Gharda Chemicals, which makes pesticides, veterinary drugs and polymers, has set up the KHG Innovation Foundation to back entrepreneurs working on technologies that can address gaps and drive social outcomes, the Mumbai-based firm said in a statement.
The foundation, which has been set up in partnership with the Anjani Mashelkar Foundation, will back entrepreneurs focused on manufacturing in core engineering and healthcare technologies with an underlying social impact.
“The foundation is funded by Gharda’s (founding chairman and managing director Keki Hormusji Gharda) personal wealth and the profits from the holding company,” said Nilesh Kulkarni, director, Gharda Chemicals. The holding company is Gharda Medical and Advanced Technologies.
Also read | Carlyle looks to build $400 million vehicle for auto parts deal in India
The initial corpus of the non-profit foundation will be around ₹30 crore, which will be replenished each year. The foundation may either take a stake or offer a grant to entrepreneurs. Initially, it will focus on healthcare technologies.
Mentorship, guidance
Other than capital, the foundation will also provide mentorship, guidance and strategic advice from industry experts and thought leaders to the startups.
“KHGIF shall also have tailored programmes that support for-profit and not-for-profit enterprises alike and drive pilot projects to help innovators scale for impact,” the statement said.
“India has embarked on its quest to become a developed country in the foreseeable future, and set sights on becoming a global leader in manufacturing. We believe that a strong focus on innovation, combined with entrepreneurship, is key to achieving that status. Establishing KHGIF is one among several such efforts that would be required as we proceed towards developing that capability,” Gharda, who turned 95 on Wednesday, said in the statement.
“This partnership will propel disruptive, game-changing innovations that aim to transform India by addressing grand challenges,” R.A. Mashelkar, former director general, Council of Scientific and Industrial Research, who runs the Anjani Mashelkar Foundation, said.
