Bangalore: Microsoft Ventures in India today announced the launch of its two new accelerator programmes while unveiling its Summer 2015 batch. The two new programmes – Accelerator Plus and Scale Up, will focus on helping later stage startups in growing traction.
At the launch, Ravi Narayan, MD, Microsoft Ventures in India along with Samir Kumar, MD, Inventus Capital and Phanindra Sama, Cofounder, Redbus.in unveiled the Summer 2015 batch. The batch comprises of 11 new technology start-ups – AdPushup, Frilp, iReff, DailyRounds, Uninstall, iBot, FortunePay, CustomerXPs, FlamencoTech, WAGmob and UberLabs.
“The startup ecosystem in India has evolved and with that, comes new challenges. A key issue we’ve identified at the last All India Accelerators & Incubators Meet was that there was little help available for later-stage startups in India. This concurred with similar observations made during the pilot of Accelerator Plus, where we noticed that the 10 later stage startups who went through the pilot program benefitted more from the mentoring and showed better results, faster. This prompted us to bring in new accelerator programmes to help the later stage startups,” said Ravi.
The final 11 emerged after several rounds of shortlisting from the original list of 1,400+ applicants. “Two-third of the applicants have been referred by VCs, Angels and organizations like Nasscom and TiE. This shows that they too feel that we are on the right track, and have the resources and expertise to help these startups.” Ravi added.
Samir said, “India is witnessing an unprecedented surge in entrepreneurship, as a large number of new companies are launched every day. The angel and seed ecosystem has matured to help them get a good start. However, today, scaling up is the real challenge for an Indian entrepreneur. With Microsoft Ventures’ Scale Up & Accelerator Plus programs set to address the requirements of middle to later stage start-ups, we’ll see the mature startups propel themselves faster to the next orbit. As an investor, I believe, this is a very important step in the maturing of the start-up ecosystem.”
The startups were selected for the programmes based on their current customer traction, market potential and funding stage. The current batch has five startups under Accelerator Plus and six under Scale Up programmes.
Kerala IT News