91springboard, the Delhi-based startup accelerator that began operations this January, has set up a Silicon Valley office and entered into a partnership with nestGSV Inc, US, to incubate and grow startups in both India and the US.
The partnership with nestGSV is aimed at enabling 91springboard’s portfolio companies to reach into the technology ecosystem and investors in Silicon Valley. Likewise, nestGSV’s portfolio companies will be able to use 91springboard facilities and networks to explore the Indian market. This partnership will also aim at giving nestGSV the opportunity to co-invest in 91springboard syndicated deals, providing funding to enable growth for early stage technology start-up companies.Rick Rasmussen, International Business Development, nestGSV, will serve on the advisory board of 91springboard, providing mentorship to portfolio companies. He said, “This tie-up will expand our international outreach and bring Indian startups to our Redwood City campus and export the nestGSV brand globally. 91springboard has a similar philosophy as us and hence thought they would be ideal partners for us in India.”
Pranay Gupta, partner, 91springboard said, “While capital is one part of the puzzle, we are even more excited about the connections that nestGSV’s experienced team have.This will go a long way in helping Indian startups expand in the Valley.”
The two partners will engage in various other joint activities that facilitate international cooperation to promote startups including mentoring, organizing joint programs, international events, etc.
In the 6 months that 91SpringBoard has been operational, 41 startups are working out of their space. This is about 90+ members. Also 500+ entrepreneurs visit the space to the 5-8 startup events organized at 91springboard. While this partnership holds great promise, the benefit remains to be seen, over time. As a value proposition itself, it will attract a lot more startups to the accelerator, especially ones looking to set up operations in the US.
Will it see traction in the coming months? We will keep you posted. Visit 91Springboard for more