The programme will provide a test-bed to emerging technology start-ups to conduct their pilots at India’s first privately-developed greenfield smart city, Palava located in Mumbai.
Partnering with Zone Startups India, an international start-up accelerator located at the iconic Bombay, 30 start-ups will be identified every year through application process. Selected start-ups will have to go for a 4-month acceleration program.
Start-ups will also be mentored by experts from Zone Startups Indian, and a space at Palava will be provided to the selected start-ups to work. The start-ups can also pitch for opportunities to conduct pilots, network and raise funds, along with other professional services support.
Lodha Group will be investing in Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities which has an initial corpus of Rs. 50 crore.
According to a source, Shaishav Dharia, Regional CEO, Lodha Group said that Palava Accelerator will aim at invigorating economic growth of Palava and bringing the first set of jobs within the city. “Through the program, Palava would provide entrepreneurs an opportunity to work in the city and with the city management body, provide mentorship with reputed mentors in these fields, provide access to investors and a stimulating environment to work in. We are hopeful that this initiative will encourage startups to create disruptive ideas, technologies for the real estate sector and take government’s smart city mission a notch higher,” he added.
Ajay Ramasubramaniam, Director (India), Zone Startups said, “Partnering with Lodha Group on the Palava Accelerator is an exciting opportunity for us.” It helps us expand our corporate accelerator and innovation work in India beyond FinTech, and further strengthens our presence within the Indian start-up ecosystem, he said.
Zone Startups India agreed to manage the Palava Acceletor and also help in boosting the start-up ecosystem in the region. This is the sixth accelerator program that it has taken. The first set of start-ups will be announced on mid-November 2017.