India-based conglomerate Chokhani Group and Canada-based accelerator Ryerson Futures are launching a $15m to invest in India-based technology startups, Tech in Asia reported yesterday.
The Zone Startups India fund will make 10 to 15 investments each year in companies that are graduates of Zone Startups India, the accelerator formed by Ryerson Futures and Bombay Stock Exchange. It will invest between $50,000 and $500,000 a time in each target company.
To date, Zone Startups India has selected 38 startups focused on data analytics, mobility, ecommerce, education, hardware technology, human computing interface, mobile payments and healthcare.
Ryerson Futures, a for-profit entity wholly owned by Ryerson University, hopes to welcome up to 60 startups per year to the accelerator.
Matt Saunders, president of Ryerson Futures, said: “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.”