The world’s second – fastest – growing economy and Asia’s third – largest economy, has a digital economy is on an upswing.
India’s venture investors and entrepreneurs have the patience and risk appetite for the next new thing. And now they have a big opportunity for that with GSF Accelerator, in partnership with some 30 other investors including Dave McClure’s 500 startups and Ruvento. GSF Accelerator will be mentoring and offering seed funding of reportedly up to $550,000 to 12 tech startups across India’s first 3 – city (Mumbai, Delhi, Bangalore) in this October.
“This program is designed to create the next wave of product-oriented technology start-ups in the areas of mobile, social, local and cloud. There is no reason that Indian entrepreneurs cannot create the next Instagram, or the next twitter, or the next Inmobi, “says Rajesh Sawhney, the founder of GSF India and former president of Reliance Entertainment.
“GSF Accelerator looks to be modeled on the kind of intensive incubation structure forged by Seedcamp and many U.S.-based outfits like TechStars — which also focuses its efforts around individual cities — and Y Combinator., “ says Techcrunch. These have proven to be fertile grounds for VCs hungry to jump on the next big thing, and for the entrepreneurs to focus their minds and pick up essential early help for getting their ideas off the ground.
The program will run in Delhi, Mumbai and Bangalore over a period of 7 weeks, with each location hosting 4 startups. It says it will tap the resources of some 200 “leading co-founders and digital masterminds from across the world.”
Thirty leading founders are funding GSF Superangels and GSF Accelerator. Leading Indian funds such as Kae Capital, Blume Venture have also partnered with GSF Accelerator. “GSF has tied up with the renowned 500 start-ups by Dave McClure to provide access to its Silicon Valley networks. Similarly, the leading European accelerator and mentorship platform, Seedcamp will provide deep access to the GSF start-ups in Europe. Similarly, GSF is proud to announce its tie-up with Singapore based fund, Ruvento. This relationship with Ruvento will create a cross-border fertilization of businesses and capital between India, Singapore and Russia,” says Rajesh Sawhney.
This is a big deal for India. There have been a lot of great companies coming out of India for years already, but within that there’s been a dearth of early funding opportunities for them, with some looking further afield, not just for money but for exits (example: Pinpuff getting bought by Science, as well as Cloud.com acquired by Citrix, Gluster acquired by Red Hat, DimDim acquired by Salesforce, OLX acquired by Naspers, and Netmagic acquired by NTT).
At the same time, the Indian economy is booming and there is a rising middle class of consumers ready to be the primary targets for all that tech and innovation.