A social fashion e-commerce portal VioletStreet and ride sharing app developer Zify raise Rs 10 lakh ($16,000) each in ‘SmashUp’ event in Hyderabad organised by TiE in association with NASSCOM 10,000 Startups
In the ‘SmashUp’ event nine startups were allowed to pitch their respective business models on stage with a chance of on-spot funding from eight investors participating in the event. In the end, two early stage companies, VioletStreet.com and Ziffy got on-spot funding and walk out with prize cheques.
These startups raised the funds as part of Nasscom’s on-the-spot funding event for prototype stage companies in Hyderabad. Two on-the-spot funding events have been held in Bangalore and Mumbai so far.
VioletStreet.com is a fashion aggregator and social shopping portal where you get updates on the latest trends in Indian fashion from people around you. It is probably the first site in India to offer real-time shopping with friends.
Zify on other hand is India’s on-demand ride sharing & flexible Car pooling community. The company is performing some pre-release checks on Ziffy app and it will soon be available on major App stores. As per company plans the first phase zify services would only be exclusive to the residents of Hyderabad.
Nasscom had commenced the 10,000 Start-ups programme with the support of Google, Microsoft, Kotak, Intel and Verisign. Selected Start-ups will get a Start-up Kit in program event i.e. a package worth $25,000 of value added services and credits from Google, Amazon, Microsoft and other companies.
Although if a startup have a working prototype usually these startups get funding anywhere from Rs 25 lakh to Rs 2 crore from leading angels however Violetsreet and Ziffy got only Rs.10 lakhs probably because they have wor-in-prototype and Ziffy is yet to be launched.