US-based venture capital firm Silicon Road has launched an accelerator in India that focuses on food-tech and food retail startups. The maiden edition of the Indian startup accelerator program invites applications for the first season, 20th April being the last date for submission. The accelerator’s inaugural program has been launched in partnership with Paris-based startup accelerator Numa.
Numa has been running its accelerator in India since 2015. NUMA is a France-based international innovation hub for the digital age that operates worldwide. They help to build future-proof organizations and tech startups by making change happen faster with greater impact since 2000.
NUMA’s startup programs bring high-quality mentorship, business opportunities, international network, landing zones in 8 countries and global market access to the best startups around the world. Their programs are targeted at startups looking for global success. Their commitment is threefold: a focus on business, execution above all and a driving mentorship.
Founded by Sid Mookerji, co-founder of Softvision (later acquired by Cognizant), Silicon Road will support qualified startup with funding, access to the international network, mentoring from industry leaders and experts and free office and infrastructure. Sid Mookerjee is an engineer from BITS Pilani.
The accelerator program will invest ₹25 lakhs in each startup, provide perks worth ₹5.5 crores (€700,000) to each startup and consider further investment rounds depending on the growth and scalability. The accelerator program will be held in Mysuru (Mysore). Startups in the minimum viable product (MVP) stage, as well as investment-ready stage, can apply to be a part of the accelerator program.
The maiden accelerator programme, to be held in Mysuru, will focus on accelerating a startup from the minimum-viable-product stage to the investment-ready stage. Below are some of the details about the Silicon Road accelerator program that you should know.
Dr Sathyendra Rao, Chief Scientist CFTRI, C. N. (Madhu) Madhusudan, CEO of VectorSpan and Member of the Global Board of Trustees at TiE, Darryl McCaskill, Senior Vice President – Retail Mobile Geospatial Analytics Mogean, Bill Blackstone, Consulting Partner, KC Ayyagari, Startup Ecosystem Partnerships Manager, Google Cloud, Dan Smith, Acting CIO at Hudson’s Bay Company, Jeffrey Meaux, SVP Sales at Azalea Health, Sid Mookerji, Entrepreneur In Residence at ATDC, Vijetha Shastry, Lead – Open Innovation at NASSCOM Center of Excellence – IoT, Sanjay Srinivasmurthy, Director & India Head – Silicon Road, Sonal Gandhi, Managing Director – US, Silicon Road, Karthik Padmanabhan, Developer Relations @ Google India
€700K of assets, advantages and perks accessible via more than 70 partners including Google Cloud, Paytm, AWS, Stripe, Trello, Flock, SendGrid, Hubspot, Github, InVision, Intercom, Razorpay, TiE Mysuru and several others
Benefits for startups
In exchange for a 5 – 10% equity stake, each startup participating in the 4-month program will benefit from:
- Funding up to ₹25 lakhs with 700k Euro worth of perks from 70+ partners
- A to local and international network of food and retail tech corporates, mentors, research infrastructure and Industry experts
- Free world class office infrastructure at Silver Spirit Tech Park for 6 months in the royal city Mysuru
- Accelerate growth through customised mentorship program across industry verticals
Bootcamps on the various core functions of startups including Design, Technology/Product, Growth Hacking, etc.
- 4-month KPI/Execution focused program tailored for startup needs
- Access to Mysore’s academic talent pool
- Lead mentor for each startup to provide industry insights and connections
- Weekly support from quality in-house resources (EIR & Growth Hacker in Residence)
- Fundraising support on follow up rounds with introductions to local & international investors
- Access world-class food-tech labs in Mysuru
- Strong alumni program & support to help startups with the scaling
The selection process consists of three steps, starting right from the application. Only complete applications are evaluated. Applications are reviewed by the team and are scored by 3 evaluators. The score your application receives reflects various key factors of success including your team, experience, market and product. Depending on your score, you may be invited to participate in one-on-one interviews and pitch sessions. We will be selecting 8 to 10 startups for each season.