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Lodha Group, in association with Zone Startups India (ZSI), the accelerator operated by Toronto -based Ryerson Futures, today launched an accelerator programme.
The programme is called 'Palava Accelerator'.
Lodha Group will be investing in Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities which has an initial corpus of Rs 50 crore, a company statement said.
"Through the programme, Palava would provide entrepreneurs an opportunity to work in the city and with the city management body, provide mentorship, access to investors and a stimulating environment to work in.
"We are hopeful this initiative will encourage start- ups to create disruptive ideas, technologies for the real estate sector and take the government's smart city mission a notch higher," Shaishav Dharia, Regional CEO, Lodha Group said.
This programme will provide a test-bed to emerging technology start-ups to conduct their pilots at Palava, a privately-developed greenfield smart city located in the Mumbai Metropolitan Region (MMR).
The Palava Accelerator aims to work with 30 startups in a year on a non-cohort based model, of which 8 to 10 would work out of Palava's centre at any given time. It will announce the first set of companies in mid-November that will be accepted into the accelerator, the statement said.
Under the partnership with Zone Startups India, selected start-ups will go through a four-month acceleration programme, the statement said.
They will be provided with a dedicated space at Palava to work, get mentorship from ZSI and its wide network, opportunities to conduct pilots, network and raise funds, along with other professional services support (accounting, legal, taxation and more), it added.