Hyderabad: A Hyderabad based startup, ‘The Phi Factory’ aims to bring a change in the Small and Medium Enterprises (SME) in terms of innovations and technology in India.
Praveen Kumar Gorakavi, a scientist and an inventor along with Dr Meghana Reddy, a Bachelors holder in Medicine and Surgery have established this start-up in 2018. Praveen said that with this startup, they wanted to make India a self-reliant country in terms of technology and innovations.
Praveen told ANI, “In order to provide advanced innovation technologies to Indian based SMEs, we have set up this platform, ‘The Phi Factory’.”
“As many SMEs in India does not have access to advanced technology, they are forced to install and use foreign technology. I wanted to change this which is why the Phi Factory was set up,” he said.
The Phi factory as its first product developed GFP, a paper additive used in corrugated boxes (commonly known as cardboard boxes) which reduced the weight of boxes by almost 20 per cent, cost per box by 9 per cent. He further claimed that they were able to save three fully grown trees for every ton of paper produced.
“The innovation was beneficial to both the economy and the environment. After the innovation, we observed that for the last two years, we were able to supply 2,500 tons of paper, and thus saving 7,500 fully grown trees, which would amount to a small-sized reserve forest,” he said.
Under the roof of the Phi Factory, Praveen and Meghana were able to innovate various technologies some being commercial technologies while others for a social impact. In one of their recent innovation, they were able to build a typewriter called braillers for visually impaired people.
Dr Meghana Reddy, the Co-Founder of The Phi Factory said that for every four commercial innovations, one innovation will be done aiming a positive social impact.
She said, “Though there are many companies that produce ver expensive and heavy to carry braillers that cost from about Rs 60,000 to Rs 70,000 and weigh about 5 kgs, we have developed braillers that cost around Rs 10,000 and weighs around one kilogram.” Praveen, before starting his start-up has developed various technologies in collaboration with a lot of Multi-National companies.
“I have a track record of developing and commercializing 28 technologies alongside various multi-national companies,” he said. “My works and innovations are reaching millions across the globe on day to day basis,” he claimed. Praveen said that he had invented a low cost, low weight artificial limb when he was 13 years.
He has received the ‘Bala Shree Award’, the highest honour in the nation for children under 16 years of age and has also been listed in ‘Forbes 30 Under 30’ a list issued annually by Forbes magazine.
