Venture Catalysts Ties Up With Plug n Play To Help Indian Startups
Venture Catalysts, A Seed Investment & Innovation platform, announced a partnership with Plug and Play International. According to the company, this partnership will allow Venture Catalysts to access Plug and Play’s start-up accelerator framework and deploy the same for budding Indian ventures and empower them with support infrastructure that will promote scale, sustainability and success. It will also help Indian startups get exposure to Silicon Valley entrepreneurs and investors.
With this onset, Venture Catalysts will send two Indian startups working on artificial intelligence to the Valley in February for a “three-month experience”, said Apoorv Ranjan Sharma, cofounder of Mumbai-based Venture Catalysts.
Plug and Play is a global start-up accelerator and reviews over 4000 start-ups annually, investing in more than 100 new ventures annually. The likes of Dropbox, PayPal, LendingClub and Zoosk have been incubated by them.
“India, despite registering rapid start-up growth, is at present severely lacking in early-stage support for upcoming ventures. This results in nearly 85-90 percent of Indian start-ups shutting down within the first few years of their operations. This is where this partnership with Plug and Play comes into the picture. By leveraging Plug and Play’s proven expertise in accelerating start-up growth, we will be exposing Indian start-ups to strategic opportunities from across the globe. We are confident that this association will empower Indian ventures with a global perspective and will help them evolve differently, thus propelling them to be game-changers in their chosen market segment.” added Apoorv Ranjan Sharma.
Venture Catalysts says that it hopes that the association will see Indian companies being exposed to strategic opportunities to connect with potential partners, investors and mentors from around the world.
Yael Oppenheimer, International Operations Manager, Plug and Play said, “Our association with Venture Catalysts is perfectly timed as the Startup culture in India is touching new heights. With budding entrepreneurs looking for all-round solutions, Venture Catalysts is a welcome move towards bringing synergy in the startup ecosystem identifying fresh talent as well as nurturing them. We are delighted to partner with Venture Catalysts bridging the gap between Silicon Valley and India”.
According to Sharma, at least 10 would be sent to Silicon Valley on a yearly basis, beginning 2016.
Venture Catalysts is targeting $14.9 Mn (INR 100 Cr.) corpus from multiple investors that will drive a seed stage investment of an average ticket size ranging from $112K (INR 75 lakhs) to $224K (INR 1.5 Cr) per venture. It plans to initially invest in about 15 to 20 startups on an annual basis.