Bengaluru: VC firm Accel India has launched the second edition of its pre-seed startup programme Atoms where startups receive $250,000 in non-dilutive capital (no equity required), and one-on-one mentorship from a curated list of entrepreneurs and business leaders to accelerate their business proposition.
Accel had 14 startups for its first cohort that was launched in October last year. It included a 100-day intensive learning and mentorship. The startups represented sectors including SaaS, cryptocurrency, D2C, Web 3.0, hardware and others.
“We had received 3,100 applications for the first cohort. The programme culminated in a demo day in February, and funding rounds are being constructed for some of the startups even as we speak. Two of them have joined the Y Combintor programme,” said Prayank Swaroop, partner at Accel India. Some of the shortlisted startups include neobank Brew Money and Bytebeam, which simplifies cloud infrastructure for smart device manufacturers.
Swaroop said the programme is akin to a startup inside a VC firm. “Founders don’t have to worry about dilution. Each startup works with 2-3 mentors in areas including engineering, product, HR and marketing. We had 60 mentors for 14 startups in the first cohort and created an auction system like the IPL where each gets to bid for mentors who would add value to their startups on topics including TAM (total addressable market) and product market fit,” he said. For the second cohort, applications are open for South East Asian startups as well. Accel’s investments in India include Browserstack, Flipkart, Freshworks, Infra.Market, Chargebee, Clevertap, Swiggy, among many others.
Accel had 14 startups for its first cohort that was launched in October last year. It included a 100-day intensive learning and mentorship. The startups represented sectors including SaaS, cryptocurrency, D2C, Web 3.0, hardware and others.
“We had received 3,100 applications for the first cohort. The programme culminated in a demo day in February, and funding rounds are being constructed for some of the startups even as we speak. Two of them have joined the Y Combintor programme,” said Prayank Swaroop, partner at Accel India. Some of the shortlisted startups include neobank Brew Money and Bytebeam, which simplifies cloud infrastructure for smart device manufacturers.
Swaroop said the programme is akin to a startup inside a VC firm. “Founders don’t have to worry about dilution. Each startup works with 2-3 mentors in areas including engineering, product, HR and marketing. We had 60 mentors for 14 startups in the first cohort and created an auction system like the IPL where each gets to bid for mentors who would add value to their startups on topics including TAM (total addressable market) and product market fit,” he said. For the second cohort, applications are open for South East Asian startups as well. Accel’s investments in India include Browserstack, Flipkart, Freshworks, Infra.Market, Chargebee, Clevertap, Swiggy, among many others.
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