Former PricewaterhouseCoopers (PwC) partner and head Entrepreneurial and Private Business practice, Ganesh Raju announced that he would lead the funding of 20 start-ups every year through a nationwide programme, TurboStart launched by his company, InnovationQore in Bengaluru. Raju said that his team of investors and business leaders who are a part of the initiative have already raised Rs 50 crore for the purpose.
At least 10 such early stage- startups from all over the country would be identified, helped with investments of Rs 2 crore each besides market exposure,working on their business models and liasoning with the investors during a six months period. The startups that could seek assistance under the programme need to be less than 10 years-old and with a minimum viable product or proof of concept.
The startup should be working towards innovation or improvement of products or services with a scalable business model. “Selected startups will be funded upto Rs 2 crore each. Based on their business plans and funding requirements, the amount will be provided upfront or in tranches. We have a very flexible mandate from the investors. In addition to funding, we will provide startups with assistance in product positioning, human resource management, brand and digital strategy along with marketing and sales,” said Raju.
During the first year of their inception, the companies will be assisted in matters such as legal, operational and regulatory services, tax planning, accounting and financial reporting as well as compliance services, Raju added.