Hyderabad has indeed become a hub of start-ups, and with each day, the services and funding provided for start-ups here are only growing. India Accelerator, a seed-stage accelerator, helps start-ups grow by providing mentorship, network, technology and peripheral services. Now, it is all set to start seed funding too.
The accelerator is collaborating with venture capitalists to provide funding access to promising start-ups that are in the early funnel phase. According to the CEO of Accelerator, they have invested in 80 start-ups so far, which would have raised $10 million as follow-on funding. He says his firm has been trying to provide seed funding, competencies and mentor connections to start-ups besides extending legal, accounting and financial support.
He also adds that they have developed programmes in verticals such as cybersecurity, health-tech, agritech and social impact. Soon, they will be launching a vertical for fintech. He further adds that a start-up in every domain needs a specific and different intervention. He foresees growth in the consumer goods segment, health tech and agritech, where he sees a lot of disruptions. The accelerator was started in 2017, is part of Global Accelerator Network (GAN) and has been supporting start-ups in tier II and tier III cities and about 40% of their clients are from these cities. The India Accelerator primarily considers start-ups with good traction, revenues and a reasonable customer base.
India Accelerator is also working with IITs to help turn research into commercial products. Through GAN, India Accelerator has helped start-ups to have a footprint in Canada, southeast Asia and Africa. The company has got a good response from Hyderabad and wants to extend its activities to the north-east and other parts of the south.
The seed accelerator has also launched a dedicated SME vertical six months back to help them improve time management practices to major aspects such as procurement, vendor selections and adoption of technology to enhance efficiencies and increase revenues. They have also partnered with NBFCs to meet the financial needs of small businesses.