IANGELS Initiative by India Accelerator Targets 100 Crore Rupees Investment in 50 Startups for FY 2024
Three points you will get to know in this article:
- The angel network aims to boost Chennai’s startup ecosystem through partnerships with diverse entities and corporations.
- Selected startups will undergo a rigorous IA-led selection process with multiple stages to assess their potential.
- Mona Singh, Co-founder of India Accelerator, emphasized Tamil Nadu government’s innovation and entrepreneurship policies with diverse incentives and startup support.
The chosen startups will undergo IA’s thorough evaluation journey, comprising multiple phases to gauge their promising capabilities.
iAngels, a network of angel investors supported by India Accelerator (IA), has introduced a Rs 100 crore fund within its Chennai chapter. This initiative aims to provide backing to 50 startups located in the southern region of India during the fiscal year 2024.
The angel network’s objective is to enhance the startup landscape in Chennai by forging partnerships with various entities, institutions, and corporations. These collaborations include Startup TN, IIT-M, KSUM, TiE Chennai, and NSCREL. The network’s vision encompasses both local ecosystem enrichment and global expansion, highlighting its focus on innovation.
The chosen startups will undergo a meticulous selection process conducted by IA, involving multiple stages to gauge their potential. Successful candidates will embark on a comprehensive four-month program centered on business growth and mentorship, fostering their overall development.
Mona Singh, Co-founder of India Accelerator, highlighted that the Tamil Nadu government has introduced a range of policies designed to cultivate innovation and entrepreneurship. These policies provide diverse incentives and support mechanisms for startups.
She further stated, “Through the Chennai Chapter, our aim is to leverage the benefits of the Tamil Nadu startup ecosystem and contribute to the burgeoning startup community in the region.”
Chennai boasts a thriving community of startups encompassing various sectors such as B2B SaaS, women-led ventures, deep tech, climate tech, sustainability, and fintech. This vibrant ecosystem enables iAngels, affiliated with IA, to expand its presence and actively aid the Tamil Nadu government’s endeavors to nurture the local startup environment.
In summary, iAngels, supported by India Accelerator, has initiated a distinctive and user-friendly approach, launching a Rs 100 crore fund through its Chennai chapter to back 50 startups in southern India during FY24. The network aims to bolster the Chennai startup ecosystem by collaborating with diverse entities and plans to advance both locally and globally with a focus on innovation. The selected startups will engage in IA’s rigorous selection process, leading to a four-month program for business growth and mentorship. This effort aligns with the Tamil Nadu government’s commitment to fostering innovation and entrepreneurship. The dynamic startup scene in Chennai, spanning various sectors, further enables iAngels to contribute to the growth of the region’s startup ecosystem while supporting the government’s initiatives.
iAngels, in collaboration with India Accelerator, has taken a significant step towards nurturing the vibrant startup landscape in Chennai and southern India. With a Rs 100 crore fund and strategic partnerships, their commitment to innovation and entrepreneurship is evident. Through a rigorous selection process and a comprehensive four-month program, they aim to empower 50 startups, aligning perfectly with the Tamil Nadu government’s vision for fostering innovation. This initiative not only strengthens the local ecosystem but also contributes to the broader growth of Chennai’s diverse startup community, making it a win-win for all stakeholders involved.
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