Indian Fund for Sustainable Energy (INFUSE) Ventures, an early-stage venture fund and ecosystem, has launched a programme in IIM-Ahmedabad, aimed at providing early-stage cleantech startups with access to seed capital.
The six-month Infuse Venture Accelerator (IVA) programme will work with the startups working in the clean technology space, identify and bridge gaps, define roadmaps, build strong teams and speed up their market entry.
"There is no such an accelerator programme in India which focuses on very early-stage cleantech startups. Unlike other incubation programmes for ICT-based startups, we follow a different approach in terms of ecosystem support and funding," said Mohsin Bin Latheef, manager, cleantech ecosystem development, Centre for Innovation Incubation and Entrepreneurship (CIIE), which manages INFUSE funds.
INFUSE will provide the selected startups with seed capital at the beginning as well as venture capital after the re-evaluation at the end. It did not disclose investments details.
IVA, which aims to create a strong advisory board, will also help startups rewind and review their vision, strategy and business plan and get equipped with tools to execute it.
"We are looking for young cleantech ventures that are not completely off-the-ground but have made some progress in terms of prototype development or market validation. Startups that have not already raised significant institutional money but keen on raising a Seed or Series A round in the near future are welcome," said Latheef.
The selected applicants will get access to seed equity investment (per venture) of up to $50,000 (Rs. 25 lakh approximately) and follow-on funding of up to $2 million from INFUSE, apart from access to other potential investors.
Applications can be done online at till August 31. The shortlisting for interviews will be held on Sept. 15 and finalists for the bootcamp will be announced on Oct. 7 at IIM -A. The 8-day camp will commence at IIM-A on Oct. 27 and the final selection of start-ups for incubation and seed investment will be announced on Nov. 3.
The incubation starts in Nov and will be completed in May, 2013. A re-evaluation of start-ups for follow-on funding will be carried out the same month.
INFUSE is an India-focused early stage venture fund and ecosystem created through a unique public-private-academia collaboration. Managed by IIM-A's Centre for Innovation Incubation and Entrepreneurship, the partners for INFUSE include the Ministry of New and Renewable Energy, Technology Development Board and British Petroleum, a major investor in INFUSE Ventures.
(Edited by Prem Udayabhanu)