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Accelerator Spark10 is planning to raise $100 million and tag 500 mentors to invest in Indian start-ups. Investors from various countries will be invited to participate. Mentors too will be drawn from different geographies.
“We have set up a two-year target to reach the target,” said Spark10 founder Atal Malviya. The accelerator has picked 10 start-ups for its maiden accelerator programme, whose names will be announced tomorrow. The 13-week programme will help them become more attractive for investors, said Malviya.
Addressing a press conference here on Friday, he said the accelerator and angels attached to it will invest ₹20 lakh in the start-ups against an equity of 8 per cent.
“Of this, ₹10 lakh will be in cash and the remaining in the form of consultation and mentorship. We have screened 500 start-ups and funnelled them to pick the final 10,” he said.
The firm is planning to set up another accelerator in Warangal in a few months.
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