4 Startups Win On The Spot Funding Of INR 15 Lakhs Each At IIT Bombay’s Ten Minute Million

After the successful first edition of The Ten Minute Million, Entrepreneurship Cell (eCell) of IIT Bombay organised the second edition of the program today during its The Entrepreneurship Summit 2016.

8 shortlisted startups were given 10-minutes each to present their ideas to a panel of 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 Ajeet Khurana, Kunal Shah, Anupam Mittal, Atul Birla, Sanjay Mehta, VC Karthic, Suketu Shah, Samir Shah, Bharat Banka, Devesh Chawla, Srinivasan Swamy, Taha Nabee, Anand Ladsariya, Suneel Bandhu, Vikram Chachra, Manish Gandhi, and Miten Mehta.

The startup will share 4% equity with investors for INR 15 lakhs, it was considered a successful bid only if the startup received 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.

Startups That Won INR 15 Lakhs At “The Ten Minute Million”

Strike

Founder: Akshay Katyal, Aishwarya Jain

Founded In: 2014

Based Out Of: Bangalore

Funding: $28K

Strike is a mobile first email productivity platform for Gmail. You can think of it like Chrome extension for the Gmail app. With Strike, an email user can get all the popular apps it uses on the web, right inside their mobile. Currently, a user can perform multiple actions on the web, like checking social profiles, sending tracked emails, snoozing and email, adding it to CRM, etc. But when it comes to mobile, all a user can do is read and sometimes respond. Strike with its platform approach, is allowing businesses to integrate apps inside strike.

Investors: Ajeet Khurana, Anand Ladsariya, Samir Shah, Vikram Chachra, Srinivasan, Devesh Chawla, Kunal Shah, Manish Gandhi, Atul Birla, Miten Mehta, Anupam Mittal, Taha Nabee. Got over 2x subscribed with INR 28 lakh commitment. Will receive INR 15 Lakhs.

MaaxMarket

Founder: Lenin Srinivasan

Founded In: 2015

Based Out Of:

Funding: 

Businesses often struggle to create personalized content at the right time suiting customers’ demand. Forrester Research says that if businesses can personalize their sales, it will improve by over 87%. Personlisation also increases customer retention and satisfaction rate. How a small business can achieve personalisation in digital world? Maaxmarket is solving this problem by using machine learning and predictive analytics which uses thousands of data points to automatically send content to customers based on their online behaviour. Personalisation aided through machine learning and predictive analytics is one of its kind and the algorithms that Maaxmarket uses, makes it a unique product in the production.

Investors: Suketu Shah, Ajeet Khurana, Anand Ladsariya, Samir Shah, Vikram Chachra, VC Karthic, Srinivasan, Devesh Chawla, Bharat Banka, Manish Gandhi, Atul Birla, Sanjay Mehta, Suneel Bandhu, Anupam Mittal, Taha Nabee. The startup was 5x subscribed with INR 1.18 Cr. Will receive INR 15 Lakhs.

Gamooz

Founder: Gaurav Wadhwa

Founded In: 2012

Based Out Of: Gurgaon

Funding: 50K

Printed books are non-interactive. Text books contains lots of content but not all students are able to get all the learning out of the books. Publishers have been giving away free cds (with a cost of INR 20/book). With these books which contain lots of digital and multimedia content, but cds are not used effectively because of various reasons. Gamooz’s product, “ Rebook-Interactive Books Platform” is an augmented reality mobile app made for text books (different subjects including children books). It allows book publishers to add fun and interactivity to their printed books and also helps them save crores of rupees that were otherwise being spent on cds and content creation. Users can scan pages in a book using mobile camera, to access related videos, audios, interactive slideshows, interactive exercises like filling the blanks, true/false, match the following, MCQs etc. In addition, Rebook allows book publishers to access detail anlytics about what users likes/dislokes and popular chapters of topics. It also allows them to connect with their readers using push notifications, which was not possible earlier.

Investors: Anand Ladsariya,Samir Shah, Devesh Chawla, Suneel Bandhu, Miten Mehta, Anupam Mittal, Taha Nabee. They got commitment of INR 18 lakhs in total. Will receive INR 15 Lakhs.

Sound Surround

Founder: Pritam Baral, Ashray Malhotra

Founded In: 

Based Out Of: Mumbai

Funding: N/A

The startup is reinventing how sound is experienced in concerts. People pay a lot of money for concerts! But the only get a louder musical experience than they can get at home. Concert technology hasn’t changed since long. Speakers just keep getting louder. Even best audio technologies today are stuck at 5.1 systems. Soundsurround has build a system that connects up-to thousands of wearable speakers to give a highly immersive experience!

Investors: Suketu Shah, Ajeet Khurana, Anand Ladsariya, Samir Shah, VC Karthic, Srinivasan, Bharat Banka, Kunal Shah, Manish Gandhi, Atul Birla, Sanjay Mehta, Suneel Bandhu, Anupam Mittal, Taha Nabee. They got total commitment of INR 85 Lakhs.Will receive INR 15 Lakhs.

Other Startups That Pitched

Stomatobot

Founder: Anand Muglikar, Rajashri Shinde Muglikar

Founded In: 2015

Based Out Of: Pune

Funding: N/A

Stomatobot wants to give eyes to machines, so they can see better than us, eventually. Currently, it is aimed to solve the surveillance monitoring problem in near – real – time. People will get proactive alerts of abnormal behaviour and incidents in near – real -time on their mobile phones anywhere 24×7.

Investors: 

Sellulose

Founder: Geet Mehar, Rajiv Seelam

Founded In: 2015

Based Out Of:

Funding: N/A

Sales people usually spend majority of their time going after bad leads in B2B sales segment. They have less data to personlise the sales process for leads. Sellulose’s tool helps sales people priortise leads and where to spend most time to ensure maximum conversion. The tool gathers more data about leads which sales people can use to personalize their communication. It prioritises leads with accuracy so that sales people can optimise time on leads and provide more relevant data about leads which businesses might need to personalize messaging. They have a predictive model which has algorithm for predicting new leads which uses lead data like profile and buying intent

Investors: Ajeet Khurana (INR 2 Lakhs), Anupam Mittal (INR 2 Lakhs), Manish Gandhi (INR 2 Lakhs), Miten Mehta (INR 2 Lakhs).  – Couldn’t reach INR 10 Lakhs.

Rent Pitara

Founder: Akash Sinha, Ali Husen

Founded In: 2013

Based out Of: Pune

Previous Funding: Won IIT-Kanpur’s B-Plan competition IDEAS during Techkriti 2013, received INR 1.5 Mn in prize money.

There is a lack of organised rental market with trustworthy platforms to give and take things for short period of time. With the increase in need of “temporary access” of products, RentPitara provides a platform for people to rent, share or exchange products from one-another to not only fulfill their needs but also to live their desires.

Investors: No one bid

Medimojo

Founder: Dr. Shikha Suman, Vikas Ranjan

Founded In: 2015

Based Out Of: Delhi

Funding: N/A

The startup is helping in improving health outcomes by early detection and evidence based treatment. Its approach is to develop and use technology that allows to disrupt the healthcare ecosystem in a positive way. Medimojo is a patient centric health management solution providing digitisation of your health records, presenting visually analysed reports and connecting with your doctor from anywhere, any device.

Investors: No one bid

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.