6 start-ups impress IIT-B panel, get Rs 10 lakh in 10 mins

Organisers said the Rs 10 lakh need not necessarily come from a single investor and that multiple investors can pool in.

The initiative comes at a time when the IITs are increasing their commitment to support entrepreneurship.

Angel investors include Ravi Gururaj, Chairman, NASSCOM Product Council, and chairman and co-founder, Frictionless Ventures; Ajeet Khurana, CEO, SINE IIT Bombay; Bharat Banka, Senior President of Aditya Birla Group and founder of Aditya Birla Private Equity; Ajay Pandey, CEO/Board Member/Advisor, Tata Group/ EPC Company/Coretree Insurance Group; Vijay Talreja, Director of Adapty; Aniruddha Malpani, medical director of Malpani Infertility Clinic and investor and board member of various healthcare startups; Suneel Bandhu—COO of Tata Teleservices; VC Karthik Founder of Buzzworks Business Services, Taha Nabee, vice president (Sales and distribution) of Aromatan Cosmetics and independent investor Sunil Kalra.

All ‘angel investors’ represent individual interests and not the equity funds they are related to.

Out of hundreds of entries and registrations, eight start-ups were pre-screened.

Some of the start-ups that won seed funding were SnackExperts, which manufactures and delivers health and nutritious snacks, CleverSharks — a website by a team of IIT-B students that provides careers guidance and tips not from experts but senior students who are already in the industry and Faaya — an online store where one can design and make an outfit of their own and get it delivered at your doorstep.

“Raising money is difficult for most start-ups. The administrative formalities and non-standardised documents make it irksome. The initiative will revolutionise fund-raising,” said Sagar Seth, manager, entrepreneurship cell of IIT-B.

Seth added that over 100 start-ups had registered from sectors such as food, education, e-commerce and healthcare.

Ajeet Khurana of SINE IIT Bombay and organiser of the event said, “Start-ups need to at least have a minimum viable product to participate. No idea-stage entrepreneurs are eligible.”

dipti.singh@expressindia.com