YourNest VC and SanchiConnect are currently accepting applications for “Velocity – Fast Track Startup Funding Accelerator Program” for deep tech hardware and software startups with term sheet of USD 500,000 to 1 Million in 30 days followed by funding, market access and mentorship in next 60 days. Tailored go-to-market support will be provided for 5 to 8 early growing stage hardware and software with core IP backed product companies building future technologies.
YourNest VC is known for investing in early-stage, technology-led, B2B, and DeepTech startups like Miko, and Dozee among others with an aim to nurture global market leaders from India. The startups must be registered in India and should be recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). Interested and eligible startups may apply for the program before 9 June 2024 midnight.
Who Can Apply for the YourNest VC and SanchiConnect Program?
YourNest VC and SanchiConnect state that they are looking to investing in “audacious entrepreneurs” who are change-makers using a tech-enabled approach to solve real-world problems. Nevertheless, Velocity is primarily for startups in the DeepTech domain that use the following technologies:
- Artificial Intelligence
- Machine Learning
- AR/VR
- Autonomous Systems
- Developer Tools
- Enterprise SAAS Technologies
- Electric Vehicle
- Battery & Charging Systems
- Electronics System Design and Manufacturing (ESDM)
- Genomics
- Hardware
- Industrial IoT
- Materials Technology
- Quantum Computing
- Robotics
- Wearables
Some of the sectors that the program is focussing on are:
- AdTech
- AgriTech
- BioTech
- Consumer and retail
- Energy
- Enterprise Tech
- FoodTech
- Green Energy
- HealthTech and MedTech
- MarTech
- Manufacturing
- Media and Entertainment
- Mobility and Transportation
- SpaceTech
- Telecom
Why Startups Must Apply for YourNest VC and SanchiConnect Program?
The selected founders will be mentored by the partners at YourNest who have experience in technology, strategy, financial management, and global operations. Some of the other support that the selected startups will receive are as follows:
- Funding: Upfront term sheet of $500,000 to $1 million within 30 day available for 5 to 8 startups.
- Market Access: 60-day acceleration program with a focus on Go-To-Market (GTM) strategies and global alliances.
- Mentorship: One-on-one sessions with successful founders, and an opportunity for startups to learn from their experiences.
Stages of Selection
The program claims to be founder friendly, and hence no fee will be charged from participating startups. The program consists of the following 8 stages of selection:
Stage 1: Selection of applicants will be based on the initial application form.
Stage 2: Selected applicants will be required to fill out a detailed questionnaire.
Stage 3: Based on the details provided in the questionnaire, calls and demos will be scheduled.
Stage 4: Additional information may be requested based on findings during the calls and demos.
Stage 5: If the startup passes the previous stages, meetings will be set up with the partners at YourNest to evaluate entrepreneurial and leadership skills.
Stage 6: If all goes well, a term sheet covering all legal and commercial aspects will be issued.
Stage 7: An external third party will conduct due diligence.
Stage 8: If the due diligence report is clear and all commercial and legal aspects have been agreed upon, the Shareholders’ Agreement will be signed. Post signing, the funding amount will be allocated.
The Velocity team will directly communicate results via email to all eligible startups after the conclusion of each round. Shortlisted founders will be contacted for further evaluation at each stage. Those who wish to know more about the program are advised to visit the official page for detailed information.