Chairman and managing director of Oxigen Services, Pramod Saxena, has launched a startup accelerator Aarambh Ventures in partnership with IIT-Roorkee.
The accelerator will focus on startups operating in financial technology and clean technology.
Saxena, a former IIT-Roorkee alumnus, said, “As of now, we are focusing on IIT-Roorkee affiliated alumni, students and faculty members with interesting ideas and product concepts that can brainstorm product ideas in the idea lab before going on to phase two, which will be the accelerator programme. Based on how this works, we will look at including other IITs or outside applications.”
The accelerator platform is said to operate in two phases.
- The first place will provide infrastructure and tech support to the selected startups by setting up an idea lab at the IIT-Roorkee campus
- The second phase will be a 16-week accelerator programme located outside the campus in Greater Noida
The accelerator plans to select close to 100 ventures in the next two years. It aims at turning at least 20% of them successful viable business ventures with funding.
Saxena added, “We are expecting to see a lot of SaaS, AI and big-data-oriented platforms integrated into these startups. The focus will be on promoting startups that are using smart algorithms to create cost-efficient products.”
Aarambh Ventures also plans to partner with several early-stage funds including Unitus Seed Fund, Ivy-Cap Ventures, and LetsVenture, along with selected HNIs and angel investors.
Before starting his own venture at Oxigen, Saxena served as the Chief Executive Officer of Essar Group’s Telecom Business and was responsible for acquiring and building out the mobile networks for many state circle. He has served various companies like Loop Mobile India, Motorola Inc, Aegis Communications Group, and Lemko Corp. with his significant experience in telecommunications, steel, petrochemical, and fertilizer industries.