Early-stage start-up incubator GSF Accelerator is investing between $100,000 and $200,000 each in five Indian start-ups, along with other venture capital firms such as Silicon Valley-based 500 Startups.
The five new ventures to receive funding include Bangalore-based analytics start-up Little Eye Labs, programmer recruiting firm HackerEarth, mobile app maker ZAPR, Tushky and WeAreHolidays— both help customers in planning vacations.
“We selected these start-ups on the basis of founders’ profile and management team, market and product potential and traction, valuation and co-investor profiles also were of importance,” said Rajesh Sawhney, founder of GSF, which was started in November 2011.
GSF said it received applications from more than 500 start-ups across the country and shortlisted 13 for an initial round of funding of Rs.10-15 lakh each. Of the 13 that were shortlisted, seven were nominated for an additional round of funding. GSF selected four out of the seven and picked one other start-up—WeAreHolidays, which did not go through the initial accelerator programme—for the second round of funding, along with other investors, such as Blume Ventures and Mumbai Angels.
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