US-based startup accelerator Techstars has announced its foray into India. It will be hiring a country head to lead operations and will then bring various programs to the country. This Colorado-based accelerator has so far accepted over 1000 companies into its programs.
According to a VCCircle report, in India, Techstars will form a joint venture with ANSR, which offers in-house centres and corporate accelerator programs for global corporations in India.
“We have been watching India’s growth very closely and its emergence as the third largest global startup ecosystem in less than a decade. There is so much great activity here and the potential for growth is huge, as one of the fastest growing economies in the world,” David Brown, co-CEO, Techstars told VCCircle.
As per the report, startups, which have so far participated in Techstars’ accelerator programmes, have collectively raised over $3.8 billion, and have a market cap of over $9.9 billion.
Techstars also has a VC fund with a corpus of $300 million and in addition to that also conducts programs such as Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Program, and Techstars Corporate Innovation Partnerships.
For startups that are a part of the accelerator, it is a three month program where the company invests $120,000 for a 6% stock in US.
However, Brown told VCCircle that with the strategy in India yet to be finalized, the investment and stake numbers would be different.
Its JV partner ANSR works on establishing, operating and optimising global in-house centres and provides solutions to enterprises across the life-cycle. Backed by Accel partners and Infosys, it also operated startup-led innovation programs for its corporate partners through ‘Kyron’m its innovation arm.
"The launch of Techstars India will provide an impetus to the rapidly growing startup ecosystem and the emergence of India as a dominant entrepreneurial network," Lalit Ahuja, CEO, ANSR told Economic Times.