How 36Inc, a state-run incubation centre in Raipur, is turning out to be a lifeline for startups
In 2016, Mohit Sahu and Puru Agrawal figured out a solution to a problem faced by mining companies: Where to dig, how much to dig, and when to dig. “We cracked the code,” claims Sahu, a graduate in mining from National Institute of Technology, Raipur. In July 2016, Sahu and his friend Agrawal started Minocular, an artificial intelligence (AI)-based mine management and optimisation startup that helps companies improve efficiency, reduce costs and eliminate risks by using 3D drone data analytics and machine learning.
What remained inconclusive for them was a bigger problem: How to sell, who to sell to, and when to sell.
The mining market is dominated by multinational giants or companies with strong connections with the government authorities. Minocular, a bootstrapped venture, barely managed to survive the first year. The flow of business was erratic and the startup was fast running out of cash. “The prospects looked bleak,” recalls Agrawal.
Enter 36Inc, the Chhattisgarh government’s incubator based in Raipur. Minocular got a place to work, seed funding of 20 lakh, and detailed insights to structure the company. The biggest help, though, was connecting with state-run mining companies and private organisations. The results are beginning to show. Minocular ended FY2019 with revenue of 36 lakh. The startup has also bagged a contract with Kazakhstan’s government. “We survived, and now we are ready to flourish,” says Sahu.
This story is from the July 19, 2019 edition of Forbes India.
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This story is from the July 19, 2019 edition of Forbes India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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