Bengaluru-based property developer, Brigade Enterprises is setting up a design and development accelerator in Bengaluru to nurture start-ups in the real estate space. The company aims to fund start-ups at pre-Series A round and pick up a limited stake in successful start-ups, Nirupa Shankar, director, Brigade Hospitality Services said.
The company would invest up to Rs 50 lakh in selected start-ups.
“We are setting up an accelerator to help start-ups in the real estate space. We will help selected start-ups who are focussed on real estate issues, hospitality and possess innovative ideas, technology or products,” Shankar told FE.
Start-up companies with proof-of-concept or products will be selected by an assessment team, which is being put in place very soon, she said. To begin with, Brigade Group will mentor about 10 start-ups for a period of six months. There will be at least two batches in a year and each start-up will be provided space for 4-5 persons, she said. The company has earmarked 4,000 sq ft space at Sheraton Grand hotel in north Bengaluru.
The accelerator will be run by Brigade Enterprises and the company is setting up a dedicated fund with an initial corpus of Rs25 crore, which will be scaled up depending on the response, Nirupa Shankar, youngest daughter of Brigade Group chairman M R Jaishankar said. The accelerator will be operational latest by August this year.
“Already, about 25 start-ups have approached us. We will be finalising the modalities in a month and begin the application process. An evaluation committee comprising 4-5 members will shortlist the successful candidates,” she said.
Brigade is looking at start-ups who have developed disruptive technologies or products in the areas of water proofing, wall cracks, procurement and building management or material management software among others. It would be better if these companies have already acquired some customers in their business. Companies with innovative ideas, concepts in any of the construction industry issues can also approach for funding, she said.