Shiprocket launches accelerator program, to invest Rs 3.5 cr in startups

Logistics aggregator platform Shiprocket on Wednesday launched an accelerator program, Rocket Fuel, under which it plans to invest up to Rs 3.5 crore in each startup selected in the scheme.

The startup will get customised advice through one-on-one mentoring sessions and group learning sessions by subject matter experts covering the fundamentals of building a business under the Rocket Fuel accelerator program.

"Building consumer brands is hard and expensive. By bringing experienced insights and shared resources to direct to consumer brand startups, Shiprocket will significantly increase their chances of success," Shiprocket co-founder and CEO Saahil Goel said in a statement.

Shiprocket said the program is designed to help D2C (direct to consumer) startups scale up.

"We plan to invest anywhere between Rs 75 lakh to Rs 3.5 crore in the startup selected in Cohort. Funding will be a mix of credits from various companies plus cash from angel and venture capital investors. The amount is for each startup," Goel said.

In addition, the accelerator program will also include technology startups which are enabling the D2C ecosystem, the statement said.