Through Finvolve, three startups have raised more than $3 million in funding in the pilot, proving the hypothesis.
India Accelerator, India’s only GAN-partnered and mentorship-driven accelerator, has recently announced its exclusive partnership with Finolutions, a B2B wealth management consulting firm to launch Finvolve and bring wealth managers and startup angel investors on one platform. In the initial stage of the partnership, the first three pilot startups have successfully raised more than $3 million of early-stage funding, proving the hypothesis.
Today, India’s startup ecosystem is one of the most thriving and third-largest ecosystems in the world. However, it is imperative to look at the other side of the ecosystem where most startups fail to generate positive returns mainly due to a lack of capital and expertise required at the early stage of the venture. Considering this accessibility and knowledge gap, IA endeavours to incentivise the role of angel investors in nurturing early-stage ventures.
As part of the partnership, IA has recently built the only B2B network of wealth managers in India with Finolutions that eliminates the role of intermediaries. It is potentially a significant step toward bringing angel investors into the fold while the B2B network of wealth managers could bring in their end investors to work closely with the startups. By the year-end, IA and Finolutions plan to build the largest angel network in the country.
Commenting on the present startup scenario, Apoorva Vora, Co-Founder of Finvolve, said, “Finolutions has a vast experience in the wealth management industry, and has traditionally remained focussed on alternative investment space. Partnering with IA to launch Finvolve will help us unleash new opportunities in early stage funding by empowering wealth managers and angel investors to evaluate the valuation of early stage startups and gain a potentially high reward.”
Delighted with the partnership, Ashish Bhatia, Founder & MD, India Accelerator, said, “For an angel investor it is hard to decide on funding a high potential startup. On the other hand, early-stage startups lacking investor connections and resources often fail to identify or crack a funding deal with angel investors. With Finolutions, we look forward to incentivising angel investments in the segment to close the early stage funding gap and nourish the flywheel innovation.”
India Accelerator, which is India’s first and only GAN-partnered accelerator, has been helping startups unlock their true potential by mentoring and accelerating them into the next phase of growth. It has collaborated with several government-backed institutions and initiatives along with private partnerships with a focus on propelling the Indian Startup ecosystem.
Fostering a culture of innovation in India, the mentorship-driven accelerator envisions building an inclusive ecosystem that unites all relevant shareholders in the economy.
