India Accelerator to fund 100 startups for in 2021

Startups
Image Courtesy: Express Computer

India Accelerator, the start-up nurturing platform is planning to widen its start-up building by 3 times in 2021. PTI reports suggest that India Accelerator is planning to invest in around 100 start-ups to boost their businesses.

India Accelerator founder Ashish Bhatia told PTI that the company is planning to invest Rs 25 lakh in selected startups every year. He also revealed that they will be mentoring them while connecting with other investors as they mature down the path.

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Bhatia further explained that his company is close to launching SEBI-approved alternate investment funds for both category 1 angel fund and category 2 venture capital fund. He asserted that this will be providing more funding opportunities for startups in India.

“While Accelerator programme is the core foundation for the success of our startups, there are other critical pieces needed to help grow a startup, these (new funds) help us in expand even further — to new geographies and in other domains, thus helping us to move forward with our target of picking up 100 high-pot startups every year,” PTI quoted Bhatia.

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According to the TiE report, there are about 38,000 active startups in India, including 26 unicorns. The startup ecosystem in India had attracted 14.5 billion dollars of funding in 2019. Bhatia has informed that India Accelerator (IA) has invested in around 30 startups in 2020 and they are planning to triple the numbers this year. Since 2017, IA has selected around 70 startups for acceleration.