A subsidiary of India Accelerator, iAccel Gulf Business Incubator (iAccel GBI) has announced its ambitious plan to onboard 25-30 start-ups by the end of 2023, with 11 start-ups already signing Memorandums of Understanding (MoUs) to join the accelerator.
The incubator aims to invest $3-4 million by the end of this year, further bolstering its efforts to support the growth and development of emerging businesses. In the coming year, it plans to inject approximately $20-25 million more into these start-ups, propelling them toward success.
"iAccel GBI is more than just an accelerator; it's a launchpad for visionaries, innovators, and entrepreneurs," said Ashish Bhatia, co-founder of India Accelerator. "We are excited to partner with promising start-ups and provide them with not only financial support but also essential resources, guidance, and mentorship to help them thrive."
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The Dubai-based incubator is not only expanding its portfolio of start-ups but also its geographical reach. The incubator has plans to establish its presence in Saudi Arabia within the next 18 to 24 months, further solidifying its position as a regional hub for innovation.
Commenting on the same, Deepak Ahuja, CEO and co-founder of iAccel Gulf Business Incubator said, "Dubai has already earned its reputation as the global hub for finance, trade, meetings, incentives, conferences, and exhibitions (MICE), hosting significant conferences and events. Now, it aspires to take the mantle of becoming the startup capital, with a grand vision of attracting tech enterprises to the UAE. iAccel GBI is an ecosystem player, contributing towards the grand vision of the Dubai government and our offering is unique- our accelerator model, angel network, academia partnerships, corporate innovation program, mentorship, and market access for start-ups.”
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The company is in advanced discussions with certain entities and partners to launch a substantial fund, ranging from $25-50 million, by the end of Q2 next year. This initiative will provide additional support to start-ups and entrepreneurs, propelling Dubai's reputation as a thriving global business hub, a statement issued by the company read.
It has with it a network of 235 angel investors with a plan to increase this number to 500 by the end of the year. In addition to financial support, it offers start-ups valuable services such as Dubai Mainland License acquisition, workspace solutions, mentoring, advisory support, and networking opportunities. The organisation also assists start-ups with critical aspects such as legal, finance/accounting, marketing, and immigration/visa processes.
The Government of India has recognised India Accelerator (IA) as the 'Best Accelerator of the Country'. IA has created a vibrant entrepreneurial ecosystem in the country, has 150+ start-ups under our portfolio, and has 1400+ mentors in our network who help start-ups in our industry-focused specialised verticals (HealthTech, AgriTech, Social, Energy, FinTech, Web 3.0, B2B SaaS, etc. Beyond its network of investors and entrepreneurs, the accelerator places a strong emphasis on academia, fostering collaborations and partnerships that contribute to the growth of the start-up ecosystem.
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