After established operations in Delhi, Mumbai and Bangalore, startup accelerator GSF today announced that it will be launching a fourth location and investment cycle in Chennai effective April 2013. The launch is one of the initiatives to unfold rapidly expanding pan-Indian group GSF.
Rajesh Sawhney, Founder of GSF Superangels, said, “Chennai has grown rapidly in the last couple of years as a leading technology hub in India and with GSF’s presence, Chennai’s integration with the global startup ecosystem will accelerate in the coming years.”
GSF has committed to select four most promising companies in the Tamil Nadu area for its 9-week acceleration program over the course of the next eight weeks and each company selected will receive initial funding of $28,000 with the support of GSF’s extensive angel network.
GSF has teamed up matrimonial matching company Bharatmatrimony.com and the angel group in South India Chennai Angels for its launch in Chennai. Bharatmatrimony will provide co-location space and related services and Chennai Angels will be providing mentorship and capital to the startups GSF selects.
“With the mentorship and strength of the local angels and GSF networks we believe that entrepreneurs will be provided with stronger tools to succeed well beyond our regional and national borders in a more accelerated and successful manner,” said Sameer Mehta of Chennai Angels.
Murugavel Janakirama, founder, Bharatmatrimony.com speaking on the association with GSF Superangels said, “Happy to associate with GSF which I strongly believe would add momentum to the start up ecosystem in Chennai. Chennai with its blend of arts, engineering and IT combined with the work culture make it the perfect place for great startups in India”.
In November, 2012, GSF hosted the startup conference drawing 400 individuals and 37 companies from across the country to its stage in Delhi. It reviewed more than 400 start-ups, the initial plan was to accept 12 start-ups into the program, and the final list includes 15 start-ups. These 15 startups met over 400 investors at GSF2012 in India’s biggest Startup-investor conference where they seek further financing. Out of the 15 startups from the inaugural batch of startups at GSF Accelerator across three cities of Bangalore, Mumbai and Delhi, 5 received follow-up funding of USD 150,000 and 2 went on to attend Seedcamp in London. These included Little Eye Labs, Hacker Earth, Sharedcab, Zapr and Pokkt.
GSF is built up of 20 investors and 17 entrepreneurs in residence worldwide. International partners include Seedcamp and Dave McClure’s 500 Startups.