Hyderabad: Hyderabad-based startup incubator T-Hub is all set to begin its first batch under its new funding programme, T-Angel,which was launched last month to help startups raise capital. With applications set to close at the end of this month, the first set of 30 will begin the programme in the first week of November.
T-Hub chief executive officer (CEO) Ravi Narayan said startups chosen under the three-month investment acceleration programme will be helpful for startups which have very significant products to offer. “We have been getting applications from all across the country. A lot of startups require help to get them early stage money, and this is a programme about how to take them to the next level. There is a set of mentors that come in for that," he told Mint.
This funding programme is significant as Hyderabad lags behind cities like Bengaluru and Delhi in terms of number of startups present in the city, and has to catch up in terms of creating a much stronger startup ecosystem.
T-Angel is a joint venture with the Telangana state government and will be executed by T-Hub and online investment platform LetsVenture.
During the launch of the programme last month, Narayan acknowledged that Hyderabad was behind in terms of angel funding for startups, when compared with Bengaluru or Delhi. In a presentation at the event, he showed that Hyderabad (between 2017 and 2019) had significantly lesser number of startups that were founded and also those that received angel funding.
Among other things, data presented by Narayan showed that 97 startups were founded in Hyderabad in 2019, as against 188 and 209 in Bengaluru and Delhi, respectively. Similarly, while Delhi, Bangalore and Mumbai had at least one company achieving unicorn status, Hyderabad had none. This, in spite of major companies like Amazon having their campuses in Hyderabad.
“In the Angel programme, what we are focussed are on startups which have something very significant, which is where our mentors will try to understand how best to get these startups funded because the market opportunities are very significant. I think what is missing in these cases is their ability to articulate what they are doing," Narayan stated.
He added that T-Hub was also building a programme for startups that are beyond their incubation period. “We will announce it in the next couple months," he mentioned, without revealing more details.