With the aim to drive the Internet of Things (IoT)-based ecosystem in the country, the Internet and Mobile Association of India (IAMAI) on Monday launched a first of its kind initiative called "IoT.IN" that will help startup entrepreneurs. The incubator programme will provide mentorship, investment and partnership opportunities to the select startups.
IAMAI has teamed up with Mobile10X and Napino Auto and Electronics Limited for the venture.
"I believe this joint effort will be a perfect complement and give a fillip to nurture dynamic startups. With many more such initiatives, we will see great products emerging from such programmes, " said Jitender Minhas, Chief Executive Officer of IAMAI Startup Foundation's Mobile 10X programme.
In the past two years, Napino has invested Rs. 30 crores in technology companies at different stages of business cycles. In the next two years, it will invest Rs. 60 crores and focus on next-generation tech companies in IoT, Blockchain, Big Data and Artificial Intelligence (AI).
"We want to be at the forefront of innovation and have been continuously supporting entrepreneurs by providing business expertise, engineering and manufacturing support and industry connects," said Vaibhav Raheja, Director of Napino Auto & Electronics Limited.
"We plan to pump in double the amount in 2017 to upscale the ecosystem for IoT-based startup ecosystem in India," he added.
In the first phase, "IoT.IN" will invite nominations from IoT startups based in Delhi-NCR, Bengaluru and Mumbai. As part of the programme, startups will be provided technical, marketing and leadership skills along with financial support to build applications and businesses. They will also network with industry leaders, thought leaders, venture capitalists, ecosystem evangelists and funders.