Pawas Jain, co-founder of Blue Box Media (company that owns and manages The Tech Portal) has acquired online incubation platform Startify, in a mix of cash and stock buy out deal. Jain will be acquiring Startify in his personal capacity.
While the exact terms of the buy out are undisclosed, it is confirmed that Pawas will be acquiring a majority stake in the startup.
Talking about the development, Pawas Jain said, “The main attraction is not just a technology-enabled, cloud-based virtual incubation centre, but the very idea of providing a young entrepreneur, end to end services online that can help him/her in scaling from an idea stage to a funded startup is very exciting to me. Startify is on a path to connect startups across India, and startups with mentors seamlessly, which has a lot of potential.”
Related Article: Digital Media Startup Blue Box Media Raises Angel Funding
Founded by 3 IIT Jodhpur students, Himanshu Sikaria, Achyut Joshi and Anshul Agarwal in 2015, Stratify is an Idea growth-cum-management portal along with startup services. The founders of Startify will continue to hold a minority stake in the company.
Startify already has over 100 registered startups, over 140 angels, mentors and incubators on board, and is partnered with Google Developers Startup Launch and E-Cell of IIT Mumbai.
Pawas will be using the platform to aid the online/virtual activity of his other investment, Wired Hub, a co-working incubation space in Jaipur, Rajasthan. It will also be further developed to help other co-working spaces across the country to communicate with their startups in a better way, and the technology will be further strengthened to enable better online mentoring of startups coming on board.
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