India has been a land of opportunities for the West for a long time as far as startups are concerns. Adding another feather to the cap the India startup scene has attracted attention of US based Techstars.
As per the latest buzz, US-based Seed accelerator and incubator Techstars will launch its new startup accelerator programme in India next month. To this end, the company has hired Bala Girisaballa, former Managing Director of Microsoft Accelerator India, to run the programme. Additionally, it has announced plans to set up a separate fund to invest exclusively in Indian startups.
Not just that, as per reports, the company has also set aside USD 5 million for India from its corpus of USD 300 million. He clarified that the investment can be amended according to the need.
Talking on the occasion, Techstars co-founder David Brown mentioned that the company aims to support nearly ten early-stage startups with its soon-to-be-launched accelerator programme in Bengaluru. The programme aims to focus on hardware and software technology sectors. He further added,
“Last time when I was in India, it was all ideas. And now it’s reality. We had big plans to do more than just an accelerator, but it wasn’t very tangible when we were here in August. Now I think it’s much more tangible—we’ve hired Bala, we’re going to run an accelerator here, we’re opening applications soon to run an accelerator here in Bengaluru, we have a lot of corporate engagements that we are excited about and we have a talent programme here.”
The company plans to open the application process in April and launch the first cohort by end of the year.
While adding to this Girisaballa mentioned,
“What is missing (in the Indian ecosystem) is probably the depth in understanding the market and domain expertise. And that is an opportunity for us—we can actually bring in (that expertise) through our global partners, as well as our partners here, and connect them to the startups here.”
Recognising the potential that India has to offer to the world, various international biggies have been exploring the Indian startup ecosystem and the launch of Techstars accelerator programme is definitely going to charge up the startups in India.