Spark10 to invest 660 cr in Indian startups
Spark10, a European startup accelerator, is gearing up to invest $100 million in Indian startups over the next two years.
Hyderabad: Spark10, a European startup accelerator, is gearing up to invest $100 million in Indian startups over the next two years. Initially, it will support 10 startups in the city with investments and mentoring before going to other cities.
“We invest Rs 20 lakh in each of the startups we choose and also provide mentoring services. For that, we take eight per cent stake in the startup. Our plan is to invest $100 million in India over the next two years,” Vijay Ketan Mitra, co-founder, Spark10, said here on Monday.
The startup accelerator focuses on early-stage venture with an aim to help them turn their prototypes or minimum viable products (MVPs) into scalable businesses. It will concentrate on startups in the domains of IoT (Internet of Things), mobile, internet, smart technologies, analytics, machine learning, etc.
“The reason why we have chosen Hyderabad for kicking off our Indian operations is for its emerging startup ecosystem. With India’s largest incubator T-Hub launched recently, Hyderabad been positioned as the startup capital of India,” said Mitra.
With supportive government, Hyderabad is currently riding next wave of start-ups in India. The city is already home to over 1000 startups, he added. Spark10, founded by Atal Malviya and others, is backed by Jon Bradford, considered as god father of startup accelerators in Europe.