Bangalore-based startup accelerator Kyron, has raised $9 Mn in a funding round led by Accel Partners including participation from CEOs of some multinational companies and family offices.
The funding will be used to attract 30-40 global in-house captives (GICs) in the country in the coming 5 years and to start an engagement programme for startups to work directly with the MNCs. In this programme, Kyron will extract a 5% stake for an investment of uptil 50k (INR 32 lakh). However, multinationals will not participate in the investments.
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ANSR consulting firm was co-founded by Lalit Ahuja, Robert J Ulrich, D.P. Narayana, Thomas W. Sisson and Dr. Thomas N. Duening in 2003. ANSR provides comprehensive multidisciplinary academic project development, content development, and related services to the higher education and professional training industries.
Kyron’s objective is to provide a global launchpad for young startups to grow their business by working with some of the largest industry leaders in their respective domains with a focus on retail, media, fin tech and education. Kyron’s “KONNECT” program specifically helps enterprise startups work directly with Fortune 500 companies to solve core domain problems. Kyron’s global accelerator program is sector-agnostic and helps startups with investor connects, mentor matching and providing a wide variety of benefits through industry partners. Startups can also choose to work out of a common co-working space. Kyron has over 25 startups in its portfolio, including Bookpad which was acquired by Yahoo last year.
According to the Nasscom report, number of global in-house captives in India has increased from 750 to over 1,000 in 5 years.