The successful startup accelerator Techstars has announced its plans to hit the rapidly growing Indian startup scene.
The Colorado based accelerator, which so far has accepted over 1,000 companies into its programmes, is focusing on hiring a country head to lead its new operations in India before bringing its various programmes to the country, according to co-CEO, David Brown.
“We have been watching India’s growth very closely and its emergence as the third largest global startup ecosystem in less than a decade. There is so much great activity here and the potential for growth is huge, as one of the fastest growing economies in the world,” he added.
Techstarts India will be accompanied in this venture with ANSR, an organisation that offers in house centres and corporate accelerator programmes of global corporations in India.
The accelerator has an impressive track record with startups having taken part in its programme having collectively raised over $3.8 billion, with a collective market cap of over $9.9 billion.
The company also has a diverse portfolio of offerings. On top of its $300 million venture capital fund, Techstars Venture Capital Fund, the global accelerator conducts platforms such as Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Program, and Techstars Corporate Innovation Partnerships.
The programme runs for three months, where the company usually invests $120,000 for a 6% stock. Brown said the numbers are likely to be different for India as they have yet to finalise their strategy.
This announcement comes at a time when the Indian startup scene is exploding with activity. On Thursday, the Prime Minister, Narendra Modi, gathered over 200 young entrepreneurs to help encourage ideas to promote a “New India” by 2022. It was also announced that the 2017 Global Entrepreneurship Summit is heading to Hyderabad.
