Sponsoring Agency: Government of India
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/30/2021
Size of the Fund: Not Available
In a bid to support the Start-Ups operating in identified Focus Areas, GAIL (India) announced its plans to invest in such companies through its Start-Up initiative 'Pankh'.
GAIL plans to invest in Start-Ups operating in the focus areas. A new Round has been opened by GAIL for Solicitation of Investment Proposals from Start-Ups operating specifically in the Focus Areas, which mainly includes natural gas, petrochemicals, energy, project management, bio-manure marketing, Nano materials, IoT, data mining, environment, health and social.
Proposals are now solicited from Start-Ups operating in the Focus Areas.
GAIL would look at the following criteria while evaluating the Investment Proposals of Start-Ups:
• Experience of Founders in focus areas or its related business
• Stage of Start-Up
• Brief Synopsis of Proposal & Product / Services to be offered and targeted Customers
• Details of existing business / infrastructure
• Plans for business scale-up
• Funding from Incubation Centre, if any
• Current Valuation of the Company
• Details on Innovative / Unique features/propositions
• Market Size of Business
• Details of technical feasibility
• Details of business feasibility
• Details of risk anticipated for the proposed proposal
• Estimated project cost
• Investment amount sought from GAIL and the % Equity stake offered to GAIL
• The Start-Ups should be operating in any of the Focus Areas as mentioned in web portal under Tab’ Focus Areas’
• GAIL will consider Proposals for funding only from those entities that are registered as Start-Up by Department for Promotion of Industrial and Internal Trade (DPIIT) previously named as DIPP. Presently, the eligibility criteria is:
o Up-to a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India.
o Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore (100) rupees.
o Entity is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
• Provided that any such entity formed by splitting up or reconstruction of a business already in existence shall not be considered a 'Start-Up'. A proprietorship or a public limited company is not eligible as Start-Up.
• In addition, the following Eligibility Criteria should also be met: The Start-Up should not have been black-listed by any Government entity or any Incubation Centre. The Promoter(s) shall not have any criminal case pending in any Court of Law in India. A Declaration to this effect shall be required to be submitted in this respect.
The following Criteria are proposed to be used for Shortlisting of Start-Up proposals:
• Technical Feasibility
• Key Team Member's Profile
• Founder's Background
• Risks involved and Mitigation Plans
• Financial Returns
• Market Size and Growth Rate
More information at: https://gailebank.gail.co.in/GSUICBG/frmStartUpGAIL.aspx