IndiaFundFest 2017 comes off with flying colours
42 startups receive Rs 1-2 crore seed funding each, over the next 2 to 3 months.
IndiaFundFest, a serious fund fest held its grand finale after a 100-day all India search for the most fundable startups, according to a company press statement. Around 6,800 companies had applied from across 266 cities and 19 countries. A curated list of 663 was prepared after a detailed due diligence process and a little over 100 companies were further selected. This was followed by a Funding Readiness Report prepared for 42 startups by business experts of Natio Cultus, a business strategy consulting firm. A jury selected top 42 were invited to a finale, held before a matched set of investors. The Average Ask of these startups was Rs 2-3 crore and the investors have agreed to fund Rs 1-2 crore to most of the 42 startups within the next two to three months.
Avinash Vashishta, head of the jury and chief guest at the event applauded the event as one of its kind. He said that this adds to a different dimension to the startup scene for investors and entrepreneurs and creates a genuinely credible platform for all stakeholders.
“The quality of the startups was excellent and it was impressive to find so many product based companies with such a talented bunch of entrepreneurs, all under one roof in one day, with a couple having come all the way from the United States to pitch in India,” adds Vashishta.
The next fund fest is scheduled to be held in India in January/February next year and in Indonesia in August of this year. Nalin Singh, festival mentor, said, “What started as a concept that was looked at with apprehension and scepticism has turned out to be a highly successful event for entrepreneurs and investors. Investors provided instant feedback on their interest in the companies presenting and almost all companies have some investor interest while more than seventy per cent had investment engagements that are to be taken forward in the coming weeks.”