HYDERABAD, India, Dec. 16, 2024 -- Paresh Mistry, a graduate of Woxsen University's B.Des (Hons.) Industrial Design (2019-2023) has secured substantial funding to propel his startup, Avisa Automotive, to new heights. The funding, totalling 18 lakhs, has been awarded by prestigious institutions including:
- 10 Lakhs Grant: IIT Hyderabad, ITIC Incubator (TiHAN Program)
- 8 Lakhs Grant: Science and Technology Park, Pune (NIDHI Prayas Program)
The TiHAN and NIDHI Prayas program funds early-stage startups to develop innovative, commercially viable prototypes. It supports prototype development, enabling ideas to become tangible solutions and fostering experimentation for faster market entry. The program builds startup capacity by providing access to resources like labs, mentorship, and networking with industry experts.
"What started as a classroom idea has evolved into a mission-driven startup," said Paresh Mistry, Alumni of Woxsen University & Founder of Avisa Automotive. "The funding from IIT Hyderabad and STP Pune will be instrumental in accelerating our journey and bringing our vision to life. We are committed to empowering the vendor community and making a positive impact on their livelihoods."
These grants will support the development and testing of Avisa Automotive's innovative electric utility vehicle, designed to empower street vendors in India. This compact mobile shop is equipped to support a range of vending activities, including cooking, selling fruits and vegetables, and serving beverages.
Anshik Hota, Manager - Ecosystem/Operations at ITIC Incubator, IIT Hyderabad, expressed enthusiasm about the project, stating, "At ITIC Incubator IIT Hyderabad, we are committed to backing ideas that drive meaningful change. Avisa Automotive impressed us with its innovative prototype, which we found to be a strong, investable solution."
Woxsen University has played a pivotal role in nurturing Paresh's entrepreneurial spirit. The university's supportive environment, coupled with the guidance of experienced faculty, including Prof. Santosh Kocherlakota, Mrudul Chilmulwar, Prateek Ashok, Sanjay Guria, Shivaram Reddy, and the entire design faculty, has enabled him to translate his innovative ideas into tangible solutions.
Avisa Automotive is dedicated to transforming the lives of street vendors by providing them with sustainable, efficient, and affordable solutions. The startup's electric utility vehicle empowers vendors to expand their reach, increase their earnings, and improve their overall quality of life.
About Woxsen University, Hyderabad:
Woxsen University, located in Hyderabad, is one of the first private universities in the state of Telangana, India. Renowned for its 200-acre state-of-the-art campus and infrastructure, Woxsen University offers new-age, disruptive programs in the fields of Business, Technology, Arts & Design, Architecture, Law, and Liberal Arts & Humanities. Woxsen also houses Asia's largest Sports Infrastructure, spread over 60 acres. With 170+ Global Partner Universities and a strong industry connect, Woxsen is recognized as one of the top universities for Academic Excellence and Global Edge. Woxsen has also secured the QS Business Masters World Ranking 2024, Rank #11 All India, Top 100 B-Schools by Times B-School Ranking 2024, Rank #15 All India, Top Private B-School by BusinessWorld 2023, and features in India's Best B-Schools beyond IIMs by Dalal Street Investment Journal 2024. Woxsen is ranked as one of the Top Professional Colleges in India by Outlook I-CARE for its undergraduate programs, securing All India Rank 12 among the Top 130 BBA Private Institutes, All India Rank 20 among the Top 160 B.Tech Private Institutes, All India Rank 3 among the Top 25 Design Private Institutes, and All India Rank 3 among the Top 30 B.Arch Private Institutes.
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