Technology veteran Lalit Ahuja, Swiss Venture Capitalist John Cook and French-American VC Larry Glaeser have teamed up to launch Kyron, a $ 50 mn accelerator for Indian startups, reports Mint.
According to the newspaper report, “the first batch of 10 companies at Kyron with no more than four founding members each will receive $ 100,000 in seed funding and access to resources in return for up to a 10 % equity in the startup.” Ahuja says that the accelerator is going to pamper startups with legal, financial and technical resources and perks like food, La-Z-Boy couches and showers.
Kyron has plans to incubate 125 new companies and there will be two batches of 10 startups every year starting from February and July. Ahuja, the Chairman and President of Target Corporation India set up the multinational giant’s captive center in India from scratch.
He was earlier the CEO of News Corp’s venture capital fund in India. He was also the CEO of Datamatics Ltd and LG Group’s software and R&D operations in Bangalore.
There has been a lot of action in the startup ecosystem over the last few months. Only two days ago, super angel Dave McClure’s accelerator 500 startups hired Pankaj Jain to focus on Indian startups. 500 startups has invested in over 10 Indian companies.
Last month, former president of Reliance entertainment, Rajesh Sawhney launched GSF accelerator to invest around $ 25,000- $ 30,000 in return for 5- 8 % equity in the company.
In August, Veddis ventures launched an incubator in Gurgaon to back early stage companies. The investment group led by Vikrant Bhargava, one of the co-founders of Partygaming Plc already has some in house startups.
Pearl Uppal, former CEO of FashionandYou and Gaurav Kacharu, who quit Dealsandyou earlier, have launched an accelerator called 5ideas to invest about Rs 2.5 cr in each of the 5 startups it selects.
As Sameer puts it, its nice to see so many accelerators coming up. But we need the brakes and clutch as well.