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India’s first start-up studio, Technology 9 Labs (T9L) has received a strategic investment from two Japanese venture funds, Spiral Ventures and MyNavi Corporation.
Speaking on the investment, Fahad Moti Khan, founder, T9L told BusinessLine it plans to assist the launch of over 200 start-ups and transform them into scalable businesses in a span of five years. Khan said that T9L was looking to raise $10 million capital, a part of which was attained through Spiral Ventures and MyNavi Corporation. Both the Japanese investors are coming on-board with minority stakes and are not getting a seat on the Board of T9L.
“ We are confident that this strategic investment will help us take the concept of start-up Studio to newer heights. We will deploy these funds to build a robust ecosystem to help grow businesses using our strengths and those of our partners,” Khan said.
T9L was established in 2014 to support entrepreneurs and enhance their chances of success by offering proven pooled resources. So far, T9L has helped launch 19 companies including CrownIt, Docquity, BroEx, Gigstart, SpotDraft, NirogStreet, Pluss, generating a cumulative worth of about $300 million.
A start-up Studio model is an intimate ecosystem which engages closely in the execution of ideas with a small number of companies. Globally, start-up Studios are regarded as the third co-founders in ventures.
“We at T9L partner with select founders and help them bring new ideas to life. We strongly believe that start-up failures are disproportionate and can be strategically avoided,” he said.
Japanese funding
Yasuhiro Seo, General Partner, Spiral Ventures said, “It has been an amazing journey of over two years with T9L and six of our seven investments in India have been in T9L’s portfolio. We believe that with T9L, we can build one of the strongest start-up ecosystem and tech community.”
Hidekazu Ito, Director, MyNavi Corporation, said,“there are amazing stories coming out of the Indian start-up ecosystem and we want to play a part in that. We want to be actively involved in India’s growth story through our collaboration with T9L. We needed a trusted partner who understands the local market. T9L was an ideal fit for us.”
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