight, mission-ready communication and navigation solutions tailored for defence and aerospace applications. Last year, the Indian army inducted the first-ever indigenous chip-based 4G mobile base station, procured from Signaltron.

Challenges startups must prepare for

1. Long and complex procurement cycles: Unlike B2B or B2C markets, defence contracts often take years to materialise, often exhausting the financial runway and patience of startups. Many get trapped in repetitive trials, feedback loops and “wait-and-watch” situations without any purchase commitments.

To avoid exhaustion, startups may try and validate their innovations with adjacent markets like police and paramilitary forces (e.g., CRPF, BSF), etc.

Example: ideaForge initially collaborated with Indian police forces and disaster management agencies to deploy their UAVs, building credibility and operational experience. These deployments facilitated subsequent contracts with the Indian Army, including a significant order for SWITCH UAVs.

2. High-risk funding environment: Many venture capitalists are wary of defence startups due to long R&D cycles, limited commercial crossover and complex regulations. This creates a funding gap, especially at the post-prototype, pre-scale stage.

To bridge the funding gap, defence startups can explore a combined option of grants, defence-focussed investments and strategic partnerships. Government schemes like iDEX, TDF, etc., can offer crucial early-stage support, especially for high-R&D technologies. At the same time, startups should look beyond traditional VCs and approach defence-focused investors or strategic partners such as Bharat Electronics Limited (BEL) or Hindustan Aeronautics Limited (HAL).

Example: Eastern India’s biggest UAV startup and IIMCIP-incubated venture, Drones Tech Lab, collaborated with state governments, disaster management agencies and corporates in the oil and energy sectors even after securing its first major order with DRDO. This approach not only strengthened their credibility and on-ground experience but also ensured steady revenue while awaiting the lengthy defence procurement process. Simultaneously, the startup capitalised on defence innovation grants under iDEX initiatives like ADITI 1.0 and DISC 9. Taking its vision further, Drones Tech Lab launched EduRade, a dedicated training wing offering top-notch drone pilot training to enthusiasts from diverse backgrounds.

The Indian defence sector represents more than just a growth opportunity; it is a national imperative. For startups, it offers a unique platform to develop technologies that can safeguard lives and secure the borders. While Indian startups possess the grit and the potential, what’s needed now is a full-fledged ecosystem that nurtures long-term, capital-intensive and strategically critical innovations with the seriousness they deserve. Though government policies and pilot funding are suitably set in place, achieving scale will require concerted efforts to mobilise institutional support and private capital. If India is to truly become a defence manufacturing hub, steeped in the ambitious vision of Atmanirbharta (self-reliance), building deep-tech unicorns in this space isn’t just desirable; it’s a necessity.

The 5th edition of CONNECT.X, a flagship startup networking event organised by IIM Calcutta Innovation Park (IIMCIP), in collaboration with TATA Sons, concluded with resounding success today at Hotel Palacio, Guwahati. The event witnessed an energetic gathering of nearly 100 participants, including startup founders, angel investors, venture capitalists, industry leaders and ecosystem enablers, reaffirming CONNECT.X’s status as one of Assam’s most impactful startup networking platforms.

This edition was packed with thought-provoking conversations, meaningful networking and keynotes from seasoned professionals. A major highlight of the evening was the presence of Mr. Ajay Jain, Chairman of the Board at IIMCIP and Member of the Board of Governors at IIM Calcutta. Drawing from over four decades of experience across the corporate world, academia and entrepreneurship, Mr. Jain offered invaluable insights to the audience. Highlighting the immense potential of North East India, he emphasised that the true success of an entrepreneur lies in their mindset, not external conditions. “By 2047, a Viksit Bharat will be led by job creators, not job seekers,” he remarked with conviction.

Mr. Jain also lauded the Tata Social Enterprise Challenge (TSEC) – a joint initiative of the TATA Sons and IIM Calcutta, and India’s most prestigious hunt for promising social enterprises – as a unique and timely opportunity for entrepreneurs in the North East to harness their region’s strengths and build sustainable, high-impact ventures.

An engaging panel discussion on startup investments brought together investors and experts from across sectors. The panel featured Prasanta Kumar Talukdar, Deputy General Manager (Investment) at NEDFi Venture Capital Limited; Pranta Pratim Singha, Chief Manager of Corporate Planning at Numaligarh Refinery Limited; Joutishman Dutta, Managing Trustee of down town Charity Trust and a prominent angel investor; and Pankaj Baruah, Head of Portfolio, IIM Calcutta Innovation Park. The discussion explored a range of funding opportunities available for startups in North East India, with insights into initiatives by NRL, NEDFi Venture Capital Ltd., IIM Calcutta Innovation Park and Assam down town University. The panellists also shared their views on the prospects of deep-tech ventures in the region and unpacked what investors really look for when evaluating early-stage startups.

During the Q&A round, the IIMCIP Board Chairman, Mr. Ajay Jain, offered a crucial insight, drawing a compelling distinction between invention and innovation, emphasising that an invention becomes innovation only when it is commercialised for widespread use. He further noted that globally, only a handful of patented innovations actually make it to market, underscoring the importance of viability in the innovation journey.

Since its inception, CONNECT.X has consistently delivered on its mission to bring together key stakeholders from across the startup value chain. Over its previous four editions, the event has hosted a dynamic mix of 100+ attendees per session, including startup founders, VCs, angel investors, industry veterans and professional service providers. Notable personalities who have participated in earlier editions include Shri PVSL Murty, CMD, NEDFi; Mr. Nagaraja Prakasam, Partner, Acumen Fund & Founding Angel, IAN Impact; Dr. Ringo Rajagopal, Executive Officer, uMobi Solutions Corporation and Visiting Faculty, IIM Calcutta; Pratap TP, Founder, QwikCilver Solutions; Himanshu Acharya, Head of New Business Development, Mitsubishi Corporation India; and Anjan Pathak, Co-Founder, Vantage Circle, among others.

The 5th edition of CONNECT.X not only underscored the vibrancy of Assam’s entrepreneurial talent but also reinforced IIMCIP’s ongoing commitment to driving innovation-led development in the region.

The first COHORT of the Bengal Business Accelerator Program—a flagship initiative by the Government of West Bengal in collaboration with IIM Calcutta Innovation Park (IIMCIP) under the World Bank-aided RAMP Scheme—was launched with an inaugural bootcamp in Kolkata from April 24-26, 2025. The 3-day bootcamp marked the official beginning of a transformative acceleration journey for 25 high-potential startups or MSMEs, selected from an overwhelming 266 applications received across sectors.

Designed to equip entrepreneurs with the knowledge, tools and mindset required to scale, the bootcamp brought together a power-packed lineup of mentors, industry leaders and startup experts.

Day 1: The opening day set the tone with a welcome session by Mr. P Choudhury, Jt Director, Department of MSME&T, Government of West Bengal, and Mr. Srinivas Gadhavilli, Head, Ecosystem Development at IIMCIP. They introduced the RAMP Scheme, the structure of the accelerator program and its vision to make Bengal a startup powerhouse. Following this, Mr. Gaurav Kapoor, CBO at IIMCIP, led an engaging ice-breaking session, helping founders to bond and set collaborative energy for the days ahead. The day progressed with Dr. Subhrangshu Sanyal, CEO of IIMCIP, decoding the traits of fundable startups—insights to help participants align their business models with investor expectations. The afternoon sessions saw Dr. Ringo Rajagopal, CEO of uMobi Solutions, guide startups in building robust business roadmaps, followed by Mr. Kaustav Majumdar, Professor of Practice, who offered a deep dive into developing a compelling Customer Value Proposition. From customer research to refining product features, it was all about building lovable solutions that truly address user needs.

Day 2: Day two began with a masterclass by Mr. T. P. Pratap, Founder of Qwikcilver, on achieving product-market fit, validating offerings, segmenting customers and preparing for scale. A key highlight of the day was the entrepreneurial story shared by Mr. Madan M. Mohanka, Chairman of Tega Industries. His presence, along with Smt. Jayashree Mohanka, Member of the IIMCIP Board, brought immense value and gravitas to the programme, serving as a testament to Bengal’s legacy of innovation and leadership. This was followed by a session on lean manufacturing practices by Sri Manish Chandra Vinay, Dy Director of the National Productivity Council, giving startups a taste of operational efficiency. Mr. Sanjoy Sen, IIMCIP Mentor, led the next session on Customer Experience Journey Mapping, helping founders understand how to identify customer pain points and design for delight. The day concluded with a dynamic Diagnostics Panel, where a team of experts engaged directly with startups to evaluate their readiness and offer tailored advice. Panellists included Jayashree Mohanka TP Pratap, Sanjoy Sen, Suman Mukhopadhyay, Debapratim Das, Namami Ghosh, Srinivas Gadhavilli, Anil Bajaj, Sandip Bhatia and Supratik Bhowmik.

Day 3: The final day zoomed in on branding, marketing and pricing strategy. Prof. C. D. Mitra, Founder & CEO of Pipalmajik and Visiting Professor at IIM Calcutta, led a thought-provoking session on Branding and Promotion, covering everything from defining brand identity to executing promotional campaigns with consistency. This was followed by a highly relevant session on Pricing Strategy by Dr. Ritu Mehta, Professor at IIM Calcutta. The bootcamp wrapped up with a networking session, fostering peer-to-peer learning and open dialogue with mentors. The day ended with an interactive & networking session with MBA-Ex students in the Start Up Garage hackathon hosted by IIM Calcutta.

The bootcamp brought clarity, inspiration and momentum to the Cohort, laying the groundwork for what promises to be a powerful acceleration journey. As the accelerator programme moves into deeper mentorship and investor connects in the coming months, these 25 startups now stand better equipped with more sharpened acumen and clarity in ambitions.