These startups started closing business deals within weeks into the GenNext Accelerator Program, said Rajinish Menon, Director, Microsoft Ventures.
GenNext Innovation Hub, a Mumbai-based accelerator and a joint initiative between GenNext Ventures and Microsoft Ventures, has announced the progress of its first batch of startups which comprises of a mix of 11 startups from across sectors such as education, healthcare, transportation, retail, and human resources. The accelerator programme is aimed at catalysing the country's technology startup ecosystem.
The startups, selected from a wide range of applicants in October 2014, are reaping the benefits of being a part of this programme. They have successfully won businesses with major public and private sector companies in India and overseas such as Fortis, Flipkart, Raymond, Credit Suisse, Dot Cabs and Snapdeal.
Commenting on the success and progress of the programme, Dr RA Mashelkar, Chairman, GenNext Ventures and Board Member, RIL, said, "It is overwhelming to witness interesting companies with innovations and deep intellectual properties pursuing their goal of creating global businesses from India. We are happy to have many entrepreneurs in the batch who gave up lucrative careers in India and overseas to create companies to innovate and build businesses to address global needs."
Rajinish Menon, Director, Microsoft Ventures, said, "Paying customers are the best validation for a startup. These startups started closing business deals within weeks into the GenNext Accelerator Program, which shows that corporates around the world appreciate the companies and products accelerated by Microsoft Ventures. We will continue to work with these startups as they evolve into billion dollar companies of future."
Guided by a team of experienced and highly accomplished mentors, the startups worked incredibly hard to understand market insights and dynamics and many have pivoted their businesses significantly over the past few months. They are now in the final stages of signing many more customers, both globally and in India.
Expressing its experience in GenNext Innovation Hub, Sagar Apte, CEO and Founder, CarIQ, said, "GenNext has been the best thing that happened to us at CarIQ. It helped us get rid of our 'frog in the well' mentality, allowing us to dream bigger and aim higher. The team at GenNext helped bring method to our startup madness and allowed us to focus and challenge our belief."
"The GenNext Innovation hub helped us to see ourselves and the business from a whole new perspective that gave us a much needed focused approach in enhancing our product and acquiring new customers globally. The GIH Accelerator fills in the skill and experience void that young entrepreneurs have," said, Ankur Agarwal, CEO and Founder, Piron.
Here is a sneak peek at all the 11 startups graduating from GenNext acceleration programme:
CarIQ: It is an online platform for automobile information and sales in India.
LogiNext: It is a connected car platform with real time tracking, analytics and optimisation engine for logistics companies.
Playport: It is a mobile device based entertainment service for travellers with its solutions deployed at airports and bus depots.
Coitor: It is an augmented reality based virtual trial rooms for apparel retailers.
Piron: It has developed personalised learning platform providing curated content using predictive analytics.
Axlerate: It is passenger security and engagement platform for public transport operators.
Health Vectors: It is a health risk predictive and prescriptive platform.
Interview Mocha: It is a pre-employment testing solution for skills in business, finance, marketing, sales, language, ERP, design, development, IT etc.
Mocioun: It is a mobile app to organise and engage in group activities.
Oztern: It is an interactive educational platform for K-12 and test preparation.
Light: It is an alternative to search engines which provides relevant answers instead of web links.