HDFC and Startup India Launch ‘Manufacturing Accelerator Program’ to Boost Innovation in the Sector

New Delhi: HDFC, in collaboration with Startup India’s Bharat Startup Grand Challenge, has launched the Manufacturing Accelerator Program with the goal of fostering innovation and driving growth in India’s manufacturing sector.

The program seeks to support startups that address critical manufacturing challenges using cutting-edge solutions. Applications for participation are open until 15 February.

A Collaborative Effort to Strengthen Indian Manufacturing

The Manufacturing Accelerator Program is a joint initiative involving the Department for Promotion of Industry and Internal Trade (DPIIT), HDFC Bank, and riidl Somaiya Vidyavihar University.

This collaboration is designed to leverage combined resources, expertise, and market access to build a thriving ecosystem that encourages innovation, scalability, and global competitiveness within India’s manufacturing sector.

The program aligns with India’s vision of becoming a global manufacturing hub by empowering startups to develop advanced manufacturing technologies, enhance productivity, and promote sustainable practices.

Eligibility Criteria and Industry Focus

The Manufacturing Accelerator Program is exclusively open to Indian-domiciled companies that have already validated their product or solutions through early customer engagement. The initiative is designed to support startups in both early traction and scaling stages across a wide range of industries, including:

• Core Manufacturing: Automotive, Aerospace & Defense, Construction, Green Technology, Textiles & Apparel, Biotechnology, Robotics, and Waste Management.
• Technology & Innovation: AI, AR/VR, Nanotechnology, Computer Vision, Internet of Things (IoT), and Technology Hardware.
• Industry Services: Enterprise Software, IT Services, Telecommunications & Networking, Finance Technology, and Retail.
• Sustainability & Social Impact: Renewable Energy, Non-Renewable Energy, Sustainable Manufacturing, Agriculture, and Social Impact ventures.

Addressing Key Challenges in Manufacturing

The program is designed to tackle some of the most pressing challenges faced by the Indian manufacturing sector:

• Enhancing Manufacturing Efficiency– Addressing inefficiencies in production lines, upgrading outdated machinery, and integrating real-time monitoring to boost productivity.
• Promoting Sustainable Manufacturing– Reducing carbon emissions, minimizing waste, and encouraging resource-efficient manufacturing practices.
• Empowering MSMEs– Providing Micro, Small, and Medium Enterprises (MSMEs) with the resources and expertise needed to adopt advanced manufacturing technologies.
• Supporting Skill Development– Bridging the skill gap by fostering the adoption of cutting-edge technologies and best practices.
• Addressing Energy Inefficiency– Implementing strategies to optimize energy use, thereby reducing operational costs and mitigating environmental impact.

Financial and Non-Financial Incentives for Startups

To encourage participation and innovation, the Manufacturing Accelerator Program offers a range of incentives, including:

Fiscal Incentives:

• Grants of up to Rs 40 lakh for selected startups.
• Equity-based funding opportunities for scaling promising solutions.

Non-Fiscal Incentives:

• Intensive, curated workshops and training programs with industry experts.
• Mentorship from seasoned professionals and technical advisors.
• Market access support, industry networking, and collaboration opportunities.
• Use of riidl Somaiya Vidyavihar University’s state-of-the-art facilities and resources.
• Visibility through media coverage and participation in showcase events.

Selection Process and Timeline

The selection process for the Manufacturing Accelerator Program is structured into four distinct phases:

• Phase 1 – Preliminary Screening (February 2025): Initial evaluation of applications based on eligibility and innovation potential.
• Phase 2 – Due Diligence (February 2025): In-depth assessment of the selected startups’ business models, technological feasibility, and market viability.
• Phase 3 – Final Assessment (March 2025): A panel of experts will conduct the final evaluation and shortlist winners.
• Phase 4 – Winner Announcement (March 2025): The top startups will be awarded grants and receive access to the program’s incentives.

HDFC Bank’s Role in Driving Innovation

HDFC Bank, one of India’s leading private sector banks, has played a crucial role in financial innovation and economic growth.

Through its Corporate Social Responsibility (CSR) arm, HDFC Bank Parivartan, the bank has consistently worked towards fostering sustainable and inclusive growth in key areas such as financial inclusion, education, healthcare, and environmental sustainability.

The Manufacturing Accelerator Program is an extension of this mission, aimed at empowering Indian startups to build a globally competitive manufacturing ecosystem.

Support for Startups

riidl Somaiya Vidyavihar University, a key implementation partner in this initiative, has extensive experience in incubating and scaling startups. With backing from the Department of Science & Technology (DST), Biotechnology Industry Research Assistance Council (BIRAC), and the Maharashtra State Innovation Society, riidl has helped numerous early-stage companies navigate challenges from ideation to commercialization.

A Step Towards India’s Manufacturing Growth

With India pushing forward on its ‘Make in India’ and ‘Atmanirbhar Bharat’ (self-reliant India) initiatives, the Manufacturing Accelerator Program is a well-timed effort to drive innovation, strengthen MSMEs, and accelerate industrial modernization. By fostering a culture of collaborative growth between startups, industry leaders, and policymakers, the program is set to play a crucial role in shaping the future of India’s manufacturing sector.

Interested startups can apply for the Manufacturing Accelerator Program until 15 February.

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