A city-based startup now under incubation at the NASSCOM Warehouse at Innovation Valley will get a funding of ₹2 crore by Gas Authority of India Limited.
Geo Climate Risk Solutions Pvt. Ltd., recognised by Startup India, works towards finding sustainability solutions for environment, industries, location intelligence, artificial intelligence and machine learning, socio-economic and risk analytics. GAIL, under its initiative named Pankh (wings) to nurture startup entrepreneurs, has set up a fund to the tune of $7.7 million.
“We are happy that one of our startups has received an offer for funding of ₹2 crore to scale up its activities,” NASSCOM in-charge for its Hyderabad Warehouse Vijay Bawra told The Hindu .
The warehouse set up in Visakhapatnam under the NASSCOM 10K startup project, selects mostly technology-centric entrepreneurs by providing them co-working spaces at Innovation Valley, Rushikonda.
After Hyderabad, NASSCOM has started the warehouse in Visakhapatnam in 2016 to join hands with the State government to create a vibrant ecosystem.
Startup founder G. Prasad Babu, who has worked with the UNDP, said “I started the venture with my savings, and now with GAIL funding, we are confident of scaling up soon. We have received an investment from GAIL to upscale our product which deals with sustainability solution. We also provide risk information and possible risk reduction and adaptation strategies through a location intelligence and spatial technologies platform,” he said.
The firm helps understand risk, suitability and sustainability of infrastructure, industry or ecosystem. The partnership with GAIL will help it to improvise its prototype version.