Published on December 7, 2023
Ahmedabad: Twenty early-stage startups from Gujarat raked in Rs 53.3 crore in funding directly from the investors as part of Startup RISE (Raise Investments for Startups at Early Stage) event. The initiative was part of Vibrant Gujarat Global Summit (VGGS) precursor ‘Startup Conclave 2023.’ In all, 54 startups secured Rs 146 crore in funding either through cheques or letters of intent. Officials of iHub Gujarat, the state government-funded startup incubator, said that Startup RISE aims to convene investors and angel networks for exchange of ideas.
“We received a good response with 52 investing entities participating this year. Some of the names include Inflection Point Ventures, Unicorn India Ventures, IvyCap Ventures, Indian Angel Network, GVFL Ltd, India Accelerator, TiE Angels, JITO Angels, and Campus Fund among others,” said a senior iHub official.
In all, 343 applications were received by the organizers in the scrutiny round that started early this year. It brought the final number down to 54. These startups were asked to present MVP (Minimum Viable Products) or market-ready products and services to potential investors. The shortlisted startups also received mentorship and feedback.
Nine startups from Haryana, six from Uttar Pradesh, four from Delhi, and two from Maharashtra also received funding. Hiranmay Mahanta, CEO of iHub Gujarat, said that getting funding at the right time was a major issue for startups, and thus they have signed MoUs with 60 leading venture funds as investment partners. They will scout potential investable startups from Gujarat and groom them to become scalable startups, he said.
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