Recently, this month we reported that Infosys Co-Founders are all set to invest upto $1 million in Indian Startups through their new business incubator now the news is official as a new business incubator called Axilor Ventures was launched in the country yesterday by Infosys’ co-founders S Gopalkrishnan and S D Shibulal. The incubator is all set to act as a platform for supporting entrepreneurship and innovation in the country.
According to a statement released by Axilor Ventures, its founding team consists of S Gopalkrishnan and S D Shibulal along with Ganapathy Venugopal, Srinath Batni and Professor Tarun Khanna. The statement also said that the founders will co-invest using their individual funds for a few selected startups. The quantity of investment can range from Rs. 30 lakhs ($50,000 approx) in the accelerator programme to Rs. 6 crore ($1 million approx) for the early stage startups.
Ganapathy Venugopal has been given the responsibility of spearheading the incubator. He has been appointed as the Chief Executive Officer (CEO) at Axilor Ventures. Venugopal was the former head of Strategy and Planning at Infosys.
Srinath Batni and S D Shibulal stepped down from the Infosys board in July this year, while S Gopalkrishnan left the organization in October as the Non-Executive Vice Chairman.
Professor Tarun Khanna, who is another founding member of the Axilor Ventures, is currently the Director of the South Asia Institute at Harvard University and the Jorge Paulo Lemann Professor at the Harvard Business School.
Axilor Ventures has been especially set up with an aim of giving more and more opportunities to young entrepreneurs and startups in India to flourish and grow in this competitive global market.
According to the statement, the incubator will work towards energizing the startup ecosystem in India by incubating ventures functioning in the clean technology, e-commerce, sustainability, life-sciences and healthcare space.
The incubator will mainly focus on disruptive, scalable, technology led and feasible business ideas from young entrepreneurs and experienced professionals with some entrepreneurial aspirations in them.
Axilor Ventures will run three programmes, which include Accelerator, Entrepreneur-in-Residence and Early stage Funding. The incubator will not only help these young entrepreneurs and startups with funding, it will also help them in other areas that need to be looked after to become successful.
These programmes will be housed in an infrastructure that is coming up in J P Nagar in South Bangalore. The first batch for the accelerator programme will commence in the first quarter of next year.
Axilor Venture’s first batch for the accelerator program is scheduled to start in the first quarter of 2015 and the business incubator will be calling for applications shortly.