Nine IIM Sambalpur startups get ₹45 lakh seed funding

The Indian Institute of Management (IIM) Sambalpur has strengthened its focus on entrepreneurship and innovation, awarding ₹45 lakh in seed grants to nine startups incubated under its I-Hub Foundation.

The announcements were made as the institute celebrated its 12th Foundation Day on Saturday and inaugurated the 11th edition of its annual business conclave, Marmagya 11.0, at its campus. The foundation day event was held on the theme “Societal Impact of B-Schools”, while the two-day Marmagya 11.0, being held on October 3 and 4, focuses on “Thriving on Business Disruption and Turbulence in an Interconnected World.”

IIM Sambalpur Director Mahadeo Jaiswal said the institute has so far incubated 35 startups. Nine of these startups received seed grants of ₹5 lakh each, taking the total funding announced to ₹45 lakh.

The institute also recognised academic excellence among its students, with 10 BS students and 16 MBA students receiving plaques and prize money of ₹1 lakh each. In addition, four startups led by IIM Sambalpur alumni signed incubation MoUs with the institute.

From 49 students to over 1,500

Reflecting on the institute’s growth, Jaiswal said IIM Sambalpur began in 2015 with just 49 students operating from a temporary campus. It now has more than 1,500 students and over 175 PhD scholars.

The institute currently offers five MBA programmes and 10 degree programmes, including dual-degree PhD programmes. It has also emerged as the first IIM to offer a bachelor’s degree.

Beyond classrooms and campuses, the institute has expanded its community-focused initiatives. Under its Master Weaver programme, IIM Sambalpur has mentored more than 70-80 weavers in digital marketing and is working towards developing a “Bunkar Valley” in Sambalpur.

The institute also announced plans to establish a Centre for Artificial Intelligence, signalling a greater focus on emerging technologies and their role in education, business and society.

The 12th Foundation Day celebrations were presided over by Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), as the chief guest. Several senior district administration officials and industry leaders also attended the event.