Companies in NSIC shortlist to get training & funding of Rs. 3 Crore

Companies in NSIC shortlist to19555866 get training & funding of Rs 3 crore

FEBRUARY 7th, 2015 : PUNE: The National Skill Development Corporation has decided to provide training and funding up to Rs 3 crore to the companies shortlisted for the NSDC Skill Innovation Challenge (NSIC).

The final shortlist of 14 companies includes startups such as Babajob ServicesLets CorpFab Repair and maintenanceSkill Train and Skillveri. The firms have been selected from sectors including value chain model innovations, job finding and career platforms, direct skilling and vocational training platforms such as SaaS, mobilebased training and simulation skilling.

CaptureNSDC, a PPP, had launched its innovation challenge in August 2014 to identify and fund disruptive enterprises with sustainable models to impact the skill development ecosystem. In all, 172 companies had applied for the porgramme.

“The shortlisted companies will go through a due diligence process with NSDC, post which we will partner with them in different capacities in skill training, besides giving them actual funding,” said Dilip Chenoy, chief executive of NSDC.

“The final companies have been selected after two rounds of jury evaluation from eminent industry members.”

As per NSDC data, India will be home to 700 million people of working age by 2020, and NSDC is aiming to skill 500 million Indians by 2022. Skillveri, one of the finalists, builds simulators to train people in core manufacturing skills such as welding, spray painting, crane lifting, etc. Skillveri is an early-stage incubate of impact investment firm Villgro.

“Our simulators give highquality training experience to workers, before they are ready to handle actual equipment. We have now designed to add multiple simulation trainings on a single platform. The funding support and NSDC access to the investors and industry will prove valuable as we go in for additional funding,” said Skillveri Founder and CEO Sabarinath C.

PR Ganapathy of Villgro said they are considering SkillTrain — another shortlisted company of NSIC — for their Rs 20-crore Villgro Education Fund, which was launched in partnership with the Michael and Susan Dell Foundation.

“We will also be considering startups from the final shortlist of NSIC, since the fund is for education and skilling,” said Ganapathy. Tamul Plates, another finalist, helps build an ecosystem for biodegradable disposable arecanut leaf plates from Arecanut sheets in lower Assam districts.

“We are now focusing on expanding to rest of Assam and Megalaya. In this, training villagers to use our technology is the crucial part, and NSDC funding and training support will be a big benefit to us,” said founder Arindam Dasgupta.

Tamul has received equity investment of Rs 45 lakh from Upaya Social Ventures and Rianta Capital