After the successful first two editions of The Ten Minute Million, Entrepreneurship Cell (eCell) of IIT Bombay organised the third edition of the pitch competition today during its annual Entrepreneurship Summit 2017.
Six shortlisted startups were given 10-minutes each to present their ideas to a panel of 14 angel investors to win on-the-spot funding of up to INR 1.5 Mn. The startups were given five minutes to pitch and follow up five minutes to answer the questions raised by the investors present.
The pitches were attended by marquee angels like Ajeet Khurana, Vikram Chachra, Taha Nabee, Devesh Chawla, VC Karthic, Sanjay Mehta, Miten Mehta, Bharat Banka, Anand Ladsariya, Pranav Khanna, Sachin Tagra, Hari Krishnan, Srinivasan Swamy, and Anirudh Damani.
The winning startups will share 4% equity with investors for INR 15 Lakhs. The bid was considered successful only if a startup received a INR 15 lakhs commitment. It was considered as a failed bid, in case the startup failed to get less than INR 10 Lakhs and in case the startup got 10-14 investors, they got a chance to revise the bid.
Out of the six startups that pitched, three won INR 15 Lakhs in funding from the investors present and one startup received INR 12 Lakhs in funding.
Startups That Won INR 15 Lakhs At “The Ten Minute Million”
Founder(s): Neil Savant
Founded In: 2014
Funding Received: Got 6X subscribed with more than INR 70 lakh in commitment. Sanjay Mehta led the round.
It provides end-to-end IoT solutions for home automation applications. It claims to provide innovative and intelligent solutions based on the IoT platform which will offer applications like intrusion monitoring at affordable prices.
Founder(s): Tarusha Mittal, Mohit Madan
Founded In: 2011
Headquarters: New Delhi
Funding Received: Got 3X subscribed with more than INR 15 Lakhs being committed.
Cloudrino enables companies to create virtual servers with a click of a button. It is built on a scalable infrastructure and offers well-documented APIs that would enable developers to integrate Cloudrino with their apps. Post their beta phase, the team plans to open its APIs for everyone.
Founder(s): Kunal Mehta, Prasanjeet Suradkar, Abhijeet Pawar, Piyush Chauhan
Founded In: 2015
Funding Received: Got 3X subscribed with over INR 45 Lakhs in commitment.
It is a refurbished furniture brand and provides a platform to buy quality second-hand furniture online. It verifies each product either second hand/excess stock, refurbishes them in line with aesthetic benchmarks and lists it on the portal. Details of refurbishing done are mentioned on each product. Also, one year warranty is provided on each product.
Besides, Maptags received INR 12 Lakhs in funding during the event.
Founder(s): Krishna Yogi, Abhinav Saksena, Suman Jha
Founded In: 2015
Funding Received: Although subscribed for INR 13 Lakhs, but was then lowered to INR 12 Lakhs due to some reasons.
Maptags is a smart address platform which allows a user to create a ‘maptag’ for any of his addresses. Once created, a user can then share his address with a simple URL, instead of typing out the complete address again and again.
Other Startups That Pitched
Founder(s): Shubham Satyarth, Indranil Guha
Founded In: N/A
Funding Received: It received a commitment of INR 8 Lakhs, but, failed to achieve a successful bid
Finpeg is an web-cum-mobile investment platform for accessing investment advisory at an ultra-low cost. Finpeg’s vision is to make professional and unbiased investment advisory available and affordable to everyone – regardless of ticket-size. The startup claims to have the most advanced algorithmic engine for designing portfolios of curated investment instruments that are customised to suit the unique financial goals, age, and risk appetite of each individual investor.
Founder(s): Dipanjan Purkayastha, Satanik Roy, Ambarish Sengupta, Ashish Chakraborty
Founded In: 2016
Funding Received: No one subscribed
Yibeal is an online to offline startup for pre-owned mobile phones. It provides users with first-of-its-kind warranty and insurance coverage for Pre-owned phones. They have also developed a Maximum Selling Price (MSP) calculator to help users estimate a reasonable price range.