India’s first European startup accelerator - Spark10, aimed at helping early stage startups, officially announced its launch in Hyderabad on Monday and invited applications for its accelerator programme.

Spark10 is planning to facilitate investments to the tune of $100 million (around Rs 678 crore) in Indian startups over the next two years.

The accelerator Spark10 is inviting applications from startups for the programme to be offered at its facility in the Engineering Staff College of India (ESCI) in Hyderabad's Gachibowli region. Spark10 invites start-ups with minimum viable product (MVP) in Internet of Things, mobile, Internet, smart technologies, analytics and machine learning.

The 13-week programme and workspace apart, the selected start-ups will be provided a seed funding support of Rs.20 lakh in return of 8 per cent equity by the accelerator. In addition, Spark10 has also partnered with GREX that acts a platform for high growth unlisted companies to access finance from private investors.

Speaking at the inauguration, lead founder of Spark10 Atal Malviya said "We have arrived in India with a single motive to churn out startups into valuable companies. We are here to foster rapid growth of portfolio of tech startups by offering a network of support that lasts throughout the entrepreneurial journey of the founder."

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