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2012-09-22

Gaurav Kachru, Pearl Uppal to start seedfund cum accelerator programme for tech start-ups

Gaurav Kachru, former CEO and co-founder of Dealsandyou, and his wife Pearl Uppal, former co-founder and CEO of Fashionandyou, will be launching their new business, 5ideas. A combination of seedfund and accelerator programme, 5ideas will invest in online

Gaurav Kachru, former CEO and co-founder of Dealsandyou, and his wife Pearl Uppal, former co-founder and CEO of Fashionandyou, will be launching their new business, 5ideas. A combination of seedfund and accelerator programme, 5ideas will invest in online and mobile start-ups.

“5ideas is a brand behind the ventures we will set up in tech start-ups ecosystem in India. It is an accelerator cum seedfund that will work in mobile and Internet space and will be a platform where founders, investors and mentors will help start-ups to gain traction,” Uppal told SMEntrepreneur.

5ideas will invest with a seedfund of up to Rs 2.5 crore per company and will work with up to six start-ups for a period of six months. “The funding will be given for six months at a time over a period of 6-12 months, and 5ideas will work with them as a partner to help them get into the next level of institutional round of funding,” said Kachru.

“Companies having a proof of concept would be supported in their product and customer acquisition, working on unit economies and fund raising in series A,” Uppal added.

5ideas is looking to raise $10 million, of which a partial amount has already been raised from both domestic and foreign investors. The company will start investing by December end or early January, next year.

Talking about the kind of tech start-ups 5ideas is looking to invest in, Kachru said, “We are looking for companies that are growing, providing meaningful solutions to the problems through businesses and looking for meaningful and large opportunities. Moreover, the current solutions that they are working on should be in the right direction and have products with early customer traction.”

“They need to be capital-efficient also because we are looking for businesses that do not need much capital to show results,” said Uppal.

5ideas is looking to work across the country, said Kachru.

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