Ixigo co-CEO Rajnish Kumar launches ₹1 crore startup fund with IIT Kanpur
Ixigo Group co-CEO Rajnish Kumar has launched the Made in Fire Fund with IIT Kanpur, offering ₹10 lakh in non-dilutive prototype funding to up to 10 technology-led startups from each graduating batch.
What happened
ixigo · Ixigo Group co-CEO Rajnish Kumar recounts the travel platform’s near-failures, decision to reject an acquisition and AI approach. He also launches the
Key facts
- Rs 1 crore
- 10 technology-led startups per graduating batch
- Rs 10 lakh non-dilutive prototype funding per selected startup
- 2008 global financial crisis
- 2-3 months of salaries remaining
- team of around 23 people
- three IPO attempts
Why this matters
Made in Fire gives Ixigo an early relationship channel with technology founders, creating potential partnership, pilot, and acquisition opportunities before startups mature.
What to watch
- Number and quality of applications, especially in AI, mobility, fintech, logistics and consumer commerce.
- Whether the fund offers follow-on financing, demo days, investor introductions or enterprise pilot access beyond the ₹10 lakh grant.
- Announcement of strategic partners, co-investors or expansion beyond IIT Kanpur.
- Portfolio startup traction: patents, pilots, revenue, fundraising, acquisitions or hiring by Ixigo.
- Evidence that Ixigo uses the program for product experimentation, talent recruitment or vendor sourcing.
- IIT Kanpur and the fund publish application criteria, sector priorities and selection timelines.
- Selected startups receive prototype grants and gain access to mentors from Ixigo, IIT Kanpur and investor networks.
- Ixigo may introduce pilot programs, internships, cloud/tooling credits or commercial partnerships for portfolio companies.
- Other travel-tech and consumer-internet leaders may launch university-linked microfunds to compete for early technical talent.