JOIN USThe Hive, a collaborative workspace at VR Bengaluru, has announced its partnership with India’s first European Accelerator Spark10 to host its inaugural programme in the city.
Interacting with DH, Virtuous Retail Vice President Ankit Samdariya, who is also the spokesperson of The Hive, said the Spark10’s 13-week acceleration programme will help startup access international investors and mentors.
“Spark10 has identified five early-stage technology startups from the country for its Bengaluru cohort. These companies will work alongside the more established companies at The Hive, and leverage its 1,00,000 sq feet area of the co-working space and associated amenities at VR Bengaluru,” he said.
The Hive has right now over 250 members from various industries and countries including those from Sweden, Belgium and Germany
Spark10 launched its operations at the campus of Engineering Staff College of India in Hyderabad in 2016, where nine startups were selected out of over 500 applications and underwent a mentor-led 13-week acceleration programme.
Besides deep technology domains, Spark10 CEO Atal Malviya said there is a huge opportunity for companies across the globe in mobile, Internet, smart technologies, analytics and machine learning.
“The programme provides training, mentoring, coaching, international exposure, seed funding of Rs 10 lakh to each startup and a platform to pitch to investors to raise the next round of funding,” he said.
Malviya also pointed out that the second edition of Spark10 in India will have 80% of investments from non-resident Indians.
“Spark10 aims to bring more and more investments in the coming cohort from Indians residing elsewhere. We are also planning to hold more cohort so that we can attract more startups. Spark10 expects to make early stage investment in the range of $10 to $50 million over a couple of years in India.”
Chief Operating Officer of Spark10 Ravi Warrier said the company is excited to conduct this programme from The Hive. “The environment is just suited to what we have in mind for the teams and their development. Here, the primary focus is on mentorship, visibility and funding,” he said.