IIMB’s NSRCEL To Conduct 4th Cohort Of Velocity Program In July 2023

Updated on: 18 June 2023 4:01 am

It will serve as a Centre of Excellence developing technology solutions in key areas like product master data management and traceability services

GS1 India Opens A Software Development Lab In Chennai To Develop Blockchain-Based Solutions Photo: It will serve as a Centre of Excellence developing technology solutions in key areas like product master data management and traceability services

NSRCEL, the innovation and entrepreneurship hub of IIM Bangalore, will conduct its 4th cohort of the Velocity program in July 2023. The program invites applications from across segments such as fintech, SaaS, IT/enterprise, edtech, consumer and healthcare.
Aiming to nurture 100 scalable ventures into successful businesses this year, it will offer support to early-stage businesses and help them with research, mentoring, incubation, access to funding, and education.

The Velocity program has incubated a total of 60 ventures up to this point, raising over Rs 20 crore in funding. These ventures have achieved an average annual recurring revenue (ARR) of Rs 12 crore and have been part of shows like Shark Tank.

Notably, NSRCEL, the startup hub at the Indian Institute of Management, Bangalore is among the first six incubation centres in the country supported by the Atal Innovation Mission. It has over 50 domain experts including CEOs, entrepreneurs and industry veterans and a partner ecosystem with institutions such as ARAI, CPP, IISC, IIT Delhi, IIIT Hyderabad and others.

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It leverages its vast network to help entrepreneurs make their businesses and products market-ready, sales and marketing, capacity building and funding through networks, grants, loans, alternative financing, angel and venture capital investors. It aims to support businesses with a need-based approach by giving individual attention across core areas, providing access to mentors, industry experts, and faculty, building connections across partner networks, and enhancing knowledge through sessions and workshops.

The program invites applications through an 'always open' portal. After submissions, the team reviews the application pipeline with a rigorous selection process, including due diligence.

Amongst its successful start-ups is FyndHealth, which has raised approximately Rs 1 crore funding from angel investors like Harminder Sahni, founder of Wazir Advisors. Digital out of home advertising brand Vigyos raised Rs 1 crore from Japanese investors, with employees from Softbank also participating in the funding round. Electric vehicle subscription platform Swytchd raised Rs 4.5 crore in a seed round led by Keiretsu Forum, which also saw the participation of Let's Venture, Venture Catalyst and Beej Network.