The funds raised will be used to diversify its offerings, expand to global geographies, and engage more with growth-stage startups.
India Accelerator was founded in 2017 by Ashish Bhatia and Abhay Chawla. It is a co-working space provider and a seed-stage accelerator that helps startups to grow by leveraging its network and technology, along with offering mentorships and other peripheral services like financial and legal assistance.
Talking about the investment, Ashish Bhatia, Founder & Managing Director, India Accelerator, said, “The investors bring a huge amount of network and connect to India Accelerator, which will help us progress with the original vision of using its resources to continue helping entrepreneurs who are struggling, to have fun and to make money for its investors along the way.”
The funding comes after the accelerator has completed acceleration programmes for its two cohorts. The startups in its first cohort include an algorithmic trading platform Kuants, CabBazar, EValk, home appliance rental platform Voko, Wish-a-mitr, and Gurugram-based SaaS solutions provider Square1.
India Accelerator has invested around ₹1 crores ($150,000) in these startups, and it has also announced that they will be able to take advantage of its Co-Work, Co live, and startup academy, during the course of the programme.
India Accelerator is also the only GAN (Global Accelerator Network) partnered, mentorship-driven, program in India. GAN was founded with the goal of connecting top mentor-driven and seed-stage accelerators in the world. Currently, GAN is a community of over 80 accelerators, conducting programs in over 120 cities around the globe.