Ahmedabad-based venture capital firm GVFL (formerly known as Gujarat Venture Finance Ltd) has partnered with global venture accelerator Brinc to launch an accelerator programme to back early-stage startups across four different sectors.
The A4X accelerator programme will support startups operating across consumer, industry and enterprise, emerging tech, and sustainability sectors, the companies said in a statement.
Initially, the selected startups will get an infusion ranging from INR 1.5 Cr to INR 2 Cr.
Eventually, these startups will also get access to resources, mentorship from industry stalwarts, expert mentorship, investor connections, industry networking opportunities and a supportive community of founders for collaboration and peer-to-peer learning.
“Both GVFL and Brinc share a vision of fostering innovation across multiple sectors…our combined expertise and resources promise to offer startups a unique platform to scale and make a significant impact,” said Karan Keswani, managing director of Brinc India.
Brinc is a Hong Kong-based startup accelerator launched by Bashar Aboudaoud, Bay McLaughlin and Manav Gupta. It operates 18 multi-disciplinary accelerator programs in seven countries.
The platform primarily focuses on startups working on emerging technologies within a sustainability mandate. It claims to have a portfolio of over 200 startups which belong to industries such as internet-of-things (IoT), blockchain technology, artificial intelligence, connected hardware, drones, robotics, clean energy and food technology.
To be sure, global companies including Manulife, Huawei, Schneider Electric, Animoca Brands, Puma and Batelco had tied up with Brinc in the past for its programmes.
Meanwhile, GVFL was established in 1990 with a focus on investing in early-stage startups. At the initiative of the World Bank, GVFL claims to have supported ventures working on the cutting edge of technology as well as encouraged entrepreneurs with innovative ideas.
It claims to have supported more than 105 startups through multiple VC funds, while 75% of portfolio startups giving handsome returns.
For the past few years, Indian firms have been joining hands with various VCs, government bodies or global accelerators to roll out accelerator programmes for supporting early-stage startups.
Recently, gaming unicorn Games24x7 announced a partnership with the Karnataka government to launch an online gaming accelerator initiative called ‘GameTech Accelerate – The Future of Gaming’.
Besides, Panasonic announced a partnership with 100X.VC to launch a startup accelerator programme, Panasonic Ignition, for backing young entrepreneurs and providing them with investment, masterclasses, expert mentorship, product strategy and growth plans.
According to India’s Startup Investor Landscape Report 2023 by Inc42, there are 300+ startup accelerators and incubators in the country which are expected to cross 450 by 2030.
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