[dropcap]F[/dropcap]ocusing mainly on fin-tech and clean-tech startups, Pramod Saxena, the founder of Oxigen Wallet has launched Aarambh Ventures, a startup accelerator in partnership with IIT-Roorkee.
Alongside IIT-Roorkee, Aarambh Ventures will partner with several early-stage funds including Unitus Seed Fund, Ivy-Cap Ventures and LetsVenture along with select high-net-worth individuals and angel investors.
Saxena, a former IIT-Roorkee student, “As of now, we are focusing on IIT-Roorkee affiliated alumni, students and faculty members with interesting ideas and product concepts that can brainstorm product ideas in the idea lab before going on to phase-two, which will be the accelerator programme. Based on how this works, we will look at including other IITs or outside applications.”
The platform will operate in two phases. The first will focus on setting up an idea lab on IIT-Roorkee’s campus, where infrastructure and tech support, will be made available to the selected startups. The second phase will be a 16-week accelerator programme, which will be located outside the IIT-Roorkee campus in Greater Noida.
The Aarambh Ventures accelerator programme will select close to 100 ventures in the next two years, out of which 20% will be successful, viable business ventures with funding.
“We are expecting to see a lot of SaaS, artificial intelligence and big data-oriented platforms integrated into these startups. The focus will be on promoting startups that are using smart algorithms to create cost-efficient products,” added Saxena.
