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Graduating startups have witnessed significant growth, acquired high profileclients and received investments during the intensive four-month program. GenNext Innovation Hub has opened applications for the second batch tocommence June 2015...
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MEDIA RELEASE
GenNext Innovation Hub Graduates 11 Startups
in the First Batch of Accelerator Program
• Graduating startups have witnessed significant growth, acquired high profile
clients and received investments during the intensive four-month program
• GenNext Innovation Hub has opened applications for the second batch to
commence June 2015
Mumbai, March 13th, 2015: The GenNext Innovation Hub, Mumbai based startup accelerator
today announced the graduation of 11 technology startups from its accelerator program. The
GenNext Innovation Hub is a joint initiative of two leading companies, Reliance Industries
Limited (RIL) and Microsoft Ventures to develop the startup community across India. The event
held in Mumbai, saw the startups showcase their businesses to more than 200 venture
capitalists, influencers, corporate customers, mentors and leaders.
The GenNext Innovation Hub enables entrepreneurs to build their companies through an
immersive, four-month-long program. Those selected gain access to business mentors, technical
and design experts, and plug-and-play office space. They are also exposed to resources that
help them apply their skills to working jointly with businesses and innovative technologies, in
turn gaining valuable insights to build and modify their business models for Indian and global
markets.
The success of the program can be measured by the success of the startups, who have all
witnessed significant amounts of traction during the course of the program - winning deals from
noted global brands and raising money from leading investors and VCs.
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“I am very impressed with the depth of innovative problem-solving capability of the solutions
developed by the startups, which addresses not just the India-specific needs but also, problems
globally. ‘Innovate in India’ would power the ‘Make in India’ endeavour, and help generate
thousands of jobs,” said, GenNext Chairman and RIL Board Member Dr. Raghunath A.
Mashelkar.
Bhaskar Pramanik, Chairman, Microsoft India, added, “We firmly believe that a thriving
startup ecosystem in India can contribute immensely to the country. In line with our
commitment to India’s accelerated growth, we are committed to supporting the development of
this ecosystem through Microsoft Ventures and its partners. We are delighted to see the strides
made by this batch of startups, and with GenNext, we hope to continue to replicate the success
in the future.”
The startups that graduated from GenNext Innovation Hub’s first batch today are:
1. Health Vectors, a predictive healthcare analytics company
2. AxleRate, a passenger safety and engagement platform
3. LogiNext, a last mile logistics solution provider
4. Tootle, an event discovery and engagement social media platform
5. Flexiguru, a personalised education content curation platform
6. Oztern, an adaptive entrance test preparation platform
7. Fropcorn, a proprietary location content distribution company
8. CarIQ, a connected car platform
9. Coitor, a virtual trial room platform
10. Interview Mocha, a pre testing skill assessment company
11. Light, the world’s first answering engine, that was launched today
During the four-month program, the startups were mentored on business models, customer
acquisition strategy, technology comprising Ui/UX and cloud, analytics, and financing models.
They also had regular interactions with industry leaders from retail, media, transportation,
education, finance, legal and intellectual property.
“The best thing about this acceleration hub was that they took me back to my basics and got me
to question every assumption of passenger engagement. In fact, it was at the hub that we were
able to conceptualize and implement an intuitive voice-based passenger security system,” said
Varad Kumaravelu, founder of AxelRate, a Singapore-based startup.
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“This four-month stint at the GenNext Innovation Hub gave my team the confidence to create a
product that is disruptive and relevant not just for India, but also in global markets. The team at
GenNext made us push the boundaries to build a robust and scalable business,” said Dr.
Subhasish Sircar, founder of Health Vectors and a Wharton Alumini.
GenNext innovation Hub is now accepting applications for second batch, which will start in June
2015. Visit www.gennexthub.com for more details.
About GenNext Ventures
GenNext Ventures is a Reliance Industries Ltd. sponsored Venture Capital firm headquartered in
Mumbai. It invests actively in innovative technology companies from India and overseas with the
objective of building successful global businesses that are sustainable, scalable and profitable.
GenNext also invests alongside its global partners, which include some of the large Venture
Capital groups and strategic technology giants based in US, Israel and UK.
http://www.gennexthub.com/
About Microsoft Ventures
Microsoft Ventures is a global initiative to help entrepreneurs build great companies. We work
with startups at every stage of maturity to provide the tools, resources, and expertise they need
to succeed. The initiative is broad-based, and includes a community program, accelerators, and
a seed fund. Our approach helps startups scale their business, bring innovative services to
market and reach new customers. Visit Microsoft Ventures at www.microsoftventures.com to
learn more about how Microsoft is helping the next generation of smart companies take flight.
About Microsoft India
Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services,
devices and solutions that help people and businesses realize their full potential. Microsoft set
up its India operations in 1990. Today, Microsoft entities in India have over 6,500 employees,
engaged in sales and marketing, research and development and customer services and support,
across nine Indian cities - Ahmedabad, Bangalore, Chennai, Delhi NCR, Hyderabad, Kochi,
Kolkata, Mumbai and Pune. Microsoft is committed to touching and transforming lives and
businesses in India through technology.
For further information, please contact:
Tushar Pania
Reliance Industries
Ph: +91 9820088536
Abhishek Bajaj
Microsoft Ventures
Ph: +91 9611234312
