Fri. Mar 29th, 2024

Lodha Group, which is a real estate developing company, has announced the launch of a startup accelerator program named Palava Accelerator, in association with Zone Startups India.

The accelerator program will work as a test-bed to emerging technology startups, enabling them to conduct their pilots at Palava. The location is a privately-developed Greenfield smart city located in Mumbai Metropolitan Region (MMR).

Under the agreement, Zone Startups will manage the Palava Accelerator program, as well as lend its program expertise in building an ecosystem of partnerships, nurturing developer talent, conducting bootcamps and workshops, and build a strong entrepreneurial hub.

Shaishav Dharia, Regional CEO, LodhaGroup said,

Through the program, Palava would provide entrepreneurs an opportunity to work in the city and with the city management body, provide mentorship with reputed mentors in these fields, provide access to investors and a stimulating environment to work in. We are hopeful that this initiative will encourage startups to create disruptive ideas, technologies for the real estate sector and take government’s smart city mission a notch higher.

The company says that it will select 30 startups every year through an application process. The selected startups will then go through a four-month acceleration program.

Lodha Group says that it will be investing in Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities. The fund was launched with an initial corpus of ₹50 crore.

Zone Startups India, which is based in Mumbai, is the technology accelerator and investment arm of Ryerson University. It is a collaboration between BSE Institute, Ryerson University’s Digital Media Zone (incubator), Ryerson Futures Inc and Simon Fraser University, British Columbia, Canada.

This accelerator program marks sixth such program from the firm. Over the last three years, it has launched ZSI, empoWer, Gateway91, Rise Accelerator and Thought Factory Accelerator.

By Jeet