Multi-city start-up 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.
