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Ryerson Futures Inc (RFI), Canada-based accelerator for early stage companies and Chokhani Group have joined hands to launch a $15-million (Rs 82 crore) fund to invest in early stage technology businesses connected to Zone Startups India.
Started in February of 2014, Zone Startups India has incubated technology startups focused on data analytics, mobility, e-commerce, education, hardware, technology, human computing interface, mobile payments, healthcare and enabling platforms. Its current portfolio startups includes Focus Analytics, Bug Clipper, Baby Chakra, Pykih, FOSengage, DrugIO, Intugine Technologies, ArtZolo, Underdogs Gaming Studio, BOOKstreet to name a few. Zone Startups India works with up to 60 startups annually.
The fund will seek to invest between Rs 27 lakh - Rs 2.7 crore in 10-15 start-ups every year.
"Anil Chokhani said, “Partnering with an existing accelerator allows us to leverage the benefits of a formalized program.” Anil Chokhani and Krishna Chokhani have been serial angel investors with Mumbai Angels.
“We are seeing many great startups come through Zone Startups India. Launching a fund to help rapidly advance these startups is a logical next step now that we have been able to establish a strong network in India with our partners,” says Matt Saunders, President of Ryerson Futures Inc.
