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Three Startups Win On-The-Spot Funding At IIT-B’s Ten Minute Million Challenge

Three Startups Win On-The-Spot Funding At IIT-B’s Ten Minute Million Challenge

The challenge was part of IIT Bombay's Entrepreneurship Summit

LegitDoc was rated the top startup pitch and received bids worth $206K

rePurpose Global got bids worth $142K and Giscle received $88.5K

The Entrepreneurship Cell (E-Cell) of Indian Institute of Technology, Bombay (IIT-B), hosted the fifth edition of ‘The Ten Minute Million Challenge’, as part of its annual event – The Entrepreneurship Summit 2019.

The challenge is E-Cell’s attempt to take a different approach to the fundraising process for a startup, where 10 selected startups pitch their idea to investors within an allotted tim of 10 minutes with the most promising pitches winning funding on the spot to pursue their idea. The competition offered the best pitch, prize money of up to $22.7K (INR 16 Lakh).

Out of eight startups who pitched, three startups won the on the spot funding at the latest The Ten Minute Million Challenge.

The startups pitched in front of 14 investors panel which included V C Karthic, Dishit Shah, Siddharth Ladsariya, Tufail Khan, Bharat Banka, Hari, Anoop Mathur, Sanjay Mehta, Anand Govindaluri, Sachin Tagra, Sharan Aggarwal, Abhishek Bhatewara, Devesh Chawla, and Gagan Gupta.

The winning startups will be sharing an equity of 4% with the investors for a prize amount of $25.16K.

In the last four editions of this challenge, 15 startups have received on-spot funding from the investors’ panel. In 2017, six startups made it to the final round from 310 applications. Out of these Adloid and My Clinical Nutrition won $22.7 K (INR 16 Lakh) and $32.6 K (INR 23 Lakhs) in funding from the investors.

Here Are The Three Winners

Crossforge Solutions Private Limited (LegitDoc)

Founder(s): Francis Serrao,  Shesha Vishnu Prasad and Neil Kevin Martis

Founded in: 2018

Headquarters: Bengaluru

Funding received: It received $206K (INR 1.47 Cr) bid

About the company: LegitDoc is a blockchain startup which solves the problem of forgery of documents (marks cards, university certificates, insurance papers, permits, invoices, land records etc.) using public blockchain technology. Using LegitDoc, any authority such as universities can issue documents (ex. marks cards), whose authenticity can be verified publicly within 10 seconds, free of cost from anywhere around the world by a simple drag and drop mechanism.

rePurpose Global, LLC

Founder(s): Svanika Balasubramanian, Peter Wang Hjemdahl and Aditya Siroya

Founded in: 2016

Headquarters: Mumbai

Funding received: It received $142K (INR 1.01 Cr) bid

About the company:  rePurpose is a social enterprise dedicated to creating a global movement of conscious consumers and brands who go plastic neutral by financially empowering waste worker cooperatives and waste management social enterprises in South & Southeast Asia.

Giscle Systems

Founder(s): Suman Kumar Jha and Roshan Kumar Jha

Founded in: 2017

Headquarters: Bengaluru

Funding received: It received $88.5K (INR 63 Lakh) bid

About the company: Giscle is a Computer Vision platform aiming at providing efficient, powerful, accurate and cross-platform vision service. Giscle uses the cutting-edge technology of computer vision and data mining to provide 3 core vision services (Detection, Recognition, and Analysis). Giscle Cognitive services are available in the form of API and SDK which is easy to integrate with any client-side application such as web, app, and IP camera.

Other Startups Who Pitched And Won Funding

Minocular

Founder(s): Mohit Sahu and Puru Agrawal

Founded in: 2016

Headquarters: Raipur

Funding received: It received a bid of $15,466 (INR 11 Lakh), but was not successful as startup didn’t receive $25.16K commitment

About the company: BlueBanyan is an industrial technology company delivering real-time machine intelligence to the resources sector enabling clients to make educated quick decisions to increase productivity, reduce costs and minimize risk.

Veratech

Founder(s): Mayank Sharma and Mohit Yadav

Founded in: 2017

Headquarters: Gurugram

Funding received: It received a bid of $7,030 (INR 5 Lakh).

About the company: Veratech is a data-driven intelligence company that helps businesses understand more about the clients, partners, alliances and their competitors. They provide businesses with relevant information obtained on a real-time basis with actionable insights that help them decide better and faster.

Shunya O/S (6m Innovations Ltd)

Founder(s): Nikhil Bhaskaran, Yogesh Hegde, Nishant Poorswani and Sneha Bhapkar

Founded in: 2018

Headquarters: Pune

Funding received: It received a bid of $1,406 (INR 1 Lakh).

About the company: Shunya OS is the operating system for the next era of IoT and AI. It is an AI integrated OS for microprocessor-based embedded devices. It has almost all features needed to run an IoT device. Features like Fota, secure boot, MAC etc which are offered by other companies as premium are included in this OS by default.

TravelShelf

Founder(s): Romil Tiwari, Rajat Bhardwaj and Aditya Arya

Founded in: 2017

Headquarters: Bengaluru

Funding received: It received a bid of $1,406 (INR 1 Lakh).

About the company: An AI assisted SaaS platform for travel brands to conduct influencer and content marketing. Brands have to search for influencers and content creators, validate them, talk to them, and get metrics on a successful campaign.

Symphony

Founder(s):  Rosanlal Behera

Founded in: –

Headquarters: Mumbai

Funding received: It received a bid of  $1,406 (INR 1 Lakh).

About the company: Symphony is a music social networking app. It is like an Instagram and Quora for Music where users can share 30 second lmusic stories out of 45 Mn songs with their friends and ask/answer music questions.

Author

Bhumika Khatri

Inc42 Staff

Hailing from a business-oriented family, Bhumika has always been crunching numbers in her head. Words are her escape and she looks to find hidden startup stories. Reach her on [email protected]

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