BITS and IIM-A Alumni Set to Invest 1 Million USD in Indian Startups

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BITS and IIM-A Alumni Set to Invest 1 Million USD in Indian Startups

Abhishek Sethi IIM-A graduate, along with Prateek Behera, a BITS Pilani graduate, has recently launched their venture capitalist entity, gradCapital. The firm plans to invest 1 Million US in startups, providing USD 25,000 for each of the 20 companies founded by college students. Over the next year, the firm will begin its first full round of startup investment.

gradCapital, supported by CIIE.CO, is planning on hosting an eight-week programme for these companies. Through this, their plan for investment is “Apart from building a strong and sustainable structure for their company, these young entrepreneurs will leave with countless tools, crucial knowledge, a network of peers, mentors and investors, and funding of USD 25,000,” as written in a company statement. gradCapital plans to invest in a total of a hundred startups over the next three years, given success with their initial round. In an effort to do so, the company has hired over a dozen associates over the country to locate and approach unicorns with investment offers. CIIE.CO, which is located in IIM Ahmedabad, will be where the programme will be held.

In a pilot effort to test out their venture in the real world, Behera and Sethi landed on a group of eight young companies, including Codedamn, KiranaKart, Neuralastic, Valerio Electric, Codedamn, and Humit. Sethi later said in a statement on his purpose behind the venture, “We genuinely believe in academic spaces. Entrepreneurship is a way to bring such strong ideas to life and create value for society…We are betting on them.”

How to Apply?

The application process for the summer 2021 batch of startups is now open. This opportunity is available to all companies founded and run by college students. The application can be found on their website and can be directly filled in by clicking here. Behera said in an interview, “There is tremendous value waiting to be unlocked by students from Science, Commerce, Arts, and Engineering colleges.” Therefore, do not hesitate to apply, as the fund is meant for those without prior sufficient backing or experience.

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