To help rapidly growing start-up ecosystem in India, US-based startup accelerator Techstars has launched its operations in the country.
The firm has entered the Indian market in a joint venture with ANSR, which supports enterprizes build and manage in-house and external accelerators and start-ups focused infrastructure. It holds the undisclosed majority stake in the joint venture.
“The launch will give an impetus to start-up ecosystem in India and help in the emergence of India as dominant entrepreneurial eco-system. We are also planning to hire a country head to lead its operations in India before bringing its various programmes,” said David Brown, co-CEO of Techstars. It operates in many cities globaly, including New York, Paris and London.
The company claims to have accepted over 1,000 companies into its programmes till date and very optimistic about India’s potential and looking to hire a country manager.
“We have been watching India’s growth very closely and its emergence as the third largest global startup ecosystem in less than a decade. There is so much great activity here and the potential for growth is huge, as one of the fastest growing economies in the world,” Brown added.
He also said that they would be looking forward to opportunities in areas like hard tech, deep tech, companies that deal with really difficult technology.
Startups, who are picked by Techstars, go through three months accelerator programme are offered $20000 in exchange for 6% common stock and $100000 convertible note upon accepted. It mainly operates four divisions namely, start-up programme, an accelerator, corporate innovation partnership, and a venture capital fund.
The first centre will be launched in Bengaluru in 2018.
Startups, which have so far participated in Techstars’ accelerator programmes, have collectively raised over $3.8 billion, and have a market cap of over $9.9 billion.
In addition to its $300 million venture capital fund, Techstars Venture Capital Fund, the company conducts platforms such as Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Program, and Techstars Corporate Innovation Partnerships. Techstars was founded by David Cohen and David Brown.
The government of Karnataka is also in support of building a bolder and structured ecosystem. In the last three months alone, over 3,200 start-ups have registered with the state government.
India’s PM Narendra Modi too on Thursday appealed for the need of new policy to support budding entrepreneurs in the country.
