Ravi Kiran and Shravan Shroff-backed startup accelerator VentureNursery has received more than 120 applications from startups teams, originating from 17 cities including Mumbai, Bangalore, Delhi and even from as far as Imphal and Patna. Applications were being accepted between April 1 and April 23. The final shortlist of between five and eight applicants who will participate in a 13-week bootcamp in Mumbai will be announced on May 9.
The accelerator is also in talks with three early stage venture capital firms to partner the initiative, of which two have already confirmed their participation, Apoorv Ranjan Sharma, executive vice president at Venture Nursery, told StartupCentral.
Out of the 120 applications, about 47 per cent have come in from the Mumbai and Pune region, while Bangalore and Delhi accounted for about 15 per cent each, said Sharma. The majority of applications, approximately 40 per cent, came through social media channels, while references accounted for about 25 per cent.
In terms of sector diversity, about 40 per cent of applications are from the retail sector, of which ecommerce startups constitute about 16 per cent. The other sectors include consumer technology, media and entertainment and education. “The typical profile of applicants is professionals who have professional experience of between four years and 10 years, though we also have a couple of applicants with more than 20 years of experience,” he said. Another interesting statistic is that 29 per cent of the total applicants have been involved in at least one startup in the past.
In addition to applications for the 13-week bootcamp, the accelerator has also received two dozen applications for its parallel track programme, which is designed for startups who are at a relatively advanced stage and may not need the 13-week programme.
The accelerator’s aim is to conduct a minimum of two bootcamps in a year in Mumbai with a target to accommodate up to eight start-ups in each program. At the end of each boot camp, successfully graduating start-ups will be evaluated for investment by a group of committed angel investors. VentureNursery will pick up sweat equity in the startups that participate in the bootcamp and Kiran and Shroff are also committed to investing in up to three startups that graduate from the programme.
Shroff founded and led Mumbai-based multiplex player Fame Cinemas, which was acquired by Inox Leisure in early 2010. Kiran led Starcom MediaVest Group’s South East Asia and South Asia operations as CEO and is a co-founder of Mumbai-based growth advisory firm Friends of Ambition. Both are also active angel investors through Mumbai Angels and Indian Angel Network and have made 18 investments between them.
Image Courtesy: VentureNursery