A joint corporate venture capital (CVC) Initiative by
Interested Startups should apply here!
on or before 30th April 2024
About Program
Corporate VC Startup Engagement Program [CSEP]
Commercialisation &
Scaleup Support by IIML EIC
Market access & funding
support by Balmer Lawrie
Opportunity to achieve
product-market fit with the support of industry expert
Access to an exclusive
startup tool kit worth INR 3.5 Cr
Last Date to Apply
30th April 2024.
Duration of 36 months starting
from August/September 2024
Interested Startups should apply here!
on or before 30th April 2024
FAQs
Frequently Asked Questions
Q1 : About Balmer Lawrie
Answer :
Founded by two Scotsmen, Stephen George Balmer and Alexander Lawrie, in Kolkata, Balmer
Lawrie & Co. Ltd. started its corporate journey as a Partnership Firm on 1st February 1867.
Traversing the 157 years gone by, today Balmer Lawrie is a Miniratna - I Public Sector Enterprise
under the Ministry of Petroleum and Natural Gas, Govt. of India, with a turnover of Rs.
2383 crores and a profit of Rs. 154 crores. Along with its four Joint Ventures and
one subsidiary in India and abroad, today it is a much-respected transnational diversified
conglomerate with presence in both manufacturing and service sectors. Balmer Lawrie is a
market leader in Steel Barrels, Industrial Greases & Specialty Lubricants, Corporate Travel and
Logistics Services. It also has significant presence in most other businesses, it operates, viz,
Chemicals, Logistics Infrastructure etc. In its entire years of existence, Balmer Lawrie has been
successfully responding to the demands of an ever changing environment, leveraging every
change as an opportunity to innovate and emerge a leader in industry.
Q2 : About IIML EIC
Answer :
IIM Lucknow Enterprise Incubation Centre “IIML EIC” is a not-for-profit organization, registered
as a section 8 company under the Companies Act, 2013 established in 2013, by Indian Institute of
Management Lucknow (IIML) at its Noida Campus to nurture entrepreneurial talent across the
nation. Govt of Uttar Pradesh supports the Centre under UPIT Start-up Policy and the
Government of India under NSTEDB, Department of Science & Technology or DST. IIML EIC is
sector agnostic, focused on providing commercialization and growth support to start-ups for
faster growth and scale.
IIML EIC is focused on providing speed and faster growth to new ventures for successful
commercialisation of technology/product through a combination of Incubation / Acceleration
programs, Seed Capital, Corporate Venture Capital (CVC) Fund, Smart Co-working Spaces,
Corporate Market Access, Mentoring and Training programs.
IIML EIC touches base and supports more than 2500+ Startups annually with a cumulative
valuation of more than INR 1500+ Cr from its Center.
Q3 : About the program
Answer :
A CVC (Corporate Venture Capital) fund refers to an investment vehicle formed by a corporation
to invest in startups or other funds. In recent years, there has been a notable surge in the number
of corporates establishing specialised investment vehicles, which has resulted in increased
activity within the Indian startup ecosystem.
With Strong Support from the Government of India to promote Innovation and Entrepreneurship,
several Public Sector Enterprises have joined the initiative. Recently, Balmer Lawrie joined hands
with IIM Lucknow Enterprise Incubation Center [IIML EIC] to launch its exclusive Startup
Engagement Program under Corporate Venture Capital Initiative.
This is a unique program where a Public Sector Enterprise of Govt of India and an Innovation
Ecosystem Expert have joined hands to support and promote Startups in India. Such initiatives
bring various benefits to Startups from different categories, ensuring an assured and exponential
growth to startups in India.
Q4 : Eligibility Criteria
Answer :
Shareholding by Indian promoters in the start-up should be at least 51% as per the
Companies Act, 2013 and SEBI (ICDR) Regulations, 2018, at the time of application to the
Company for the scheme
Registered Startup by GoI holding DPIIT Number awarded by Department for Promotion
of Industry And Internal Trade, Government of India.
Startups at Idea Stage backed up with rigorous research, validation and a strong
team, MVP and Early Traction Stages with a strong business plan roadmap for next 24
months in place, Growth Stage Startups with a proven record track in terms of revenue
and growth during the last 36 Months.
Start-up should be using some form of Emerging Technology in its Core product or
service, or business model, or distribution model, or methodology to solve the problem
being targeted
Startup holding a strong degree of Innovation with the potential to achieve Product
Market Fit within 24 months of market entry.
Startups under any sector but with strong potential and Full Time Committed Co -
Founders and qualify under the definition of being a Startup as per the Govt of India
guidelines are eligible to apply.
Q5 : Unique features of the program
Answer : Complete end-to-end handholding support from IIML EIC in the area of:
Idea Conceptualization and Validation Support
Product Development Support
Mentorship & Capacity Building
GTM Strategy & Exploring Product Market Fit
Corporate Industry Connect
Legal & IPR Support
Fund Raising Support
Global Launch Support
Marketing Strategy Support
Market Access to Related Area Startups
Access to Industry Experts from the Senior Management of Balmer Lawrie.
Funding Support
Q6 : Timeline & Process of Selection
Answer :
Launch Date of The Program: 18th March 2024
Last Date to Apply for the Program: 30th April 2024
Screening, Shortlisting & Selection process: Between April 24’ to June’24
Onboarding of Startups under the Cohort: July 2024
Orientation and Initiation of the Program: August / September 2024
Call For Application from StartupsInitial Screening of ApplicationsAdvance Level of Screening Workshop for Shortlisted StartupsSelection Committee PresentationStartup Onboarding Basis Committee RecommendationInitiation of Program and Support for 36 Months
Q7 : How to Apply
Answer :
Interested and eligible Startups may Apply On or Before 30th April 2024