Nagpur’s Bold Leap: ‘Family Cap Nagpur’ Rejuvenates the Startup Ecosystem

Nagpur is buzzing with excitement following a groundbreaking initiative that promises to revitalize the startup landscape in Vidarbha. Spearheaded by the Association for Industrial Development (AID), the newly launched ‘Family Cap Nagpur’ is a funding platform designed to catalyze growth and innovation in the region’s entrepreneurial ecosystem.

A Game-Changing Initiative

At the heart of the initiative lies the concept of collaboration between family-run businesses and budding startups. With 50 family-owned enterprises each pledging an investment of Rs 50 lakh, the total financial boost stands at a remarkable Rs 25 crore. This unique approach aims to foster not only capital inflow but also strategic mentorship and access to invaluable market opportunities for startups.

The launch event saw Union Minister Nitin Gadkari presenting the first cheque of Rs 50 lakh to Kraya Concepts Limited, a startup co-founded by Pratik Loya, a chartered accountant, and engineer Swar Gattani. This symbolic gesture encapsulates the potential of the initiative to transform lives and businesses in the region.

Conceptualization and Leadership

The ‘Family Cap Nagpur’ platform is the brainchild of Shashikant Chaudhary, the coordinator of AID’s Startup Division. His vision is clear: "Our aim is to cultivate a vibrant startup ecosystem in Vidarbha. We are committed to nurturing entrepreneurs with not just financial backing but also mentorship and business opportunities to help them flourish."

What began as a simple idea exchanged in a WhatsApp group has evolved into a full-fledged program, marking a significant step forward for the region.

Phased Rollout

The initiative is designed to be rolled out in a phased manner over the next five years. In the first phase, 10 distinguished family-run businesses have joined forces. These include notable figures like Shreyas Raisoni, Karnil Cheema, Ankur Cheema, and Ashish Kale, among others. Their collective experience and resources will be pivotal in ensuring the success of the startups involved.

Ashish Kale, the president of AID, emphasized the transformative nature of this initiative: "This is a landmark step to reframe Vidarbha’s economic landscape by investing in innovative minds." His words capture the essence of the initiative: a commitment to nurturing the region’s most promising talent.

Supporting Local Talent

For Kraya Concepts Limited, the funding is not just financial support; it symbolizes a turning point for their journey. Founded in 2022 in the aftermath of the Covid-19 pandemic, the company has grown to employ seven individuals and has already achieved a valuation in the crores. Gattani expressed gratitude, saying, "We are truly thankful to the AID team for their valuable guidance and support."

The newly acquired funding is expected to further accelerate their growth trajectory, showcasing the tangible impact of the ‘Family Cap Nagpur’ initiative on local startups.

Addressing Key Challenges

The overarching goal of the ‘Family Cap Nagpur’ initiative is clear: to fill critical gaps in funding, mentorship, and innovation that often plague startups in Vidarbha. By connecting experienced family businesses with fresh, innovative entrepreneurs, AID aims to create a vibrant ecosystem where both parties can thrive.

The initiative offers a holistic support system that goes beyond mere financial investments. By incorporating mentorship and strategic business opportunities, it seeks to elevate the capabilities of startups, ensuring that they are well-prepared to navigate the challenges of entrepreneurship.

Summary of the Initiative

Key Highlights

• Total Investment: Rs 25 crore
• Number of Startups Supported: 50
• Investment per Startup: Rs 50 lakh
• Participating Family-Run Businesses: 50
• Disbursement Timeline: In 3-4 phases over the next five years
• First Startup Funded: Kraya Concepts Limited
• Support Offered: Financial backing, mentorship, market access

Featured Backers

The initiative has gained backing from several influential family-run businesses, including:

• Shreyas Raisoni
• Karnil Cheema
• Ankur Cheema
• Padmesh Gupta
• Anup Khandelwal
• Anand Sancheti
• Ashish Kale
• Pradeep Bansal
• Dilip Bharde

Conclusion

As Nagpur embarks on this ambitious journey to rejuvenate its startup ecosystem, the ‘Family Cap Nagpur’ initiative stands as a beacon of hope and possibility. By catalyzing collaboration between seasoned business families and emerging entrepreneurs, it holds the potential to transform not just the local economy but also the lives of countless individuals eager to innovate and succeed. With leadership, mentorship, and significant financial backing, the future of Vidarbha’s entrepreneurial landscape appears brighter than ever.