US based Allstate Corp, a publicly-traded home and auto insurer is planning to launch a startup accelerator in India.
With an 800-people strong IT backend in India, Allstate plans to incubate or partner with Indian startups working in the domain of data analytics, mobility, internet-ofthings (IoT) and cloud.
“Keeping in view the increasing interest in accelerator programmes (by global companies), we are very excited to start work on the same lines in India,” said Chetan Garga, MD of Allstate Solutions (ASPL) in India to ET.
The company also plans to partner with existing accelerators in the country to launch its program.
Allstate has kept aside a technology budget of about $800 Mn, it is expected that the investment in the startups will come from this fund.
Allstate was founded in 1931 and became a publicly traded company in 1993. As of year-end 2013, Allstate had $123.5 billion in total assets. In 2014 Allstate was number 92 on the Fortune 500 list of largest companies in America.