Four Indian startups raise Rs. 10 lakhs each at Nasscom event

26th December 2013 | By Mouseworld Now Correspondent |

NASSCOMNew Delhi, India, December 26, 2013: Nasscom has helped four start-ups raise funding of Rs 40 lakh as part of its programme to help entrepreneurs turn their ideas into successful businesses. Eight pre-revenue companies were shortlisted from the applications received for the 10,000 Start-ups programme, which pitched their business ideas to a panel comprising of 10 investors. Nasscom had started the 10,000 Start-ups program with the support of Google, Kotak, Microsoft and Verisign.

Nasscom said, “Four start ups are Boutline, Imly, Drawtime and Routo, raised Rs 10 lakh each as part of Nasscom’s on-the-spot funding event for pre-revenue companies.”

Boutline offers event audience engagement app, while Routo has a suite of location sharing apps for business listings and location tracking.

Drawtyme has a mobile video platform for teachers to share interactive videos with students and Imly offers a marketplace of homecooked delicacies.

Under the Smart Capital, Nasscom’s 10,000 Start-ups and Microsoft Venture with the support of Mumbai Angels have developed the on-the-spot funding model to help prototypes get the backing of angel investors who invest about Rs 5-10 lakh in them for the same percentage points of equity.

Under the format, very early stage startups pitch for about five minutes to a panel of investors and post the pitch, those who are interested pool together to pitch in Rs 5-10 lakh of funding. These companies also receive mentoring and connections as well.

Nasscom 10,000 Start-ups Senior Director Rajat Tandon said, “The real value these companies would receive is in form of the mentoring and connections they would get access to through the respective investors.”

 

© Mouseworld Now News Service

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