Risers Accelerator offers a complete package of services to startups to ensure their speedy and sustainable growth. The accelerator is backed by 35 entrepreneurs with a total net worth of Rs 3,000 crore. Rachit Chawla, director, technology & finance, Risers Accelerator, speaks to Sudhir Chowdhary on the current investment scenario and problems faced by the startups during the pandemic period. Excerpts:
What kind of startups does Risers support? What are the services it offers?
We are looking for startups that are impacting the society positively and have the potential to contribute towards nation-building. Our mission is to transform business ideas into feasible plans, and plans into profitable startups with financial, infrastructural, and knowledge support. We don’t get very excited too early even if the startup promises huge profits. We get excited when they are solving the actual problem and doing something positive in terms of nation building because we already are successful entrepreneurs, and we want to do something for our country rather than make more money. Money can be a great side benefit but it should never be the main focus while choosing a startup.
Typically, what are the problems faced by technology startups in India?
Generally for technology startups, sustainability is the main thing. If they spend too much too soon, they don’t get subsequent series, and it is a big problem. Then there’s the lack of mentorship. New startups try to do too many things at the same time, and without the right mentorship, it fizzles out. Instead of doing 10 things, their approach has to be very laser-sharp.
The funding/investment situation hasn’t changed as far as Risers Accelerator is concerned; we haven’t made any changes to our policy. We are still looking for startups. If they meet our criteria, we definitely look forward to funding them. A lot of industries, including hospitality, aviation, tourism, etc., have been under extreme stress and people involved in these industries really have suffered a lot. But those who were already live and funded, they are working towards raising funds during Covid-19 pandemic and Jio is a live example.
Which technology startups has Risers funded during this pandemic?
An interesting startup that we’ve funded during the pandemic is Sprouts Studio; it provides world class animation services. It is a network that brings together some of the most visually innovative and experienced animation talents from around the world. In our initiative, we launched many digital marketing campaigns centered on children who have been cooped up in their homes. We conducted virtual training classes and innovative classes to reassure the parents that their children aren’t idling, but spending their time constructively.
Is Risers Accelerator funding any startups as an answer to the PM’s call for self-reliance?
We would always invest in startups that are aiming to make a positive impact on the country, and it goes without saying that if something can help us increase self-reliance, it automatically drives our focus to that particular startup.
For example, Zeleno is a smart initiative by an ISB Hyderabad trio towards furthering the ‘Swachh Bharat Abhiyan’. Prateek, Nimish and Rishabh came up with this idea on a trip to Europe and they introduced plastic recycling vending machines in India. They decided to use reverse vending technology, to help India out of PET-bottle menace with the concept of ‘Throw Trash, Save Cash’. Valued currently at `50 crore, Zeleno has been successfully installing the machines in New Delhi and Lucknow. Risers Accelerator holds 10% equity in the company.
Has Risers Accelerator funded any startups that have come up with solutions to fight the pandemic?
One such Risers Accelerator funded startup is Cosmeto Food, which manufactures organic skincare products. It has ventured into the business of producing hand sanitisers. The company has fast established itself as an organic manufacturer and has now set up a special plant in Nalagarh, Himachal Pradesh, just for producing quality hand sanitisers.