In order to get going startup ecosystem in India, StartupRoots initiated by 10,000 Startups in association with NextBigWhat, helped four startups to raise on the spot funding from renowned angels investors.
The event had a program called SharkTank where startups pitched for on the spot funding. In the format, Entrepreneurs get 5-10 minutes to pitch, afterwards investors get 5-10 minutes to ask questions and 2-5 min to make an offer, and the startups who managed to impress the investors were handed cheque of INR 25 lakh to INR 1 crore. The entrepreneurs can then take time to make their decision or to present counter-offer.
At the program, 4 shortlisted companies faced questions from 7 investors including Google India MD and angel investor Rajan Anandan.
- Bangalore-based Lumos Design Technology, working to develop solar-powered apparel, got an on the spot cheque of INR 25-lakh cheque in return for a 10% stake in Lumos by Anandan on a condition to achieve INR 60 lakh in revenue by the time they exhaust the money, else Anandan’s stake in the company will be raised to 15%.
- Anirudh Suri, founding partner of Indian Internet Group, Ravi Gururaj and Ramesh Kumar Shah, co-founders of Harvard Business School Alumni Angels India, wrote a combined cheque of INR 1 crore for a 22.5% in a Kolkata based, social audience discovery platform, Tookitaki.
- Mumbai based, Digital jukebox for retail outlets, named Moojic, raised INR 25 lakh from three angel investors including Rajan Anandan in stake of 12.5%.
- Credii, cloud-based platform for business software selection and procurement, got an investment of $50,000 for a 5% stake.
Nasscom’s 10,000 startups program had already attracted around 2,000 applications in just 20 days of commencement and the first set of shortlisted start-ups are expected to go for the acceleration stage in the next 90 days. In this stage the startups will start operations, identify mentors, present proof of concept and think in terms of scaling their businesses.
More such Startup Events
In the coming time, Nasscom will also organise hackathon event called ‘Megathon’ where the participants would create prototypes of their product ideas. Moreover it will hold 50 events across country to reach entrepreneurs. Also NextBigWhat is coming up with its classic Startup Conference cum Launch Pad, Unpluggd in June.
Follow Nasscom for Startup on Facebook to watch various startup mentoring resources.