Spark10, India’s first European startup accelerator aimed at helping early-stage startups to turn their minimum viable product (MVP) into scalable investable business, launched its operations in Hyderabad, today.
With this launch, the accelerator is now inviting applications from the startups working in Internet of Things (IoT), mobile, Internet, smart technologies, analytics and machine learning domains.
The accelerator will be shortlisting 10 startups for the first batch. The duration of the batch will be three to four month and the startups will be provided mentorship and global network to facilitate business growth.
The accelerator will provide seed funding support of INR 20 lakh in exchange for an 8% equity.
Atal Malviya, lead founder of Spark10, said, “Spark 10′ s mission is to transform early-stage startups to convert it into investable businesses with support from 500+ global mentors which include Director of a Swiss nonprofit foundation, Jonathan Quigley, World Economic Forum, Switzerland; Director of CHC (Consumer Health Care) at Boehringer Ingelheim, a global group of companies in Japan and Founder CEO Sleepout UK.”
Spark10 also aims to invest $100 Mn across several startups over next two years along with extending support of international mentors, subject matter experts, angel investors, VCs and alumni network.
The startup accelerator is backed by Jon Bradford, considered as the godfather of European startup accelerators, Paul Smith, co-founder and managing director of the UK-based Ignite 100 Accelerator, Vijay Ketan Mitra, former vice-president of HSBC Bank Plc, serial entrepreneurs and private investors LN Parmi, Rajesh Gummadapu and Suresh Kamireddy.
The startups that have graduated from the accelerator in the include Dropbox, AirBnB and Quora to name a few.
Atal added, “We have arrived in India with a single motive to churn out startups into valuable companies. We are here to foster rapid growth of portfolio of Tech Startups.”
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