Kohima, Mar 26 (KNN) In a major boost to the flourishing startup ecosystem in Nagaland, five promising homegrown ventures have collectively secured Rs 1.13 crore in funding from the YouthNet Incubation Centre (YIC).

The financial assistance, disbursed under the Startup India Seed Fund Scheme (SISFS), is poised to propel these startups through critical stages, including proof of concept, prototype development, product trials, market entry, and commercialisation.

The beneficiaries of this funding assistance are Tsivi Self Care Private Limited, Ngurie Organic Private Limited, Tm Hydrocultiva Solutions Private Limited, Gogivers Services Private Limited, and Artistic Naga Touch Private Limited – representing diverse sectors and industries.

During the fund handover ceremony, Industries & Commerce Adviser Hekani Jakhalu underscored the realities of today's competitive landscape, emphasising that success and prosperity are reserved for those who demonstrate unwavering commitment and diligence. She commended the startups for their entrepreneurial zeal and expressed admiration for their relentless pursuit of excellence.

Industries & Commerce Director A Temjen Jamir lauded the startups for their pioneering efforts, recognising their pivotal role in elevating Nagaland's entrepreneurial ecosystem to new heights.

Speaking on the occasion, Yanpvuo Kikon, YIC mentor and founder of Kikonic & Kley Enterprise, expressed his delight at witnessing the remarkable growth of Nagaland's startup scenario over the past four to five years. He attributed this transformation to the tireless efforts of visionary entrepreneurs who have persistently pushed boundaries.

Centre Manager Neikepekho Shosahie emphasised the YIC-SISFS fund's unique approach, which focuses on nurturing promising ventures rather than relying solely on asset-backed applicants, as is the case with traditional banking institutions. He revealed that the funding is disbursed as a soft loan with a nominal 3 per cent annual interest rate, prioritising ventures with promising prospects to nurture the burgeoning startup ecosystem.

(KNN Bureau)