Wednesday, 6 May 2015

GreenHouse Ventures Accelerator names startup for its accelerator programme

Gurgaon-based GHV Accelerator on Tuesday said it has selected the first startup for its accelerator programme. Launched last month, Gurgaon-based LazyLad is a mobile application that connects customers with nearby and local retailers, who can upload their inventory on the platform, which in turn is organised by the startup. The company works on an asset light model and lets sellers handle own logistics. "Frugality is what impressed me the most in this model," said Vikram Upadhyaya, chief mentor at GHV. "India is one of the fastest growing countries in the world. Unlike the western world, India needs such frugal innovations all across sectors, then only we could think of the Googles/Facebooks emanating out of India."

The company has been launched by three IIT Guwahati graduates—Saurabh Singla, Paresh Goel, and Ajay Sethi. In just a month of operations, it has got 1,700 downloads, 25 orders a day and 80% repeat orders.
It has 70 service providers on its network across six categories including groceries, fruits and vegetables, stationary and flowers. It plans to expand this to 16 categories. "GHV will help us with go-tomarket strategies, product development and industry connects," said Singla, co-founder, LazyLad. Unlike others in India, GHV does not work on a batch system. Instead, the sector agnostic accelerator will house 10 startups at a time through a year-long programme.
Each startup will get seed funding up to $100,000 (about Rs62 lakh) in exchange for equity up to 20%.

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Source : EconomicTimes. 


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