Founded in the year 1979 in Mumbai by Dwarka Prasad Agarwal, Vedanta Limited is one of the biggest mining companies in India. Lead by the millionaire Anil Agarwal, the company is going to invest a total of ₹100 Crore in its start-up initiative Vedanta Sparks, a branch from the parent company Vedanta Ltd., which was started last year in October 2020, to build technological capabilities by partnering with other startups.
The company, while making the announcements said that Vedanta Spark is an initiative that was started as an innovation grand challenge and corporate accelerator program, has today, registered more than 1,350 start-ups. These registrations include start-ups from a total of 19 countries. More than 250 registrations are of the overseas start-up companies.
After the registration, a total of 23 start-ups have been selected after a long process of evaluation which included a lot of procedures and steps which involve business executives along with industry experts which have the capability to deliver a business impact of almost atleast around$45-50 million.
These 23 companies were successfully able to pass all the eligibility criteria set by Vedanta and have won the opportunity to be backed and funded.
These 23 winners will be offered various opportunities for partnership and collaborations under Vedanta Spark. The companies will be funded and invested in. It will also be provided with resources and capacities needed to clear out the path for operational excellence, revenue growth from new products and markets, and new digital ventures.
In a statement given out by the company, it said- “These chosen startups will get pilot opportunities within Vedanta Group to implement and demonstrate business impact, opening up revenues to win commercial orders for a potential global rollout.”
The CEO of the Vedanta Group- Sunil Duggal, while giving a statement said- “At Vedanta, we will make it our duty to embrace these start-up partners as we strongly believe Vedanta can derive huge enterprise value. Vedanta will make this a periodic program going forward and consider expanding this partnership with global educational and research organizations as well.”
Continuing the statement of the company further ahead, Executive Sponsor at the company- Akarsh Hebbar said, “What we offer to startups is our scale. We are always open to the idea of startups using us as their playground for testing their cutting-edge technology. This is just the beginning… We welcome all these 23 startups to the Vedanta family.”