The Internet and Mobile Association of India (IAMAI) and Napino Auto & Electronics have joined hands to incubate IoT-based startups.
The two will invite nominations from IoT startups based in Delhi-NCR, Bangalore and Mumbai and will provide mentorship, investment and partnership opportunities to the select startups. The focus of this initiative is to encourage young aspiring entrepreneurs to create innovative and disruptive solutions around the IoT, which will eventually align the government’s Smart India initiative with the vision of Digital India.
Talking about the initiative, Jitender Minhas, Chief Executive Officer, IAMAI Startup Foundation’s Mobile 10X programme said, “The Mobile10X programme has been striving relentlessly to provide a robust support system for app developers and young startups. I believe this joint effort will be a perfect complement and give a fillip to nurture dynamic startups. With many more such initiatives, we will see great products emerging from such programmes.”
Vaibhav Raheja, Director, Napino Auto & Electronics said, “We want to be at the forefront of innovation and have been continuously supporting entrepreneurs by providing business expertise, engineering and manufacturing support and industry connects. Napino is pleased to collaborate with Mobile10X to mentor entrepreneurs and be part of their success through this incubation programme.”
In the past two years, Napino has invested Rs. 30 crore in technology companies at different stages of business cycles. In the next two years, it will invest Rs. 60 crore and focus on next-generation tech companies in IoT, blockchain, big data and artificial intelligence.
“We plan to pump in double the amount in 2017 to upscale the ecosystem for IoT-based startup ecosystem in India,” added Raheja.
As a part of the programme, startups will be provided technical, marketing and leadership skills along with financial support to build applications and businesses. They will also network with industry leaders, thought leaders, VCs, ecosystem evangelists and funders.