Mytrah earmarks $100,000 seed capital to back startups

Tags: News

Winners for the funding will be announced on August 30

Independent power producer Mytrah has decided to provide a seed fund of $100,000 for startups. While Mytrah will provide the seed funding, its partners, which included Startup Village, Indian Angel Network and Villgro, will assess, mentor and incubate select startups.

Mytrah had announced “Inspiring Solution”, an initiative to encourage entrepreneurship, this April. Several startups have been called to present their entrepreneurial ideas. which will be assessed and the winners for the seed funding will be announced on August 30.

Ravi Kailas, chairman and chief executive officer of Mytrah, said the company has created the seed fund to encourage small ventures.

The selected entries will get support and guidance from the partners of Mytrah, the London-headquartered company.

The independent power producer may decide to provide the seed fund to one or more companies, depending on their final plans and potential.

Its Indian subsidary Mytrah Energy has 310 mw operating assets, which is likely to be ramped up to 600 mw by December.

Startup Village is an ecosystem partner while Indian Angel Network is the angel and incubation partner in this plan to support startups. Villgro will be the social enterprise and investment partner, while Google Cloud will provide cloud credits worth $10,000.

The company, said managing director of Mytrah Vikram Kailas, would look to fund multiple firms.

It has readied a purse of $1,00,000 and could bring about $2,00,000 additional seed fund, if required, he said.

Mytrah did not see the seed fund as an investment. “The initiative is not focused on the return-on-investment (RoI) model,” he said. However, when an idea blossoms, it might consider taking a stake in the company. But that would not have any links with the seed fund provided, he said.

“We will encourage the start-up ecosystem. Our role will be of mentoring and starting the entrepreneurial journey of participants,” said George Paul, vice-president of Startup Village.

The business plans would be judged on the practicality of the solution being offered, the potential for running a business based on the solution, detailing and attention to financial projections, key metrics, marketing and sales strategies and understanding of market environment, he said.

The group is privately owned and takes a long-term view of business, guided by strong corporate values and high ethical standards. The company is engaged in developing, owning and operating wind energy assets in India.

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