Ryerson Futures Inc. (RFI), Canada-based accelerator for early stage companies and India’s Chokhani Group have joined hands to launch a $15-million (Rs 82 crore) fund to invest in early stage technology businesses connected to Zone Startups India.
Started in February 2014, Zone Startups India has incubated technology startups focused on data analytics, mobility, e-commerce, education, hardware, technology, human computing interface, mobile payments, healthcare and enabling platforms. Zone Startups India works with up to 60 startups annually.
The fund will seek to invest between Rs 27 lakh and Rs 2.7 crore in 10-15 start-ups every year.
“Partnering with an existing accelerator allows us to leverage the benefits of a formalized program,” said Anil Chokhani in a statement. Along with brother Krishna, Anil Chokhani has been a serial angel investor with Mumbai Angels.
“We are seeing many great startups come through Zone Startups India. Launching a fund to help rapidly advance these startups is a logical next step now that we have been able to establish a strong network in India with our partners,” said Matt Saunders, President of Ryerson Futures Inc, in a statement.
