Hyderabad: iB Hubs, a company established to develop a culture of innovation and entrepreneurship is aiming to set up 500 hubs with four spokes each, making it 2,000 centres across India by 2019. The company is supporting both profit and non-profit startups. iB Hubs is equipped to fund Rs 50 crore to multiple startups in the next three years.
Having begun operations in November last year, the company has already signed up with 20 startups so far to provide wide ranging services. It has established 20 hubs in seven States. Hubs have come up at Hyderabad, New Delhi, Mumbai, Bengaluru and Lucknow besides other major cities.
Sai Sasank Parimi, COO, iB Hubs, said, iB Hubs is helping companies in verticals such as information technology, healthcare, education and finance. Within IT, startups involved in internet of things (IoT), agri-technology, data analytics, virtual reality, block chain and cyber security have tied up, while in healthcare, startups dealing with preventive care and healthcare delivery systems are benefited. Startups receive pre-incubation support for a period of three months and depending on the need, the services can be extended.
Hyderabad-based CyberEye, a company that is training cyber security professionals for the industry through its adaptive engine, is getting iB Hubs support and expertise. CyberEye has tied up with Tech Mahindra and Ernst & Young. A non-profit organisation, Make the World Wonderful Society founded by Meghana Dabbara is another startup getting iB support.
The company with a team of over 1,000 people with 150 full-time members including engineers, doctors and management professionals is helping startups across verticals handholding them in terms of providing access to seed fund, legal and technical assistance to scale up their operations. “iB Hubs along with the investor community will provide seed fund to startups and in turn will pick up equity in such startups,” he added.
iB Hubs team comprises of alumni from institutions like IITs, IIMs, NITs, IIIT Hyderabad, BITS Pilani etc with work experience in MNCs such as Amazon, Intel, Qualcomm, HP, Nvidia, IBM, Samsung, Bosch etc. The founding team received mentorship from S Vijaya Kumar, a business strategist, who laid the foundation, guided and supported the company in building its business model.
“We have tied up with the UP government recently to set up startup hubs across the State with the central hub located at Lucknow. There are plans to replicate this model in other States in near future,” Sasank informed.
Expanding the geographic presence, iB Hubs is in talks with global investors and mentors to help the startup community. The company is also spreading its wings globally by creating overseas outreach centres in the US, UK, Singapore, Dubai and Australia.