IIT-Bombay has raised the stakes for startups to raise funding at the on-the-spot funding initiative ‘10 minute million’ this year.

Around 500 startups which have registered with the Entrepreneurship Cell will get about 10 minutes each to pitch to a panel of angel investors for raising ₹15 lakh. Last year, 180 startups had registered to raise ₹10 lakh at the initiative.

“Raising money is still difficult for most startups. What we have found is that most startups need a push and this initiative will help in revolutionise fund-raising.”

“Last year, we were able to attract startups with valuations of ₹1 to 2 crore as according to our investment rules, startups will give away 4 per cent of the equity stake for raising funds through the event. This year, we have raised the amount to ₹15 lakh to attract more with higher valuations,” said Shreya Gupta, Marketing Manager from the Entrepreneurship Cell at IIT-Bombay.

The Entrepreneurship Summit 2016 will be held on 30-31 January. The ‘10 minute million initiative’ will see 10 shortlisted startups, selected after online filtering and they will get a chance to pitch for 10 minutes in front of a panel of 12 angel investors, which will be followed by an on-the-spot decision on financial backing.

Gupta added that last year even though the entrepreneurship cell promised funding of ₹10 lakh, a startup Fayaa was offered ₹63 lakh from investors on the panel.

Incidentally, Mridang Lodha, founder of customised fashion website Faaya, saidthe startup did not finally raise funds from the initiative as the rules allowed startups to raise ₹10 lakh despite being offered ₹63 lakh.

Avinash Kumar Anshu, founder of dealwithus, a website that helps users get cashback deals, which raised ₹10 lakh last year said, the IIT-B initiative helped them connect with investors and mentors for raising seed funding. The startup now is in talks to raise angel funding.

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