Over time, there has been a notable shift toward technology-based innovations.
The most significant change has been the influx of applications from deep tech startups in this once-in-two-year programme, said Harsh Mariwala, founder of Marico Innovation Foundation. According to him, based on the applications received this year, artificial intelligence is likely to be an essential game changer in the coming years.
After reviewing the 1,200 applications, the foundation selected seven winners, which it believes will significantly impact Indian business and social sectors.
“We are trying different ways to create impact. Ultimately, the whole objective to create impact, innovation has to have an impact,’ Mariwala said in an interview with Mint in his office, a week before the awards ceremony to announce the 2025 India Innovation Icon winners.
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The Marico Innovation Foundation Awards, initiated in 2003 by Mariwala, the founder and chairman of the fast-moving consumer goods (FMCG) business Marico, has made significant strides over the past years in recognising Indian innovators.
Established companies such as Tata Motors and IndiGo were among the winners in the early edition of the awards. In the past, Tata Motors received recognition for its micro-truck, the Tata Ace, while InterGlobe Aviation was honoured for its efficient plane cleaning processes and the innovative Z ladders that facilitated passengers’ easy boarding and disembarking.
This year, the winners in the business category included Astrome Technologies, which advances wireless telecom services in rural and remote areas; Chara Technologies, which develops rare-earth magnet-free electric motor systems for electric vehicles (EVs) and industrial machinery; Indra Water, which utilises a decentralised and modular water treatment system to recycle sewage/ industrial wastewater and; Skyroot Aerospace, which provides cost-effective and on-demand access to space for global satellite operators.
In the social category, AssisTech Foundation, which incubates innovative disability technology start-ups; Rocket Learning which enhances early childhood education at the grassroots with a focus on upskilling Anganwadi workers; and People’s Archive of Rural India (PARI) which chronicles rural India’s stories through a digital archive were named winners.
“We are playing a catalytic role,” Mariwala said in the interview. The foundation will act as a network for them to tap funding.
At the awards ceremony on Friday, prominent figures from the business world, including low-profile pharma barons Dilip Shangvi, chairman of Sun Pharma, and Yusuf Hamied, chairman of Cipla, as well as senior executives like Prabha Narasimhan, MD of Colgate-Palmolive, and Sanjeev Mehta, executive chairman of L Catterton India, watched as the winners presented their business cases in TEDx-style speeches.
Catalyst for growth
The winners will receive mentorship and guidance from 30 CEOs, allowing them to scale up and secure funding as they progress through different phases, Mariwala stated.
He said startups benefit more from getting advice on the image, coaching, mentoring, and know-how to scale. “They will get the right strategy, the right advice, we will connect them to their likely funders, he said.
At close to 74 years old, Mariwala strongly advocates for the legacies that business people should leave behind. He views this foundation as one that will endure, similar to Marico, the company he founded, which has successfully built two prominent Indian brands: Parachute and Saffola.
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The foundation is resolute that it will not take equity in any of the startups but will stick to providing coaching and mentorship and acting as a network amplifier.
Mariwala gave the example of a startup that used solar power to freeze dry fruits and vegetables. Initially, the founders had toyed with the idea of building a brand till Mariwala directed them towards the Horeca (Hotel, Restaurant, and Café/Catering ) industry. Building a brand at the start of entrepreneurship is much harder; it is better to establish a B2B revenue base before embarking on brand building. To build an FMCG brand, it is better to have ₹1,000 crore in revenue, though it can be smaller if one chooses to aim the brand at only urban areas.
“The magnitude of money required for launching a brand has increased because of television, press and mass media. You will need to invest at least ₹25 crore at the launch itself, even if you don’t have the sales,” Mariwala said, noting that the startup that pivoted to Horeca now is earning revenues in excess of ₹100 crore.
The foundation has identified 15 startups to put through an accelerator.
One noteworthy entrant for its accelerator is a high-speed recycler of plastic waste, Ishitva Robotics, which is currently being developed as a prototype. Ishitva creates automatic sorting machines and can sort waste into various categories, including plastic waste by polymer, brand and colour at a speed of 6 tonnes/hour, according to its website. Its machines are deployed with major recyclers.
Separately, the foundation is working towards recycling waste.
“We’ve signed up with the organisation to put up pilot projects in Hyderabad and Raipur to recycle household waste, to ensure the quality of plastic that is coming out of the recycling is good and can be used,” he said.
If it proves successful, the investment required to roll this out nationally will run into thousands of crores, with the assistance of corporate partners, he said.
