India’s third-largest startup incubator T-Hub has picked 45 startups for the second batch of its incubation programme Lab32 that focuses on early-stage technology startups. The six-month incubation begins in May while the applications for the next batch are likely planned for the second half of 2019.
The startups are shortlisted out of “more than 500 applications across India” and have solutions focusing in the areas including healthtech, fintech, smart mobility, sustainability, social impact, smart cities and ed-tech,” T-Hub said.
The 45 startups were picked based on the key criteria of having initial market traction, “exceptional” founding team, and initial funding being done.
The second batch comprises of 76 per cent startups having business-to-business models, 71 per cent are less than three years old, 27 per cent are funded while 82 per cent already have revenues.
Unlike accelerators where startups already a certain number of customers and revenue streams, incubators host startups that are at stages as early as idea-level without revenues and customers.
The second batch has the “potential to create a digital economy in India based on innovation,” said T-Hub CEO Ravi Narayan.
Among the benefits lined-up for startups include access to the workshops and seminars from senior corporate executives and serial entrepreneurs, mentoring by industry experts, one-on-one interactions with T-Hub’s pool of mentors, investors and partners, and a fully-functional office infrastructure apart from networking and peer-mentoring opportunities within the batch.
Some of the startups from the new batch include AI-led recruitment software Param.ai, blockchain startup StaTwig, another recruitment startups Cantilever Labs, and augmented reality startups Augmented Byte.
Set-up in 2015, T-Hub has so far hosted over 1100 Indian and foreign startups national and international startups.
In January this year, T-Hub had said that it will be increasing its size by more than fourfold under its phase-II project that is expected to be completed in the second half of 2019.
Currently, Kerala’s startup complex, launched in January this year is the biggest incubator occupying 1.82 lakh sq. ft space with a 1,000-seat capacity followed by Jaipur-based Bhamashah Techno Hub that is spread over 100,000 sq. ft space. T-Hub is currently the third-largest startup incubator with over 70,000 sq. ft space.
However, with phase II coming up on a built-up area of 3-lakh sq. ft, T-Hub will regain its top spot as India’s biggest incubator in terms of sq. ft space.