The goal of this public-private partnership is to produce successful, world-class Indian mobile app companies.
The International Institute of Information Technology-Bangalore (IIIT-Bangalore) and Peesh Venture Capital (PVC), a NASSCOM investment partner, have entered into a strategic partnership to accelerate and fund India’s Internet of Things & Mobile App start-ups.
PVC is currently investing out of PVC II, a $50 million (INR 310 Cr) fund focused on early stage investments in Ad Tech, E-Commerce, Gaming, Education, Mobile Apps, Enterprise Software, Wearables and Internet of Things (IoT).
The press statement said that the PVC Accelerators, located in Bangalore and Gurgaon, are physical and virtual co-work spaces in which entrepreneurs with disruptive ideas receive financial, strategic, technical and operational mentorship helping them transform their ideas into a viable business proposition.
The goal of this public-private partnership is to produce successful, world-class Indian mobile app companies by combing IIIT-Bangalore Innovation Centre’s incubation facilities and knowledge ecosystem with PVC India-focused Rs 310 crore venture capital fund that invests in passionate entrepreneurs with disruptive ideas.
IIIT-Bangalore, was established in 1999 with a vision to contribute to the IT world by focusing on education and research, entrepreneurship and innovation. The Institute is a registered not-for-profit society funded jointly by the Government of Karnataka and the IT industry.
The partnership between IIIT-Bangalore and PVC was formalized on Friday, February 27th 2015 during IIIT-Bangalore’s inauguration of the IOT-to-Mobility Apps for Community Excellence program which is sponsored by the Government of Karnataka's Vision 2020 initiative that aims to jumpstart the mobility focused entrepreneurial ecosystem.
Attendees for the inauguration ceremony included IIIT-Bangalore’s CEO- D V Jagadish and Director- S. Sadagopan and, Managing Partner of PVC- Peesh Chopra, Country Manager, IBM Country Manager Innovation Center- Mona Bhardwaj and CEO Robosoft- Rhoth Bhat.
“The precedent set by the success of Flipkart and Ola and the recent surge in acquisitions of Indian companies by U.S.-based firms like Facebook and Twitter, has inspired the imaginations of millions of India’s technology workers and college students,” said Peesh Chopra, Managing Partner, PVC and Investor in the Indian Angel Network.
Chopra added, “PVC is very excited to partner with IIIT-Bangalore and bring Indian IoT and Mobile App start-ups to the world stage and in doing so, be part of India’s transformation into an economic superpower.”