EnRyz Announces a Unique Funding Competition for SMEs in Goa

GOA:
EnRyz launched an exceptional and unique funding opportunity for all SMEs (Small and Medium Enterprises) called EnRyz Now for what is a first of its kind competition in Goa.
They plan to enable businesses to present their expansion plans to a panel of experts comprising industry veterans, investors and mentors. The funding opportunity, which is in the form of a nationwide contest, will be held across 60 cities in India. Registrations are currently open at www.enryz.com/applynow and will close on the 15th of August, 2016. Additional information on the contest is available on Facebook (Enryz) and Twitter (@EnRyz Now).
Goa is one of the fastest growing states in the country. The state’s gross state domestic product (GSDP) growth rate was at about 11.23 per cent between 2004-05 and 2014-15. It boast of over 6500 small- scale industrial units and 140 large and medium units in the organized sector with the majority of these units being in the manufacturing sector making it an ideal market for EnRyz to make a difference.
EnRyzNow is a ‘by Indians, for Indians’ endeavor, open to businesses registered and owned in India. The eligibility criteria include minimum three years of continuous profitability, annual sales of more than Rupees 50 lakhs for product manufacturing or service businesses only. The winner will gain strategic equity investor(s) who will help them either reduce costs, improve operations or increase their sales and profitability significantly. Apart from networking, SMEs will also gain knowhow on how to grow their business with inputs and advise from industry experts.
The format of the competition includes SMEs presenting their business plan to a panel of judges. On selection, they then qualify for the regional semi-finals, which will be conducted in Kolkata, Bengaluru, Mumbai and New Delhi. Winners will finally present their innovative business plans directly to eminent investors, enabling them access to expert guidance, industry connections and funds for expansion.
Sajju Jain, Founder of EnRyz quotes “As an organisation that is seeking to create jobs in India, small and medium business enterprises are the best candidates. EnRyz is a platform that will help businesses grow fast through the right network of investors and expert advisors. We are hoping that SMEs across the country will take this opportunity to fulfil their dreams of growing into larger and more successful entities. The results of EnRyz Now will be tangible and tracked throughout the year and we are hoping to showcase local, regional and national success stories at the end of it all. We are very excited about the number of investors that have seen merit in an initiative like this and have come forward to offer guidance, support and financial backing.”
Sajju added, “We started in Kochi then Bangalore and are delighted with the response that we have received. With Goa being a significant player in the SME space, we are looking forward to seeing a greater response here.”