Nasscom, IvyCap Ventures join hands to connect start-ups, investors, mentors

The aim is to develop strategies and initiatives to bolster Internet of Things movement in Indian start-up ecosystem

Software industry body Nasscom on Monday entered into a strategic alliance with IvyCap Ventures to connect start-ups, investors, mentors and industry bodies to develop strategies and initiatives that can bolster the Internet of Things (IoT) movement in Indian start-up ecosystem.

IoT is a concept that envisages machines communicating with each other to exchange and deliver information in real time.

Under this partnership, Nasscom will collaborate with IvyCamp, a technology based platform for innovation and entrepreneurship, from IvyCap Ventures.

"This being an age of Internet Of Things (IOT), the startups today define the momentum of our economy..," said Vikram Gupta, CEO & Managing Partner, IvyCap Ventures. "Through this association, we will provide a platform to the budding entrepreneurs to connect with the industry veterans to seek guidance for formulating and driving the IoT innovations and help the ventures grow."

IvyCap, which has raised and deployed Rs 250 crore in its maiden fund last year, is raising second fund of Rs 600 crores. Through Ivycamp, it has facilitated investments in early stage start-ups like FT Cash, GrabOnRent, in addition to connecting various start-ups to industry mentors.

The two entities will host an annual event R-IoT, Rendezvous for the IoT Ecosystem. The first event is scheduled to be held in Mumbai on the 1st of July 2016 at the Nasscom 10K StartUp Warehouse, Navi Mumbai, the industry body said in a statement. The event will provide an opportunity to the IoT start-ups to demo their products to investors, mentors and corporate partners. Ivycamp will also be hosting an investor education program on financing IoT startups.

Nasscom 10,000 StartUps, launched in 2013, is an initiative by the lobby body to scale up the start-up ecosystem in India by 10 times. 10,000 Start-ups aims to enable incubation, funding and support for 10,000 technology start-ups in India over the next ten years.

"India's digital revolution is at the tip of transformation right now. Nasscom 10,000 has been consistent in creating a sustainable ecosystem for the technology led products. The potential scope of disruptive technologies in India is vast, as they can have a massive economic impact," said Rajat Tandon, Vice President, Nasscom 10,000 Startups. " IoT is one such sector which is gradually gaining popularity. With this collaboration with IvyCamp, we aim to promote an IoT ecosystem, which is vibrant & at the same time innovative, which will help our country attain a leadership role in this field."