Lodha Group, in partnership with Zone Startups India (ZSI), the accelerator operated by Toronto-based Ryerson Futures has launched an unique program Palava Accelerator.
Lodha Group will be investing in Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities which has an initial corpus of Rs 50 crore.
This program will provide a test-bed to emerging technology startups to conduct their pilots at Palava, a privately-developed greenfield smart city located in Mumbai Metropolitan Region (MMR).
Under the partnership with Zone Startups India, 30 startups will be selected startups, who will go through a 4-month acceleration program. These startups will be provided with a dedicated space at Palava to work, get mentorship from ZSI and its wide network, opportunities to conduct pilots, network and raise funds, along with other professional services support (accounting, legal, taxation and more).
Shaishav Dharia, Regional CEO, LodhaGroup said, “Palava Accelerator will aim at invigorating economic growth of Palava, bringing the first set of jobs within the city thereby making walk-to-work a realty for the citizens of Palava. ”
The Palava Accelerator aims to work with 30 startups in a year, on a non-cohort based model, of which 8 to 10 would work out of Palava’s center at any given time. The first set of companies will be announced in mid-November.
Zone Startups India, a proficient player in the accelerator industry will be organizing its 6th accelerator program in India with Palava in a span of three years. Other programs set up during this period include ZSI, empoWer, Gateway91, Rise Accelerator and Thought Factory Accelerator.
Earlier, US-based startup accelerator Techstars had launched its operations in the country, to help rapidly growing start-up ecosystem in India. Last week, Edugild, an edtech accelerator, initiated by Maharashtra Institute of Technology (MIT) Pune had started the fourth batch of its accelerator program.
Zone Startups India: Website