 "Accel Atoms 4.0 applications for startups focusing 'Bharat', AI open today")
Accel Atoms 4.0, the fourth cohort of global venture capital firm Accel's pre-seed scaling programme, is inviting applications starting Monday from promising startups in two categories - those building for Bharat' and those focused on Artificial Intelligence (AI).
The application window closes on November 17, 2024.
The company defines Bharat' as middle-income households spread across Tier 2, Tier 3 and rural India, which is estimated to be a $ 500 billion consumer market opportunity.
The top 20 per cent of the rural population has a higher MPCE (monthly per capita expenditure) than about 50 per cent of the urban population.
Accel believes multiple Indian unicorns will emerge from the 'Bharat' opportunity, the company said in a statement. A 'unicorn' in industry parlance refers to a privately held startup company that commands a valuation of over $ 1 billion.
Through the three-month hybrid programme, pre-seed stage startups selected for Accel Atoms 4.0 will gain mentorship from top industry experts in AI and Bharat. They will also get over $ 5 million in perks from leaders such as AWS, Google and Stripe to cover initial infrastructure needs.
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Startups which make exceptional progress during the programme will be eligible for investment up to $ 1 million.
Anand Daniel, partner at Accel, will lead the 'Bharat' cohort.
Since joining the firm in 2010, Daniel has focused on investments in 'Bharat', consumer technology, online marketplaces, AI, fintech, and healthtech. He has led investments in ApnaMart, BlackBuck, Bounce, Emeritus, MyGlamm, Niyo, OrangeHealth, Rupeek, SenseHQ, Simplismart, Spinny, Swiggy, Vedantu, Zolve and other early-stage companies.
The AI cohort will be led by Prayank Swaroop.
Swaroop, also a partner at Accel, has been with the firm since 2011, focusing on sectors such as AI, cybersecurity, marketplaces, and Software as a Service (SaaS).
He has led investments in Aavenir, Bizongo, DhiWise, Dr. Droid, Securden, and Zetwerk, and other early-stage companies.
Founders in Accel Atoms 4.0 will also have access to Accel's global community of over 300 founders, mentors, and potential customers in addition to collaborations with organisations like xto10x' to offer deeper mentorship, expert insights and support.