Delayed by the disruption attributable to the pandemic, international early-stage VC Antler, which entered the Indian market in June final yr, is all set to fund its first batch of 8-10 early-stage start-ups. Antler had deliberate to spend money on as much as 40 start-ups inside its first yr of operations right here.
“Our first Antler Founders Program Phase 1 for pre-seed stage start-ups that runs fully remotely for a duration of 6 weeks, started on March 15 and will end on May 1. At the end of that period, we will select 8-10 start-ups and write out a cheque for $175,000 at $1.75 million valuation for 10 per cent equity stake for each of the selected start-ups. Antler will be their first institutional cheque. We plan to announce the selected start-ups some time next month” Rajiv Srivatsa, Partner, Antler India, advised BusinessLine.
Antler India acquired 2,000 purposes for the 6-week programme from start-ups throughout sectors; shortlisted and talked to 500 candidates and performed detailed interviews with 160 of them, lastly choosing 21 start-ups for the programme.
During the 6 weeks, the Antler staff pulled on assets and experience from the world over to allow founders to validate their enterprise concepts and construct sturdy groups. “Of these 21 start-ups, we plan to invest in 8-10 start-ups. Seventy per cent of these start-ups are building solutions for the world.
Around 25 per cent of these start-ups are in the Edtech space, 25 per cent in healthtech, 30 per cent in SaaS and the rest are a mixed bunch. Ours is a sector agnostic programme,” stated Srivatsa.
A stipend of ₹1,50,000 for your complete length of six weeks is given to every of the 21 start-ups to make sure that founders with monetary constraints can dedicate their power to this system with none stress. Teams that obtain funding from Antler India and enter the Founders Program is not going to obtain any stipend after the preliminary six weeks.
Antler India plans to run 3-4 such digital programmes yearly and spend money on 8-10 start-ups from every programme, investing in a complete of 30-40 start-ups each year. These funded start-ups will then go on to the second part of the programme to construct and scale their companies.
