US-based retail-focused VC Silicon Road has launched an accelerator for foodtech and retail startups in Mysuru, Karnataka.
The four-month programme will be conducted in association with NUMA, an international innovation hub from France, and will focus on entrepreneurs who do not have the resources to build a sustainable business of their own. Silicon Road and NUMA will connect these startups to Fortune 9 retail companies in the world.
The programme is being dubbed as an "innovation lifeline" for retailers. The startups will see an equity dilution of 5-10 percent in exchange of funding up to Rs 25 lakh, and 700,000 Euro worth of perks from more than 70 partners.
They will also gain access to the local and international network of food and retail tech corporates, mentors, research infrastructure, and industry experts.
Founded by Sid Mookerji, Founder and former CEO of Software Paradigms (acquired by Cognizant Technologies), Silicon Road is Mysuru’s first startup accelerator, and will bring funding, growth, human capital, and industry connects for startups in F&B and retail. India operations of the accelerator would be headed by Sanjay Srinivasmurthy (formerly associated with Softvision).
"Silicon Road is for entrepreneurs with transformative solutions that address the most pressing technology needs of the retail and food industries. Like Software Paradigms did two decades ago, I expect Silicon Road to once again be transformational for startups and for the city of Mysuru."
Startups in the first cohort will also be able to access free "world class office infrastructure" at Mysuru's Silver Spirit Tech Park for six months. Applications will open on April 20, and the programme starts from May 16.
"The startups will be surrounded by some of the best in-house experts and introduced to the right mentors. In addition to the team, an Entrepreneur in Residence and Growth Hacker in Residence will support the startups to execute their product and growth strategy," Silicon Road said in a statement.
Successful startups will also have the option for a further round of funding opportunity from Silicon Road during or after the programme.