Hulexo wins Eureka! 2023 grand prize for GCC’s most promising startup companies

The vibrant competition underlines Dubai’s status as a regional hub for startups and entrepreneurs seeking knowhow, capital and a thriving market

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Published: Fri 2 Jun 2023, 3:59 PM

The Grand Finale of Eureka! GCC 2023 competition saw Hulexo take the top prize amongst a field of ten finalists at Dubai’s Habtoor Grand Hotel, in the GCC element of Asia's largest business model competition.

Organised by IIT Bombay's Entrepreneurship Cell and powered by Gulf Islamic Investments (GII), Eureka! GCC 2023 provides aspiring entrepreneurs with a platform for business model creation, mentorship from investors, and networking and educational opportunities. In its second year of operation, Eureka! GCC 2023 received 150 business plans from budding business founders. 27 early-stage entrepreneurs participated in a five-week on-the-house entrepreneurship training programme, comprising customised workshops on effective business planning and personalised mentoring from seasoned industry professionals.

After a highly competitive selection process, Hulexo (a retail tech startup) won Eureka! GCC Grand Prize title and $25,000 prize money to invest in their business. The second prize of $15,000 went to Exirio, while CrossVal secured third, winning $10,000. A new Innovation Recognition award was introduced and rightfully awarded to Gesture Talk, with an amount of $5,000, for their revolutionising work in changing the lives of hearing-impaired individuals.

Pankaj Gupta, co-founder at GII, said: "The trajectory of Eureka! GCC has been ignited by the visionary leadership of Dubai, serving as a constant source of inspiration. Gulf Islamic Investments is proud to be associated with the UAE’s forward-thinking startup eco-system. We congratulate the winners and all participants and look forward to maintaining links with them all as their business journeys develop."

Underlining the comprehensive partnership between India and the Arabian Gulf, Dr Aman Puri, consul-general of India in Dubai, said: "The alliance between the UAE and India is currently basking in its golden age, radiating brilliance. Today, we gather to commemorate the profound collaboration between two prestigious institutions, GII and IIT Bombay, which embodies a holistic partnership. Our purpose is to ignite the spirits of aspiring young innovators who tread the path of global problem-solving, inspiring them to shape a brighter future."

To know more about Eureka! GCC, visit

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