Pune: Shete Advance Technologies Private Limited a Startup incubated by Marathwada Mitra Mandal’s Foundation for MakeitHappen Center for Invention, Innovation and Incubation (FMCIII) has secured a $2.5 million investment from Filtrum LLP, Pune. The investments aim to provide smart meters under the Smart Meter National Program (SMNP), as informed by Bhausaheb Jadhav, Executive President of Marathwada Mitra Mandal, Pune in the press conference on Wednesday.
At a press conference held at the FMCIII located in the Marathwada Mitra Mandal’s College of Engineering, Karvenagar Campus, the MM secretary Kishor Mungale, Principal Dr. Vijay Gohokar, FMCIII CEO Dr. Chandrashekhar Talathi, Startup Founder Vyankatesh Shete and other incubated startups were present.
Bhausaheb Jadhav said that since its inception, the Marathawada Mitra Mandal has always emphasized research, excellence in science and technology, skill and entrepreneurship development, and value-based education, adhering to the “Welfare of Masses” principle. To instill a culture of innovation, invention, startups, and entrepreneurship among students, the FMCIII was established. Many startups have been incubated and successfully transitioned into industries. The investment of $2.5 million in this SMART METER startup is a matter of pride for us.
Dr. Chandrashekhar Talathi mentioned about the FMCIII. He said that FMCIII a not-for-profit Company was established in 2018 with the collaboration of Tata Technologies Limited, Science and Technology Park at Savitribai Phule Pune University, to foster sustainable, scalable, and transformative industries. Well-equipped with all the necessary infrastructure, this center is crucial for the development of startups. It provides various laboratories, well-furnished offices, computer rooms, meeting and board rooms, 3D printers and scanners, robots, CNC Machines, and automotive working models. Additionally, it hosts startup exhibitions, industry visits, and training sessions, and provides expert guidance as well as mentoring to the incubating startups from industry-experienced professionals.
He further said that a startup’s success is achieved through four stages: ideation, prototype, capital fund allotment, and production. SAT-Smart Prepaid Energy Meter, Pets and Me, Scitus Healthcare – Electronic Witness System with AI, Whiz Gizmo – Home Automation, Vat Baghtoy Rikshawala App, and Eleport – EV for Transport, along with several other startups, have been successful. IoT, R&D, AR/VR, Education & Training, Manufacturing, IT, Renewable Energy, Services, Redevelopment, Carbon credit, Green Energy & Agriculture-nearly 65 startups in these fields are currently incubating at FMCIII. More than 1.5 crore funds have been allocated to them. Startup India Seed Fund Scheme provided seed funds of Rs one Crore and SAT was one of the beneficiaries of the initial grant through which he developed the prototype. Two startups got external funding of INR 21.5 Cr first one is Dreams Redeveloped, and the second one is Shete Advanced Technologies Pvt Ltd, he added.
FMCIII has effectively incubated my startup, Smart Prepaid Energy Meter, playing a crucial role in making production a reality. Initially, we received a seed fund of 10 lakh rupees from SISFS through FMCIII. Additionally, the startup has secured a certification from the Bureau of Indian Standards and a Letter of Intent worth 1500 crore rupees. With FMCIII’s assistance, we were able to connect with Filtrum LLP and secure an investment of $2.5 million. Out of the 28 crore meters to be installed across the country under the Smart Meter National Program (SMNP), our goal is to install approximately six crore smart meters. This is an important step towards an Atmanirbhar Bharat, and production of smart meters will soon commence at Chakan, as mentioned by Vyanktesh Shete, Founder of SAT (Smart Meter).
The Secretary of Marathwada Mitra Mandal Kishor Mungale acknowledged the efforts taken by FMCIII & said that the initiatives to promote startup culture and entrepreneurship are commendable. In a short period, 65 startups have been worked on, with a focus on transitioning many of them into industries. STP always supports these kinds of initiatives. I am very happy that the Smart Meter got an investment of 20 Crores approximately. This will also encourage other startups and engineering students.
Having an Innovation and Incubation Center within the college premises allows students to gain hands-on experience with startups. They also have opportunities for internships. This exposure has inspired many students to start their ventures, and several have successfully transformed their research into products. Industrial visits, discussions with entrepreneurs, various workshops and guidance sessions, and participation in technical and scientific competitions are encouraged for students. This center has become an important platform for developing students’ research mindset, startup culture, and entrepreneurship, added by Dr. Vijay Gohokar, Principal of MMCOE.
Salient Features of FMCIII:
- Collaboration with Tata Technologies and Science and Technology Park, Pune
- A 12,000 square foot center built with an investment of 30 crore rupees
- 16.5 crore rupees in financial support from Tata Technologies Limited
- Industry-oriented training and guidance for students
- Capability to develop up to 100 startups simultaneously
- Support for innovative ideas, service provision, and starting one’s own business
- Encouragement for startups in technology, biotech, finance, agriculture, and pharma
- Provision of well-equipped offices, meeting facilities, and equipment for startups
- Assistance with patents, copyrights, design registration, and commercialization
- Initiatives to provide seed funding, angel investment, venture capital, and private equity
