By Startup City
Bengaluru: StartupXseed Ventures, a Bengaluru-based strategic seed funding company announces the launch of its maiden fund ‘Aaruha Technology Fund’. ‘StartupXseed’ symbolizes that the startups must exceed in their performance while being seed funded by the company and ‘Aaruha’, which means to scale high in Sanskrit, is heading towards fulfilling the purpose. This SEBI registered fund was started with an initial investment of Rs.30 crores with a view to help startups focusing on areas like security, semiconductor and embedded devices. The vision of the company is to provide the necessary support and nourish the startup ecosystem in India, especially in Bengaluru and Hyderabad.
Speaking on the occasion, B.V. Naidu, Managing Partner, StartupXseed, says, “We are glad to announce the launch of Aaruha Technology Fund. The startup revolution in India is at its peak and our aim is to nurture this ecosystem utilizing the best available resources. This is a testament of our endeavor towards improving the startup culture in India. StartupXseed is a unique program combined with Seed fund, Strategic support, Market access, mentorship and closely supported by the Investor/advisory board of StartupXseed that will help transform startups into real business making significant impact on the society at large”.
“We are seeing a large number of exciting Deep Tech startups who need expert guidance and seed capital. Aaruha is committed to being the Investor of choice for these startups,” says T.V. Mohandas Pai, Co-Founder, StartupXseed.
Speaking in his shadow, V. Balakrishnan, Chairman, StartupXseed says, “We carefully brought in the key differentiators like Networked Incubator Programme, International Relationships and tie-ups for follow-up funding to ensure our investee companies seamlessly graduate to the next level”.
During the occasion, StartupXseed also revealed the name of the first investment in ‘ShieldSquare’, a BOT prevention and internet security firm that was selected after a rigorous process for their program. The company also announced the MoUs with leading Incubators in Bengaluru set up by IITB, Dayanand Sagar University and eHealth Technology Business Incubator in PES University. When questioned about the three things that every startup must and should follow, Naidu said, “Respecting the capital & not blowing up the money, perseverance about the idea and marketing strategies are three key factors that determine every startup’s growth or downfall”.
Naidu also provided some interesting facts and figures pertaining to the startup ecosystem in India. According to a research that the company had conducted, there are approximately 18,000 startups in India, who have till date seen a total investment of about $75 billion and have provided employment opportunities to over 300,000 people. Every year, India sees 3500-5000 startups taking birth; and in Bengaluru alone, 1200-1500 startups with a venture capital of $8-10 billion come into existence each year. He also quoted Bengaluru as the IT capital of India where over 1,250,000 people work in IT sector which covers a total area of 12 million square feet. By 2020, there would be over 2,000,000 people working in IT sector in Bengaluru, making it the largest IT ecosystem in terms of talent in the world.
Founded in June this year by B. V. Naidu, Mohandas Pai (Aarin Capital), J. A. Chowdary and Ramakrishna V, StartupXseed assists the budding startups and entrepreneurs both at strategic as well as seed level. The company offers complete structured help to the startups to help them overcome the unique challenges of building their business into a sustainable growth business in India. It acts as a ‘Co-Founder/Seed Partner’ to the startups and guides them in a path to succeed in the technology and technology-enabled areas across various sectors in India.