Bengaluru-based InnovationQore announced it plans to fund ten start-ups up to Rs two crore each every six months through ‘Turbostart programme‘ it launched on Thursday.
The intent is to fund 100 start-ups in the next five years, the company said in a statement.
The Turbostart programme will facilitate the discovery of innovative early-stage startups, invest in them and help them with product and market validation, instant funding, industry connects and all customary business support, it said.
The programme is open to all Indian startups and is run in a competition format.
It is a pan India sector-agnostic programme that will eventually be extended to a few overseas geographies as well.
Turbostart has entrepreneurs and business leaders onboard as investors along with a seasoned management team working full-time to assist the startups, the statement said.
Our plan is to fund 20 startups per year in two seasons – January and June. The intent is to accelerate the growth of at least 100 startups over a period of five years.
We have raised around Rs 50 crore already with additional commitments from investors on a need basis, said Ganesh Raju, Founder and CEO, InnovationQore.
Turbostart is the brainchild of Ganesh Raju.
In his previous role, he headed the Entrepreneurial and Private Business practice at PwC India, where he conceptualised and ran a national level programme (LevelNXT) for start-ups looking to scaleup, according to the statement.