How 36Inc, a state-run incubation centre in Raipur, is turning out to be a lifeline for startups
In 2016, Mohit Sahu and Puru Agrawal figured out a solution to a problem faced by mining companies: Where to dig, how much to dig, and when to dig. “We cracked the code,” claims Sahu, a graduate in mining from National Institute of Technology, Raipur. In July 2016, Sahu and his friend Agrawal started Minocular, an artificial intelligence (AI)-based mine management and optimisation startup that helps companies improve efficiency, reduce costs and eliminate risks by using 3D drone data analytics and machine learning.
What remained inconclusive for them was a bigger problem: How to sell, who to sell to, and when to sell.
The mining market is dominated by multinational giants or companies with strong connections with the government authorities. Minocular, a bootstrapped venture, barely managed to survive the first year. The flow of business was erratic and the startup was fast running out of cash. “The prospects looked bleak,” recalls Agrawal.
Enter 36Inc, the Chhattisgarh government’s incubator based in Raipur. Minocular got a place to work, seed funding of 20 lakh, and detailed insights to structure the company. The biggest help, though, was connecting with state-run mining companies and private organisations. The results are beginning to show. Minocular ended FY2019 with revenue of 36 lakh. The startup has also bagged a contract with Kazakhstan’s government. “We survived, and now we are ready to flourish,” says Sahu.
This story is from the July 19, 2019 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 19, 2019 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
