IAN would help Neotec fine-tune its business strategy, provide mentorships as well as help incubated firms access to funds and mentors through IAN’s group of more than 450 angel investors, it said in a statement. “While there are incubator support in cities such as Hyderabad and Bengaluru, in Kolkata it was yet to happen in a major way,’’ said Harshavardhan Neotia, Chairman, Ambuja Neotia. ‘‘With IAN joining hands with us, our aim is to create and offer a platform for the start-ups which not only encourages and promotes innovation but also give them the necessary handholding to grow,” he said.
Padmaja Ruparel, co-founder of IAN, said, “This partnership will provide a huge impetus to the start-up ecosystem in the entire eastern region.’’ IAN’s portfolio firm WOW Momos from Kolkata now has 100 outlets across seven states, and delivered 50 per cent IRR returns for some angel investors who exited the firm recently.
The strategic partnership will bring in the power of IAN’s network successful and experienced entrepreneurs who are keen to mentor young start-ups with their domain expertise and experience in line with Neotec Hub’s one year incubation programmme which includes access to its existing businesses, mentorship, funding, space & infrastructure.
Start-up ecosystem in Kolkata is in the nascent state, but that is the opportunity for innovative companies to start and create high growth companies, IAN said.