IvyCamp, a platform created by venture capital (VC) firm IvyCap Ventures, has partnered with IIM Calcutta Innovation Park (IIMCIP), a technology business incubator, to invest Rs 60 crore ($9.2 million) in Indian startups, it said in a press release.
Initially, the Indian Institute of Management Calcutta (IIM-C), India’s premier B-school, has been chosen to identify the first few startups. Once this process is complete, IvyCamp will join hands with other educational institutions. Each shortlisted startup will qualify for funding available through both IvyCamp platform and IvyCap Ventures.
“We not only support entrepreneurs but actually help to build knowledge networks, and enable innovators to transform their innovative ideas into real value,” said Anju Gupta, co-founder and president of IvyCamp
In partnership with IIMCIP, it will connect entrepreneurs and innovators across eastern India and will support startups in the form of funding, mentoring and opportunities to market and network for scalability.
IvyCamp is also setting up an office at the campus, which will also double up as IvyCamp’s eastern region office apart from being a North Eastern Institute office for Innovation and Entrepreneurship.
“Activities like business plan competitions, training for startups on pitch-making, access to funding and mentors have already been identified,” said Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors Private Ltd.
“We haven’t seen any such partnerships by anyone else in the industry. This will be scaled up not just across India but across global campuses having similar approach to entrepreneurship and 10 per cent of the IvyCap’s second fund (Rs 600 crore) would be used by IvyCamp to invest in startups,” added Gupta.
This is the second initiative by IvyCamp as last year, it launched a platform and engaged with 400 startups across the the top engineering and management campuses including all 16 IITs, 13 IIMs, BITS and ISB.
VC firm IvyCap Ventures looks at early to growth stage companies with scalable and innovative models and demonstrated sales. Currently, it is in the process of raising its Rs 600 crore second fund and announced first close at Rs 300 crore early this month.