The government of Rajasthan’s flagship programme iStart hosted Rajasthan Angel Investor Pitch 2019 where more than 50 select startups pitched to over 100 investors for funding. Hosted at Bhamashah Techno Hub, Angel Investor Pitch 2019 was a collective session where a group of investors sat through the day and addressed 15-20 startups each.
Started by the Rajasthan government, iStart, incorporates a single-window platform for startups offering a host of relevant information and benefits to facilitate their entry into the ecosystem.
Launched in November 2017, iStart has enrolled more than 750 startups till May 2018. With the launch of the Bhamashah TechnoHub Incubator, which aims to incubate 700 startups, and the Bhamashah Startup Promotion Fund of $77.3 Mn (INR 500 Cr), iStart has helped the state government achieve the advancement of the state, both economically and technologically.
Currently, there are 1,394 registered startups under iStart. Around 13 companies have been funded through Bhamashah Techno fund, 37 through marketing assistance and 39 through sustenance allowance.
For the Angel Investor Pitch 2019, iStart received over 300 applications and shortlisted over 50 curated through a rigorous evaluation process which lasted for almost a month. The team says that event was conceptualised taking into account that iStart’s startups have now reached a stage wherein they can pitch before angel investors and climb up the ladder of startup maturity lifecycle.
Also, the iStart team hosted mentor series at TechnoHub starting from May 29 wherein ecosystem experts mentored shortlisted startups for the pitch. The mentors included Vishwas Shringi,Voylla; Anurag Jain, cofounder, Cardekho; Ajit, TEDx Ambassador for India), Dr. Jayshree Periwal, founder, Jayshree Periwal Schools and Kumar Anubhav. founder, NotonMap).
On the D Day, the select 50 startups pitched to one-to-one closed door pitching format. The investors in attendance included IvyCamp Ventures, Rajasthan Angel Innovator’s Network (‘RAIN’), fraternity from NASSCOM, Metacube, HDFC Bank, Axis Bank, Rajasthan Venture Capital Fund (‘RVCF’), BNI, Omnivore, Startup Oasis and Startup Buddy.
Some of the startups who pitched at the event include HyreFox, PaniPuri, FreshoKartz, MedDelivery etc.
The pitch event comes barely weeks after the Model Code of Conduct was lifted after the General Elections 2019. Also, after the government eased angel tax burden on startups and investors, the pitch session is a great way to support the early stage ecosystem.
It is to be noted that according to Inc42 DataLabs, from 551 in 2017, the number of seed-stage deals have come down to 331 in 2018 — a 40% decline. On the other hand, the total amount invested in early-stage startups has gone up by a staggering 138%.
At present, there are over 416 venture funds who have a focus on the early-stage startups in India. The marquee VC funds like Kalaari Capital, Tiger Global Management, Accel Partners India, Sequoia Capital India, etc.
In the DPIIT’s 2018 State Startup Ranking, Rajasthan was among the top performers and with continuous support for startups along the lines of Angel Investor Pitch, Rajasthan is further supporting Indian startup ecosystem.