At least two out of the nine start-ups that pitched their ideas to investors on Saturday received a funding of ₹10 lakh each. They picked 10 per cent equity each in the fledgling firms. Two other ideas got a partial nod from the investors at the daylong ‘Startup SmashUp,’ the flagship event of The Indus Entrepreneurs (TiE) in Hyderabad.
VioletStreet.com got support from five investors. The start-up came up with a solution to help people shop ‘socially’. They have developed an online portal for shopping based on the views and suggestions of other in the network. Another start-up Zify, which addresses the problem of commuting, also got funding from three investors.
Final call“The investors have also shown interest in two more start-ups but they wanted more information to take a final call,” Ramesh Loganathan of TiE and Managing Director of Progress Software India, said after the event.
TiE organises around three SmashUp events in a year to help start-ups learn the art of building successful ventures from eminent mentors.
“They also get the opportunity to network with the investors including angels and venture capital firms,” Murali Bukkapatnam, President of TiE Hyderabad, said.