To tap the country’s aggressively growing startup ecosystem, the US-based incubator Techstars is all set to make its debut in India. The global incubator is going to launch its new startup programmes over the coming weeks and months. For the same, Techstars has entered into a joint venture (JV) with Bengaluru-based ANSR that provides enterprises to build and manage in-house or external accelerators and other such startups-focused infrastructure. ANSR also has an innovation arm called Kyron.
The financial details of JV are undisclosed. With this JV, Techstars aims to open centres across multiple locations in India in a few years. The firm will launch its first centre in Bengaluru next year. Commenting on the development, Lalit Ahuja, CEO, ANSR told ET, “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.”
Through its programme in India, Techstars also wants to bring its other global portfolio startups and corporate partners to India and vice-versa.
Techstars help entrepreneurs and early-stage ventures by providing them with office space, mentoring and seed funding to early-stage startups for about 3-6 months. The selected startups are offered $20,000 in exchange for 6% common stock and a $100,000 convertible note upon acceptance.Techstars operates four divisions -a startup programme, an accelerator, corporate innovation partnerships, and a venture capital fund.
Founded in 2006 by Cohen, Brown, Brad Feld and Jared Polis, Techstars fund technology oriented companies, typically web-based or other software companies.Operational in countries such as Australia, Canada, Israel, France, and across the US, Techstars, over the past decade has accepted over 1,000 early-stage ventures globally into its programs. According to Techstars its portfolio companies have collectively raised over $3.8 billion.
Some of the notable companies that have graduated from the accelerator include Digital Ocean, Localytics, SendGrid, Contently, Occipital, Next Big Sound to name few.