Funding platform for start-ups to be launched in three cities

Bangalore: The Indian start-up scene is set to take a big step forward with the launch of the Global Superangels Forum’s (GSF) Accelerator programme across three cities — Delhi, Mumbai and Bangalore. The programme is seen as the single-largest funding platform for Indian start-ups.

GSF Accelerator is the initiative of Rajesh Sawhney, founder of GSF, a network of 30 leading digital founders and investors. Earlier, as president of Reliance Entertainment, Sawhney had led Reliance Group’s foray into media & entertainment — the film eco-system, broadcasting and new media. He had founded leading web portal Indiatimes.com and pioneered mobile value-added services in India.

Sawhney said the programme would create a global springboard for the next generation of Indian start-ups, especially product-oriented technology ones in mobile, social, local and cloud areas. “There is no reason why Indian entrepreneurs cannot create the next Instagram, or the next Twitter, or the next Inmobi,” he said.

Key advisors to GSF include Naveen Tewari, chief executive and founder of Inmobi (a global mobile platform), Avnish Bajaj, founder of venture capital fund Matrix Partners, Saul Klein, partner at Index Ventures and co-founder of TAG and Seedcamp, and Dave McClure, founder of 500 Startups, an early stage investor in the Silicon Valley.

The programme would be held simultaneously in Delhi, Mumbai and Bangalore through October-November, with each city hosting four start-ups. Extensive coaching would be provided to the 12 GSF start-ups through seven weeks by a mentor pool of about 200 leading global co-founders and digital masterminds.

Sawhney says, “Twelve start-ups would receive initial funding from GSF this year. This is the single largest funding platform for Indian start-ups. GSF Superangels would provide additional funding to a few start-ups at the end of the programme. The 12 start-ups would also be showcased at the GSF 2012 (the second Global Superangels Forum) on Nov 26/27, in which 400 leading early stage investors from across the world would interact with officials from these start-ups.”

Thirty leading founders are funding GSF Superangels and the GSF Accelerator. Leading Indian funds such as Kae Capital and Blume Venture have also partnered the GSF programme. Sawhney says, “GSF has tied up with 500 renowned start-ups by Dave McClure to provide access to its Silicon Valley networks. Similarly, European mentorship platform Seedcamp would provide access to GSF start-ups in Europe. GSF’s relationship with Singapore-based fund Ruvento would create cross-border fertilisation of businesses and capital between India, Singapore and Russia.”

Dave McClure says, “India is booming with innovation, and 500 Startups is excited to partner GSF Accelerator in one of the world’s most exciting entrepreneurial ecosystems. 500 Startups has already made several investments in India, and we plan more investments in the future.”

Seedcamp partner Reshma Sohoni says, “We started five years ago, with the objective of accelerating founders across Europe. We broadened this to include EMEA (Europe, Middle East and Asia) and beyond, and are now happy to put a strong stake in the ground in India with GSF.”