Pernod Ricard India Foundation and NSRCEL IIM Bangalore Partner to Drive Circular Economy Startups
NSRCEL, the innovation and entrepreneurship hub of IIM Bangalore has embarked on a strategic partnership with Pernod Ricard India Foundation (PRIF) with the aim to drive innovative initiatives towards a more sustainable and circular global landscape. PRIF, is a wholly owned subsidiary of Pernod Ricard India Private Limited (PRIPL) which has worked across different sectors in water, healthcare, education, environment, and livelihoods. PRIF’s programs are strongly aligned to UN Sustainable Development Goals and situated around national indicators and targets laid by NITI Aayog SDG index.
Launched in April 2023, this one-year program is a pioneering effort by NSRCEL and PRIF to nurture and scale 20 groundbreaking innovations within the Circular Economy realm. The cohort boasts of startups like CarbonCraft working in the alternate construction space, using recovered carbon to produce tiles; Gud Gum which is a consumer brand producing India’s first plastic-free chewing gum and Sunbird Straws, which makes ecofriendly straws from dried coconut leaves.
From over 100 applications received, a distinguished jury, including leaders from PRIF, selected 20 startups. As a crucial component of the program, PRIF has provided grants to 9 startups focusing on Waste management, Alternative materials, Waste-to-Energy, and more. Incubated by NSRCEL, these startups utilized the grants to develop and deploy their solutions at scale. The cohort collectively reduced carbon emissions by 0.36KT, generated 867+ livelihoods, and raised Rs 12 crore in funds.
Beyond incubation support, NSRCEL plays a pivotal role in providing network access through which NSRCEL ventures TiP Sessions, WITHOUT by Ashaya and Tadpole Projects received awards at Indian Circular Economy Forum 2023. The NSRCEL team also facilitated circular venture Sunbird Straws’ presence at GITEX Impact Dubai 2023 to display their products and explore the global market.
Commenting on the collaboration- “NSRCEL and PRIF, in a strategic alliance, aim to empower circular economy startups by aligning technology, market scalability, and policy support to address industry needs. This partnership will assist startups in establishing sustainable businesses, fostering a synergistic effort in co-nurturing the ecosystem,” stated Anand Sri Ganesh, CEO of NSRCEL
“Circularity has always been at the heart Pernod Ricard India’s vision and value chain. In line with our 2030 Global Sustainability vision of ‘Good Times from a Good Place’, PRIF has partnered with NSRCEL, for an Incubation program on Circular Economy. With firm belief on Indian entrepreneurial abilities towards fostering climate change, we aim to catalyze groundbreaking initiatives towards a more circular world.” Sashidhar Vempala, Chief Sustainability Officer and CSR Head, Pernod Ricard India Foundation.
NSRCEL has incubated 30+ start-ups within the Circular Economy & Climate Resilient Agriculture sector in 2023, most catering or adding value to the bottom of the pyramid. As NSRCEL builds a larger vertical in this space, it is looking for strategic partners to support incubation programs for 75 start-ups, with 25 start-ups incubated every year from 2024 to 2026.
For a glimpse of NSRCEL’s previous work in the sector and its partnership with Pernod Ricard India Foundation please watch the video.
