Neotia push for start-ups
Neotec, the start-up incubator, primarily focuses on the eastern region with around 50 per cent of its startups from Calcutta
- Published 20.05.19, 12:52 AM
- Updated 20.05.19, 12:52 AM
- a min read
Neotec Hub, the start-up incubator business of the Ambuja Neotia group, expects the number of start-ups under its aegis to increase and plans to take one for its first round of capital raising of around Rs 10 crore.
The organised start-up incubator, which began operations in 2017, offers space, seed capital and mentorship and helps early-stage start-ups to build their business models before taking them to their initial pre-series A or series A rounds of funding.
“Neotech was started with a mandate of working with early-stage companies. The start-up incubation programme focusses on taking companies in the early-revenue stage and helps them grow into more sustainable businesses. We have about 23 start-ups being incubated as of now. We will have a cohort of 30 start-ups in the next few months,” said Parthiv Neotia, director of Ambuja Neotia.
Neotec primarily focuses on the eastern region with around 50 per cent of its startups from Calcutta. There are also start-ups from smaller locations such as Bhubaneswar and Chhattisgarh as well as from Bangalore and Mumbai.
Edutech, renewable energy, smart mobility, robotics, fintech, analytics, hospitality and healthcare are among the segments where the start-ups are working.
“Right now we are raising about Rs 10 crore for one of the start-ups. It’s a company in the hospitality segment,” said Neotia, adding that the group may look to initially onboard two of its hotels on the online booking platform.
“In two months, we are taking two more start-ups for funding. Both will be north of Rs 5-6 crore,” he said.