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Kyron accelerator’s Lalit Ahuja raises $9 mn from Accel, others

ANSR Consulting India Pvt Ltd, which runs Bangalore-headquartered startup accelerator Kyron, has reprotedly raised $9 million from Accel Partners with participation of unnamed family offices and individual investors.

The company will use the funds to bring more global in-house captives (GICs) into India and to launch an engagement programme for startups to work directly with these multinationals, reports VCCircle.

ANSR Consulting India Pvt Ltd, which runs Bangalore-headquartered startup accelerator Kyron, has reprotedly raised $9 million from Accel Partners with participation of unnamed family offices and individual investors.

The company will use the funds to bring more global in-house captives (GICs) into India and to launch an engagement programme for startups to work directly with these multinationals, reports VCCircle.

“The GICs coming in are pretty much embracing the startup engagement right from the beginning instead of giving it some time. It is becoming more of an integrated strategy,” Lalit Ahuja, founder of ANSR and former the president of Target India, was quoted in the report as saying.

He told the Economic Times that over time, Kyron will merge with ANSR, a nine-year-old body that has brought 18 GICs to India. So far, Kyron has been setting up corporate accelerators for companies that want to get a mindshare of the startup ecosystem here.Now, Kyron is expanding its offerings to enterprises to engage with startups.

In addition to corporate accelerators, Kyron will bring forth problem statements from enterprises and play matchmaker to startups that are capable of solving them. For this, there will be no accelerator batches and no more demo days and the startups will work with MNCs for a six-month period.

“The primary value proposition for us is to help ANSR build their innovation agenda,” Shekar Kirani, partner at Accel India, was quoted in the Economic Times as saying. “Unlike other consulting firms, ANSR forms a joint venture with multinational companies to bring them to India. So, there is real skin in the game for them,” he added.

Ahuja said in the report that the platform will allow startups across the world to work with the GICs in India, whose number is expected to go to 63 from 18 in the next three years. Commodities exchange CME Group and Dubai-based payments firm Network International are expected to set up GICs in India this year.

“We are bringing in a go-to-market strategy for enterprise startups. This will become a big reality in the coming years as many of these companies are moving significant amount of their engineering capability to India. You have the engagement platform already existing in the form of GIC,” Ahuja told the Economic Times. As part of this programme, Kyron will take a 5% stake for an investment of $0-50,000. 

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