Microsoft Ventures Announces its 2014 Summer Batch, picks 16 startupsWritten by Manish Singh on February 11, 2014 - 07:17AM @refsrc
Startup accelerator programs in India are becoming more mature. Microsoft Ventures has announced its final list of technology startups that will be a part of its Summer 2014 batch for the Indian accelerator.
The final list consists of 16 startups which include, Appointy, App Virality, Bookpad, Boutline, Imly, InstaSafe, IntouchApp, Metaome, Sliderule, Voonik, MyBusTickets.in, Praxify, Thinxtream, Touchfone, ZingHR and Zoom.
Out of the 16 startups, a few companies; namely Appointy, ZingHR etc.; are already profitable and have raised funding in the past too. Whereas, six of the companies; namely MyBusTickets.in, Praxify, Thinxstream, Touchfone, ZingHR and Zoom; are part of the newly launched Accelerator Plus Program that covers well positioned startups.
Ravi Narayan, Director of Microsoft Ventures, welcomed the new startups and explained the rationale behind the startup accelerating programs. “The good thing about this batch is that most of these companies already have a certain amount of customer traction and the Accelerator Program is well positioned to step in and help them move ahead faster than they would have otherwise. We saw a lot of great applications this time around, which means the startup ecosystem is evolving rapidly".
"This program is for more mature companies which are closer to VC funding. Most of them have made significant progress, so much so that the startup ecosystem is taking their eyes off them. But we at Microsoft Ventures feel this is the time they need the most help, when from an investor standpoint they are getting ready to graduate into the mainstream. Microsoft Ventures is uniquely positioned with resources to help these companies to roll out products and raise serious capital to fund their growth”. Shankar added.
Microsoft Ventures in India has been working since August 2012 and have backed about 3 dozen of startups.