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2013-12-26

Nasscom helps four start-ups raise Rs 40 lakh

IT body Nasscom has helped four start-ups raise funding of Rs 40 lakh as part of its programme to help entrepreneurs turn their ideas into successful businesses.

IT body Nasscom has helped four start-ups raise funding of Rs 40 lakh as part of its programme to help entrepreneurs turn their ideas into successful businesses.
 

In a statement issued by Nasscom, it said that four start ups - Boutline, Imly, Drawtime and Routo - raised Rs 10 lakh each as part of Nasscom's on-the-spot funding event for pre-revenue companies.
 

Eight pre-revenue companies were shortlisted from the applications received for the 10,000 Start-ups programme, which pitched their business ideas to a panel comprising of 10 investors.
 

Boutline offers event audience engagement app, while Routo has a suite of location sharing apps for business listings and location tracking.
 

Drawtyme has a mobile video platform for teachers to share interactive videos with students and Imly offers a marketplace of home-cooked delicacies.
 

Under the Smart Capital, Nasscom's 10,000 Start-ups and Microsoft Venture with the support of Mumbai Angels have developed the on-the-spot funding model to help prototypes get the backing of angel investors who invest about Rs 5-10 lakh in them for the same percentage points of equity.
 

Under the format, very early stage start-ups pitch for about five minutes to a panel of investors and post the pitch, those who are interested pool together to pitch in Rs 5-10 lakh of funding.
 

These companies also receive mentoring and connections as well.
 

Rajat Tandon, Senior Director, Nasscom 10,000 Start-ups in the statement said, “The real value these companies would receive is in form of the mentoring and connections they would get access to through the respective investors.”

 

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