Incubation platform Venture Catalysts has launched an accelerator platform 9Unicorns to identify the best ideas and early stage startups from India.
9Unicorns, which is also going to function as a fund, will identify high potential early stage businesses across sectors including but not limited to domains such as electric vehicles, mobility, augmented reality, virtual reality, artificial intelligence (AI) and machine learning (ML), fintech, retail & FMCG startups.
9Unicorns Fund has a dedicated allocation of Rs 300 crore from Venture Catalysts.
Startups will be enrolled for a three-month accelerator programme with three batches annually and 10 startups in each batch.
The accelerator VC plans to invest in more than 100 companies every year, promising a standard deal of Rs 60 lakh for 5% equity along with further scope to invest Rs 3-5 crore during subsequent funding rounds.
“9Unicorn startups will benefit from ready access to business angels & VCats’ corporate community of 4500+ members, which is becoming stronger as we add more portfolio companies. They will also be able to access markets across 26 cities across the world as well as tier-II, III and IV cities in India to build a large customer base quickly,” said Apoorv Ranjan Sharma, co-founder and managing director of 9Unicorns.