- The fifth batch of its pre-acceleration program will commence on 15 March 2021 in virtual mode, and it will comprise selected 30-35 startups
- The third and fourth batches achieved notable successes with startups securing interests from 18 investors for possible funding opportunities
- Startups pitched their solutions to corporates and investors like Factset, Mitsubishi, SucSeed Indovation Fund, Hyderabad Angels, StartupXseed Ventures, Chennai Angels, Windrose Capital and Inflexor Ventures
T-Hub, which leads India’s pioneering technology innovation ecosystem, today called for applications to the fifth batch of its flagship pre-acceleration program, Lab32. It comes after the successful closure of its third and fourth batch of 41 and 13 startups, respectively. Startups across India have been a part of this program and have raised INR 100Cr over the past 12 months.
The fifth batch of Lab32 will commence on 15 March 2021 with selected startups that bring in leading-edge solutions for industries, such as health-tech, fintech, smart mobility, sustainability and edtech, among others. Thirty to thirty-five startups will be shortlisted from applications after a focused and extensive screening process. Interested startups can apply on T-Hub Lab32 portal or email at [email protected] by 6 March.
The program will continue with its hybrid model launched last year owing to the pandemic. It will enable more entrepreneurs across India to participate in the program without the need for a physical presence in Hyderabad. Lab32’s modules will focus on helping the startups build better versions of products or discover and tap into market opportunities. This batch is looking to enable startups from tier 2 and 3 cities to position themselves for growth.
Ravi Narayan, CEO of T-Hub and Chief Innovation Officer of Telangana, said,
“Lab32 is an exciting journey for T-Hub that has allowed the startups to push their growth boundaries and continue the innovation journey with their ventures. Startups in major sectors like healthcare, education, and smart mobility, among others, so far, have been benefitted from Lab32. The recent success of startups from the previous batch has inspired us further to continue the virtual pre-acceleration program. The fifth batch will focus on identifying startups that are most capable of accelerating India’s innovation quotient at a global level.”
The program will provide structured, meaningful, outcome-driven guidance by leading professionals on business goals like revenue growth, user acquisition, market expansion and product pipeline. The objectives will be set at the beginning of the program for each startup. The program will include a series of workshops for marketing and product design tracks, overlayed by one-on-one interactions with dedicated consultants and complemented by other sessions based on the needs of the batch. The program team will be closely working with the founders to ensure participation and provide support where necessary through alumni founders and peer connections. Some of the earlier participants will interact in the role of EIR (Entrepreneur in Residence). The program will conclude by assessing the progress made by the startups in achieving their respective business goals.
Post the cohort, the participants will be supported by the Community Team of T-Hub for three months.
The early- and mid-stage technology startups will be selected based on the following criteria:
- Development stage of technology product-prototype or completed.
- Customer validation or market acquisition stage.
- Revenue run rate or investment raised
- Qualitative aspects of founders
Lab32 became a virtual program during the pandemic, enabling startups to access various benefits for growth-oriented support, despite the industry slump. The selected startups offered innovative solutions in key industries, such as healthcare, food technology, HR, and enterprise SaaS solutions. The startups from the third and fourth batch underwent rigorous interventions by advisors, subject matter experts and mentors that helped them in product development and in creating a strong customer base.
Both the batches graduated after successfully participating in Lab32’s first-ever virtual demo day, ‘The TakeOff.’ On the demo day, each startup was allotted a seven-minute window to pitch their solutions or products to the investors, corporates, and government, along with other stakeholders. Startups were given the opportunity to network with corporates and investors like Factset, Mitsubishi, SucSeed Indovation Fund, Hyderabad Angels, StartupXseed Ventures, Chennai Angels, Windrose Capital and Inflexor Ventures. The demo resulted in garnering interests from close to 18 investors for the startups which will result in fruitful collaborations and funding opportunities.
Here are some of the success stories:
- Amplify Infra, a proptech sector, has onboarded 50+ contractors, 10 architects, 50+ merchants on its platform and has generated material sales revenue of over INR 200 lakh.
- Flytta, a logistics startup from the fourth batch, has bagged prestigious clients like Accenture, TCS, Infosys and 10+ Fortune 500 companies. It has completed more than 1500 relocations and 10K IT Equipment moves in the last 18 months.
- LegitDoc, a blockchain-based solution for document management, has signed a contract with the Maharashtra Government to manage over 7 lakh academic certifications for the state university.
- Next Skills 360, an edtech startup, successfully conducted proof-of-concept projects with the government of Telangana. The startup is also gearing up for the launch of a subscription box on 1 March 2021, which has already generated pre-order interest.
- Another Lab32 startup, Opstech’s solution, has been tested and implemented in the cylinder manufacturing industry and incorporated as a mandatory clause in nation-wide LPG cylinder public tenders.
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