Five startup companies have been shortlisted for a possible seed funding by investors at the concluding session of the two-day startup carnival August Fest on Sunday.
“There have been no definite investment this time. However, investors have shortlisted five startups Guruhub, Game Corp, Svaark, Big Leap Digital, and YAMP for further talks. They will finalise the deal with possibly all five shortlisted startups in the next one or two years,” Ramesh Loganathan, one of the key organisers of the event, told this newspaper.
The five startup firms were shortlisted from 22 companies which pitched for the investment at the event. Under the deal, an investor would take 10 per cent stake in a finalised startup by investing Rs 10 lakh valuing the overall company at Rs 1 crore.
According to Mr Loganathan, the Fest received a record participation of 2,000 delegates. It has attracted applications from 160 startups seeking funding. Of which, 22 were shortlisted to pitch for funding.
“This event makes an unambiguous statement about the startup ecosystem in Hyderabad. This has helped us to spread awareness among key policy makers about good startups firms in the city,” he explained, and added that 50 investors and 10 angel and seed funding companies have participated in the event.
The 22 startups which were invited to pitch for funding are: Zupit, Menias, Innobytes, ea24x7 Private Limited, Ourcause, Yo App, Gamecorp Pvt Ltd, Dolphin Leds, BigLeap Digital, Ekeeko, Gift somethin, Adnest, Insight, Jobstracer, Bestgift.in, Groupshoppy, Meraroomie, Light Saber, Mc Healthgrid, Guruhub, and Happyweddings.net.
Expressing his joy over getting shortlisted for further talks, Gautham of YAWP Mag said “Validation is more important for us than funding and we are happy our startup a social media related project got a yes from investors for funding.”
Courtesy : www.deccanchronicle.com