Hyderabad: In a boost to the startup ecosystem, several startups, which were struggling due to economic slowdown caused by Covid, are now gearing up for a fresh beginning due to new investor and customer connects that Telangana Government provided through its Rejig.Hydstartup, a virtual micro-accelerator programme.
The first batch of the selected startups have gone through the mentoring offered through the Rejig, an initiative of Telangana State Innovation Cell. It has about 30 incubators and startup enablers including T-Hub, TiE, CIE-IIITH, IKP, and Hyderabad Angels among others.
The collaborative initiative is intended to help the startups rejig their strategy, refine their pitch and prepare them for investor access and corporate connect. The applications were invited in July and Rejig had received 300 requests for support. Of these, 125 were shortlisted including 80 plus for investor access and 40 plus for corporate connect.
Within those seeking investor access, about 50 per cent of the startups were in idea and seed stage, 35 per cent in early stage, 14 per cent in growth stage and one per cent of them in a mature phase.
According to Ramesh Loganthan, Head of Innovation Outreach, IIIT-H, about 30 investor networks and venture capitalists including Aavishkar, Accel, Arali Ventures, Ankur Capital, Artha Ventures, BASF Venture capital, Beenext, Beyond next ventures, Bharat Innovation fund, Endiya Partners, Hyderabad Angels, IAN and others were others were part of Rejig first batch.
“We have invited over 100+ investors who have expressed interest to review the deals. We are receiving interests from various investors for the companies,” he said that 85 plus interests have been recorded until Sept 19 and 44 of the 80 companies have received atleast one interest. There are also startups that have got five to seven interests.
For the corporate connect, 39 startups have pitched to 27 corporates that included Microsoft, Infosys, SAP, Cognizant, Apollo, Qualcomm, Deloitte and others.
“Such a fantastic and tangible collaboration by 30+ research Incubators in the city is unique. And, probably happens nowhere else in the country. About 120 startups from across sectors mentored by 40+ mentors for a month and then pitched to 40 investors and 20+ corporates, leading to several connections and follow on meetings. Am so proud to be in Hyderabad that can create such a grounded and deeply connected ecosystem,” said Loganthan adding that the Rejig will track the impact of the event in six months period to understand the overall success of the programme.
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