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Nasscom gets 4,000 start-up applications

4,000 applicants have applied for funds with Nasscom to make use of its programme that promises to finance start-up business ventures in the technology arena.

business Updated: Jun 12, 2013 23:28 IST
HT Correspondent

Even as the world grapples with an economic slowdown, the entrepreneurial spirit is alive and kicking in India, at least in the IT sector. Bearing testimony to this fact are 4,000 applicants who have applied for funds with Nasscom (National Association of Software and Services Companies), to make use of its programme that promises to finance start-up business ventures in the technology arena.

"We have close to 14,000 entrepreneurs from over 80 cities registering with our programme who have submitted about 4,000 applications. We will now select about 20 to 25 start-ups for angel funding and incubation," said Som Mittal, president, Nasscom. Mittal added that Nasscom would select another 150 start-ups for mentoring by its members.

One of the applicants is Jeyanthan Hariharan whose start-up firm has developed a solution to bill Internet access at public hotspots such as hotels, cafes, airports etc.

Applicants such as Hariharan are making use of Nasscom’s recently launched programme “10,000 start-ups” under which it promises funding for tech start-ups.

Of the 4,000 applicants about 25% are aimed at providing solutions pertaining to education and skill development. The retail vertical had 18% applications followed by media (15%) and healthcare (11%).