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Business accelerator firm Turbostart on Thursday announced a second series of funding round, 'Cohort II', with a Rs 50-crore corpus for start-ups.
The accelerator will select 25 start-ups in this round, beginning from August 15, and fund up to Rs 2 crore to each of the entities.
"Turbostart opens applications for Cohort II. Twenty-five start-ups have a chance to win up to Rs 2 crore funding each," the accelerator said in a statement.
The firm said the funding programme is conducted bi-yearly, under which it invites early-age start-ups that are looking for funding to commence their businesses.
Winners will also receive mentorship by industry stalwarts, such as Jyothy Laboratories joint MD K Ullas Kamath and Novozymes former regional president and MD G S Krishnan, who are part of the advisory, investment and governance boards of Turbostart, the statement said.
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Turbostart founder and CEO Ganesh Raju said last year's programme received over 1,000 applicants from over 30 countries globally and 300 cities, including start-ups from various sectors such as edutech, healthtech, and internet of things.
"Taking into account the current dynamic situation of the start-up ecosystem, funding has become even more challenging," Raju said.
He added that the Cohort programme, Turbostart aims to provide a platform for budding start-ups whrere they get not only funding but also encompassed guidance from industry stalwarts and advisors.
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