Nasscom helps two start-ups raise Rs 20 lakh in funding

May 14 2014, 23:58 IST
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SummaryIT industry body Nasscom has helped social fashion e-commerce portal VioletStreet and ride sharing app developer...

IT industry body Nasscom has helped social fashion e-commerce portal VioletStreet and ride sharing app developer Ziffy raise Rs 10 lakh each as part of its plan to help entrepreneurs turn ideas into successful businesses.

The start ups raised the funds as part of Nasscom's on-the-spot funding event for prototype stage companies in Hyderabad.

Nine prototype stage tech start-ups participated with ideas addressing range of industries from media to finance. They presented to a panel of eight angel investors and mentors.

VioletStreet is a social fashion e-commerce portal, while Ziffy is a ride sharing app developer with an innovative business model different from most carpooling ventures.

They were chosen on the basis of the concept, market opportunity, quality of the product and ability of the team to execute, Nasscom said in a statement.

Two on-the-spot funding events have been held in Bangalore and Mumbai so far.

"The 10,000 Start-ups program was envisioned to bridge the gap in terms of the support available to early stage companies especially when they are trying to go from a technological prototype to building a profitable and sustainable business venture," Nasscom 10,000 start-ups Senior Director Rajat Tandon said.

Nasscom had commenced the 10,000 Start-ups programme with

the support of Google, Microsoft, Kotak, Intel and Verisign. Zinnov is the consulting partner of 10,000 Start-ups.

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