Maharashtra Institute of Technology (MIT) has set up Edugild – India’s first edtech accelerator to focus only on the education sector.
Under the Edugild programme, two batches will be conducted every year, in which start-ups will receive seed funding worth Rs 15 lakh in return for a minority stake (sub 10 per cent). It will also provide guidance and mentorship regarding instituting a start-up, pitching to venture (VCs), business management and customer acquisition, marketing and assist in scaling up business.
For its accelerator programme, in the first year, it received applications from 300 entrepreneurs from all over India, focused on the education sector. Out of these, four companies have been selected.
The shortlisted companies include:
- Classboat, a Pune based start-up, which helps students to find and select classes in the city;
- Instafeez, a Bengaluru based start-up which has developed a payment solution and their services also provide a seamless fee reconciliation platform;
- Simulanis, a Delhi-based start-up that uses 3D gaming and augmented reality based tools for engineering learning; and,
- Gradopedia, a Mumbai-based start-up, dedicated for graduates to experience simulated job profiles of their aspirations and then make a wise choice of the career paths to pursue.
At Edugild, these start-ups will undergo a four month acceleration process during which they will get seed funding, access to mentors and testing facilities. In addition, they will be coached and mentored by senior and successful industry leaders who would provide their expertise to encourage the spirit of innovation, challenges and risk-taking.