IIM-A to invest 25 million USD in start-ups over 3-4 years
Top management institute IIM-Ahmedabad today launched the Bharat Inclusion Initiative, which aims to invest about 25 million USD in startups working in the areas of financial inclusion, livelihood, education and health over the next three to four years.
By : migrator
Update: 2018-05-14 18:30 GMT
Mumbai
Launched by the institute’s centre for innovation, incubation and entrepreneurship (CIIE), the initiative aims to channelise approximately $25 mn over the next 3-4 years towards backing game-changing startups leveraging the ongoing digital transformation in India, it said in a release.
With seed support from Tata Trusts, CIIE has received an initial commitment of 12.5 mn USD from the Bill and Melinda Gates Foundation, the Michael and Susan Dell Foundation, and Omidyar Network, according to the release.
This includes a 5 mn USD commitment for providing support to startups through a series of acceleration programmes, focused research, training workshops and piloting partnerships.
In addition, CIIE will also invest in seed and pre-series-A startups through a dedicated Bharat Inclusion Seed Fund - which announced its initial closing at $7.5 mn and is expected to make a final close at $15 mn by July, it said.
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