India-based outsourcing services provider BLS International has formed an accelerator to invest in startups and assist with their development.
BLS Accelerator is based in Dubai, in the United Arab Emirates, but will chiefly work with Indian startups, providing seed and series A stage funding as well as mentoring, advice and connections to angel investors, seed-stage funds and venture capital firms.
The unit is headed by CEO Riya Aggarwal and joint managing director Shikhar Aggarwal and will provide up to Rs 5m ($70,000) in funding for each participant in the three-month initiative. It intends to invest up to Rs 50m this year, according to news agency IANS.