US-based Michael and Susan Dell Foundation is reportedly looking to set up an incubator for early-stage startups in India. The focus will be on startups with solutions for the underserved and the unserved segments. The foundation is in talks with CIIE for the same. Founded in 2007, CIIE is IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship.
Talking about the incubator Rahil Rangwala, the Director for family economic stability at Michael and Susan Dell Foundation said, that the incubator will look at early-stage companies that offer financial inclusion, digital empowerment, job creation and services in other such impact areas. Apart from this, the foundation will also offer seed funding to the startups.
Founded in 1999, the central mission of the US-based Michael & Susan Dell Foundation is transforming the lives of children living in urban poverty through better education, family economic stability, and health. Since 2006, the Michael & Susan Dell Foundation has invested more than $172 Mn (INR 1,100 Cr) in non-profit and social enterprises in India.
In May 2016, the Michael and Susan Dell Foundation earmarked an additional $50 Mn (about INR 333 Cr) towards investments in the country over the next three years.
The incubator will be set by the end of this year. Rahil further added, “With this incubator, we aim to back startups serving at the bottom of the pyramid. We will look at startups in the areas of financial inclusion, job creation in the informal sector and other important areas.”
Prior to this in November 2016, it made an equity investment of $2.1 Mn in mobile-first multilingual test preparation app OnlineTyari (OT). The foundation also participated in the $3.75 Mn (INR 25 Cr) in Series A funding round of online marketplace for last-mile logistics Blowhorn.
In India, the Michael and Susan Dell Foundation has backed two early-stage funds viz Unitus Seed Fund and Menterra Venture Advisors, an impact fund set up by social business incubator Villgro as a limited partner.
With the new incubator in India, the Michael and Susan Dell Foundation, in partnership with CIIE, will allow it to step closer to bridge the gap between society by promoting solutions for the underserved and the unserved segments.
(The development was reported by ET)