accelerator, GSF that provides seed funding to promising Indian start-ups, will
launch its fourth investment cycle in Chennai from April 2013. The applications will be open from middle of March. The company has committed to select four
most promising companies from Tamil Nadu area for its nine-week acceleration
program. Each company selected will receive initial funding of $28,000 and the
support of GSF’s angel network. In order to support the selection process, GSF
is hiring four new Chennai-based entrepreneurs in residence. The network has
selected 15 start-ups for its inaugural batch last year.
“Chennai has grown rapidly in
the last couple of years as a leading technology hub in India and with GSF’s
presence, Chennai’s integration with the global startup ecosystem will
accelerate in the coming years”, told Rajesh Sawhney, Founder of GSF
Superangels, to India Digital Review.
GSF has partnered with South
India’s angel group Chennai Angels which will provide mentorship and capital to
the startups GSF selects. It has also inked a pact with matrimonial portal
BharatMatrimony.com which will provide co-location space and related services.
“With the mentorship and
strength of the local angels and GSF networks we believe that entrepreneurs
will be provided with stronger tools to succeed well beyond our regional and
national borders in a more accelerated and successful manner,” said Sameer Mehta
of Chennai Angels.
Founder Murugavel Janakirama
commented, “Happy to associate with GSF which I strongly believe would add
momentum to the start up ecosystem in Chennai.”
A network of 20 founders and investors and 17
entrepreneurs in residence worldwide, GSF Superangels claims that their
selection criteria is three fold: exceptional founders, substantial market
opportunity and an innovative product.
In 2012, the GSF Superangels
funded three companies: Autowale (radio tuk-tuk company), Biosense (non invasive
haemoglobin measurement) and Chottu.in (a specialist e-commerce logistic
company). The company said its goal this year is to fund five companies out of
the many companies showcased at GSF 2012.