The evolving startup culture in India had led to formation of various incubators and accelerators in the country, Hyderabad based Utthishta (Sanskrit meaning: Rise up) is one such name that had come up in the list of supporters and growth providers for the Indian internet ecosystem. Utthishta is looking for startups who are trying to raise seed funding, states a facebook post from the accelerator-incubator.
Utthishta is providing seed fund along with mentoring in a business accelerator environment to early stage startups. Its interest spans in software, web, mobile and the cloud computing space and can invest in across the country. It provides funding of 10 Lakh Rupees in return for 10% – 15% of equity.
It selects startups in the program through 5 step screening process which includes application, voice interview, a special Customers and Market Analysis process for 100 hours (CMA 100). In CMA 100, it works with teams to understand the pain points of the customers they are targeting and also the monetization potential of idea they are planning to base their startup on. The last stage will be reference check to finally have the startup onboard. Teams that successfully pass through all 5 stages are presented with a term sheet and invited to participate in the Utthishta program at Hyderabad.
In the first batch of Utthishta there were around 250 applications out which 15 were shortlisted and in the final round only four startups from Hyderabad, Bangalore, Delhi and Mumbai were identified for funding. Now it is planning to increase the intake.
Invested by Mandava Prabhakar Rao (a serial entrepreneur), it raised its debut fund targeting Rs 50 crore ($9.2 million), to invest in technology startups. The team includes P. Ramakrishna and Mohsin Khan.
So try apply with your start-up idea, it can be good to try CMA 100 of Utthishta for idea proofing.