Serial entrepreneur and angel investor Vikram Upadhyaya has launched an all new startup accelerator called – Green House Ventures Accelerator (GHV), which will be based out of Gurgaon near Delhi. The new startup accelerator will fund and mentor startups between the incubation and venture capital stages.
GHV Accelerator will be first of its kind in India. The program will accelerate 25 incubated startups for Series A round and growth to 10x in 12 mnths with upto $100K of seed funding. Interested startups may apply here to GHV accelerator program.
“GHV will house startups at preventure capital stage but post incubation,” said Upadhyaya, chief mentor at GHV who has invested in companies like Druva, Stayzilla, Merinews, Viedea and IndiaCollegesearch.
“Only 1 per cent startups are successfully able to achieve a Series A or VC funding. Most accelerator programs help companies get past the POC (Proof of Concept) stage, and then leave the startups to fend for themselves while raising growth-capital. As an angel investor, I had felt this need gap for my portfolio companies and hence realised the need of GHV program so that we identify high-potential startups and nurture them to be ready for Series A funding,” says Vikram Upadhyaya, Entrepreneur Evangelist and Chief Mentor, GHV.
Unlike others in India, GHV does not work on a batch system. Instead, the sector agnostic accelerator will house 10 startups at a time through a yearlong programme. Each startup will get seed funding up to $ 100,000 in exchange for equity up to 20 per cent.
GHV’s unique sélection criteria – T.E.S.T. (Team, Execution capabilities, Scalability in the business model and Technology) & POC (Proof of Concept), will help determine whether a startup can benefit from mentoring and the GHV accelerator program.
GHV accelerator has received interest from 350 startups, of which 10 will be short-listed over the next 10 months. Entrepreneurs are required to be resident at GHV once a month for a week to get mentored. Startups choosed will work in a controlled environment where specific functions like human resource (HR), finance, market research will be provided by a set of predefined vendors identified by GHV.
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