StartupTalky

Tag: Startup Accelerator

  • PwC India Introduces Accelerator to Help Blockchain, AI, and Other Startups

    In order to assist businesses working in the fields of data analytics, blockchain, spacetech, and artificial intelligence, PwC India has started its first accelerator program. Under the three-month “Emerging Tech Startup Challenge” program, at least 15 late-stage firms with at least two to three successful commercial implementations and Series A or B funding would be chosen, according to a statement from PwC India. The statement further stated that these chosen firms will get 25 hours of pro bono advising services in areas like management, technology, go-to-market tactics, valuation, fundraising, and taxes. According to Sanjeev Krishan, chairperson of PwC India, the firm is supporting a vibrant and sustainable tech ecosystem in India by empowering up-and-coming tech businesses and giving them the resources they need to succeed.

    Accelerator Focuses Startups Across Multiple Sectors

    The accelerator focuses on entrepreneurs with solutions in both B2B and B2C markets that operate in a variety of industries, such as manufacturing, retail, financial services, infrastructure, healthcare, and telecommunications. According to Arnab Basu, partner and advisory leader at PwC India, the company hopes to build a growth ecosystem for its clients via this platform. PwC India is eager to observe how innovators and disruptors might tackle the most important issues pertaining to the expansion of its biggest clients. With the help of PwC’s network of industry experts and advisors, companies will have access to a customised curriculum that includes seminars, one-on-one mentorship sessions, and demo days. The program’s application period will begin on March 5 and end on May 5. By the end of June, the final selection will be finished.

    Rise in Corporate-Backed accelerator Programmes in India

    Flipkart Ventures, which offers equity investments up to $500K and mentorship created by a worldwide consulting firm, chose five startups in February for the third batch of its Flipkart Leap Ahead program. Nikhil Kamath, a co-founder of Zerodha, announced the WTFund’s second cohort of nine firms that same month. The fund targets founders under 25 years old and offers awards up to INR 20 lakh. Startups from more than 50 cities submitted proposals to the fund, which provides “no-strings-attached” funds in addition to chances for strategic partnerships and coaching. Other noteworthy accelerator initiatives include 100X and the third cohort of IPV Ideaschool from Inflection Point Ventures, which provides INR 1 Cr in funding to pre-seed to seed stage entrepreneurs.Out of more than 1,900 submissions, 18 startups received an INR 23.3 Cr investment from VCs. SwanariTM TechSprint 3.0, a women-focused fintech program designed to improve financial inclusion for women in India, was also introduced by the Reserve Bank Innovation Hub (RBIH) in collaboration with IIMA Ventures.

  • Gujarat’s Largest Office Space Supplier, DEVX, Intends an IPO to Raise INR 125 Crore

    The leading provider of managed office spaces in Gujarat, Dev Accelerator (DevX), plans to earn an additional INR 125 crore through its upcoming initial public offering (IPO) in order to fund its continued growth.

    By the end of this month, the public offer’s draft prospectus should be submitted to Sebi. The issue’s lone banker has been named as Pantomath Capital Advisors.

    Company’s Expansion Plan

    Various media reports stated that the new funding will be used for both domestic and international expansion, eventually reaching a 2 million square foot area. For the next two years, the firm has already committed to one million square feet.

    In each of the eleven cities where DEVX is now active in India, the company intends to expand vertically. It plans to increase this average to 1 to 1.5 lakh sq ft by the next year from its current average of 35,000 to 50,000 sq ft per centre. Early in 2024, DEVX completed its third financing round, raising $7 million. The capital came from investors including banks, NBFCs, family offices, and HNIs, and was distributed equally between loan and equity.

    According to the DRHP, the proceedings will also be used for “repayment and/or pre-payment” of some borrowings that the company has obtained, including the redemption of non-convertible debentures that it has issued. It further said that a portion of the earnings will be utilised for general business operations.         

    Company’s Financial Report Card

    Moreover, DEVX provided its financials for the previous three years in the draft record. Revenue for the company was INR 108 crore in 2024, INR 69.9 crore in 2023, and INR 30.8 crore in 2022.

    While it lost INR 12.8 crore in fiscal 2023 and Rs 7.5 crore in fiscal 2022, its restated profit for the fiscal year that ended in March 2024 was INR 44 lakh. At a time when India’s primary market has been thriving, DEVX has chosen to pursue the IPO route. To date, over 235 companies have raised a total of over INR 71,000 crore this year.

    About DEVX

    The mission of DEVX, a startup accelerator, is to provide the resources necessary for the growth and success of innovative startups. With numerous entrepreneurial adventures supported at its centres, the organisation is aware of the shifting demands of the times.

    Serving as an enabler for the burgeoning startup scene by giving startupreneurs, SMEs, and corporations the necessary business support that will accelerate innovation and inspire young people to pursue their dreams of becoming entrepreneurs. It seeks to provide outstanding co-working spaces and accelerator programmes around the world in order to bolster the foundation of the country by identifying creative and high-calibre companies and serving as a catalyst for job creation and wealth creation.

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  • build3 Announces Cohort 3 of Its Flagship Impact Accelerator, Invites Applications From Early-Stage Startups

    On 12 September 2024, build3, the premier ecosystem for the development of impact startups (startups that are both for-profit AND purpose), announced the launch of the 3rd Cohort of their flagship Impact Accelerator program.

    The program is currently accepting applications from early-stage startups. Beginning in the first week of November, the third cohort will function as a virtual accelerator program. The cohort has opened applications for participation. Shortlisted businesses will receive financial support of INR 25 Lakhs after the 10-week program. With the potential for additional funding cycles through build3’s demo day initiatives.

    Following the Success of 2nd Cohort, the 3rd Is Launched

    On the heels of the Impact Accelerator’s successful second cohort, which attracted 27 startup founders, the current cohort has been announced. In addition, 19 startups were established during the second edition. Three of these popular startups, namely OnHire (curated freelancer marketplace), Bolofy (AI-powered voice assistant), and ReNewCred (carbon credits registry & ratings), each received a pre-seed investment of INR 25 Lakhs from build3.

    The third cohort will endeavour to emulate the success of its predecessors, with applications closing on October 15. build3’s pan-sectoral investment strategy will prioritise early-stage companies that are in alignment with the Sustainable Development Goals (SDGs) as defined by the United Nations (UN), with an emphasis on Environmental, Social, and Governance (ESG).

    The Evaluation Process to Be Accepted in the 3rd Cohort

    Applicants who are accepted into the third cohort must submit a thorough application, which is followed by an online interaction with the candidates who have been shortlisted. Identifying capable founders who are committed to their respective ideas and in alignment with build3’s vision of constructing and scaling impact businesses is the primary goal of this process.

    In order to enhance the skills of founders, the shortlisted candidates will participate in a 10-week programme that includes workshops and keynotes on market research, GTM, product/service development, storytelling, organisational behaviour structuring, fundraising, accounting, and compliance for startups.

    In addition, the programme will provide mentorship from successful founders and domain experts, networking opportunities, access to SaaS tools, and free credits from AWS, GCP, Zoho, and over a dozen other providers. On top of that, the 300+ creators, mentors, and investors who comprise build3’s vibrant community will be incorporated with the shortlisted founders.

    According to Varun Chawla, Co-Founder of build3, the cohort’s objective is to assist 100K impact founders in the development of enterprises that positively impact the mind, body, and environment over the next decade. This is a testament to the growing interest among individuals in India in establishing startups for profit AND purpose. Firm is eager to collaborate with more than 50 founders in its third cohort.

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  • SAMRIDH: MeitY’s Second Round of Startup Accelerators Kicks off to Foster Product Innovation

    On 4 September 2024, the Ministry of Electronics and Information Technology (MeitY) initiated the second group of students to participate in the SAMRIDH program. MeitY’s S. Krishnan, the Secretary, was the one who initiated the program.

    The Government of India has set a goal of cultivating 300 businesses, and as part of its 100-day agenda, it will choose and provide support to 125 startups through possible accelerators. This will allow them to reach their future goal. A statement released by MeitY said that the interested accelerator may apply for the second cohort of SAMRIDH.

    By the National Policy on Software Products (NPSP)-2019, the ministry has revealed that it is actively trying to promote the expansion of India’s software product industry. According to the ministry, the Indian software product industry, which includes startups, is receiving support from a variety of programs.

    These programs include Centres of Excellence (CoEs), the Technology Incubation and Development of Entrepreneurs (TIDE) program, the Next Generation Incubation Scheme (NGIS), the Information and Communication Technology Grand Challenges, and Gen-Next Support for Innovative Startups (GENESIS), among others.

    Addressing SAMRIDH: Encouraging Software Startups in India

    According to the National Policy on Software Products–2019, SAMRIDH is a flagship program of MeitY that supports the acceleration of startup companies. Launched in August 2021, the SAMRIDH initiative has the objective of providing financial assistance to 300 software product companies, with a total expenditure of INR 99 crore, over four years. With the help of potential and established accelerators throughout India, SAMRIDH is being implemented. These accelerators offer services to startups such as making their goods market-fit, developing a business strategy, connecting them with investors, and expanding their operations internationally. Additionally, MeitY is providing matching capital of up to INR 40 lakh. MeitY Startup Hub (MSH), which is part of Digital India Corporation (DIC), is the organization that is putting the plan into action.

    Commenting on the development, Edul Patel, co-founder and CEO, Mudrex stated, “The government’s continued commitment to nurturing India’s startup ecosystem through initiatives like the SAMRIDH programme is well appreciated. The launch of the second cohort is an exciting development, especially for smaller startups. Having access to top accelerators that provide crucial mentorship, funding, and resources is a game changer for young entrepreneurs. The matching funding of up to INR 40 lakh, combined with guidance on making products market-fit and scaling internationally, provides invaluable support to entrepreneurs who are just starting up. This initiative truly encourages budding entrepreneurs in building tech solutions from India to the world.”

    Multi-Agent Accelerator System for SAMRIDH

    Twenty-two accelerators from 12 different states were chosen to participate in the inaugural cohort of SAMRIDH after open requests for ideas were issued. The list of accelerators includes organizations that receive support from the government, academic institutions, entities from the business sector, and platforms that provide finance for early-stage start-ups. A multi-level screening procedure is then utilized by these accelerators to choose five to ten companies in each of the following categories: health technology, education technology, agriculture technology, consumer technology, financial technology, software as a service (SaaS), and sustainability.

    Ministry of Electronics and Information Technology Supporting 3600+ Tech Startups
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  • IIMA Ventures Launches Early-Stage Investor Accelerator

    The Venture Investing Accelerator, an exclusive program for first-time and beginner investors, was developed by IIMA Ventures (previously IIMA-CIIE). Its goal is to equip participants with the information and abilities necessary to flourish in early-stage investing.

    Aspiring and inexperienced investors can get the education and coaching they need to succeed in venture capital through the accelerator program. Participants will have the opportunity to learn from renowned leaders, IIMA professors, and IIMA Ventures partners. They will also receive individualized coaching based on their specific needs.

    Now is a great moment for people to understand how to invest efficiently in venture capital, as this asset class is growing. Supriya Sharma, Partner at IIMA Ventures, stated that the program will provide participants with essential knowledge, practical insights, and guidance from experienced investors and professionals in the field.

    “We aim to create a new generation of savvy investors who can navigate the complexities of early-stage investing and drive meaningful impact in the startup ecosystem,” she stated, drawing on the enormous experience and resources of IIMA Ventures.

    What Does the Program Offer?

    In addition to offering individualized training for individuals establishing their own funds, the program provides a flexible, experience-based approach that allows participants to choose their own milestones and shadow relevant elements of the venture investing process, such as deal scouting, structuring, screening, term sheet draughting, monitoring, and exit preparation.

    Investors in the early stages of a company’s development are its target audience. This includes family offices, micro VCs, and corporate venture offices. A three-day boot camp will be held on the IIMA Campus from August 8-10, 2024, as part of the educational program.

    The difficulties that new investors and fund managers encounter in finding interesting companies to invest in or getting good returns on their investments are highlighted by IIMA Ventures. In order to help new investors make a big splash in the startup scene, the firm plans to draw on its fifteen years of experience as a major investor.

    Startup Scenario in India

    The number of businesses in India is expected to more than double between the years 2020 and 2024, according to data from IIMA Ventures, indicating a phenomenal development in the startup environment. Also, from 2015 to 2022, the number of investors increased by a factor of nine. Startups’ access to funding has been enhanced as a result of government legislation and an increase in capital influx, which have further fuelled entrepreneurial activities in numerous places.

    About IIMA Ventures

    The Indian Institute of Management Ahmedabad (IIMA) Ventures is an innovation continuum that was formed in 2002 as an entrepreneurship center. Its mission is to study, educate, incubate, accelerate, and invest in early-stage firms, aspiring entrepreneurs, and investors.

    Over a million people have been mentored by IIMA Ventures, which has also been a pioneer in a variety of initiatives, such as India’s first accelerator, idea scouting competition, climate fund, inclusive fintech platform, and Stay Hungry Stay Foolish, an entrepreneurial bestseller. IIMA Ventures has also been responsible for the acceleration of 1,700 startups and the catalysis of 700 companies.

    Startup Accelerator Business Model
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