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Two Startups Win On The Spot Funding At IIT Bombay's Ten Minute Million

After successfully completing the first three editions of The Ten Minute Million, Entrepreneurship Cell (eCell) of IIT Bombay organised the fourth edition of the pitch competition today during its annual Entrepreneurship Summit 2018.

Six shortlisted startups were given the opportunity of ten minutes each to share about their companies before a panel of 10 angel investors to get through a win-on-the-spot offer of $25.16K (INR 16 Lakh).

The pitches were judged by famed angel investors such as - Ajeet Khurana, Anoop Mathur, Dishit Shah, Sanjay Mehta, Bharat Banka, Suneel Bandhu, Tufail Khan, Siddharth Ladsariya, Sharan Aggarwal, Sachin Tagra, and Srinivasan.

The winning startups will be sharing an equity of 4% with the investors for a prize amount of $25.16K. The minimum amount an investor can bid was $1.5K (INR 1 Lakh) and the maximum is $25.16K. The bid was considered successful only if a startup received $25.16K commitment. But in case the startup is able to get a majority of the investors, they got a chance to revise the bid.

Of the six startups that pitched their ideas on the Summit platform, two completely subscribed with the bids and won $25.16K and $36.17 K (INR 23 Lakhs) in funding from the investors who were present.

Here Are The Two Startups Who Raised INR 16 Lakh And More At Ten Minute Million

Founder(s): Kanav Singla(CEO), Mohit Malik

Founded in: 2015

Headquarter: New Delhi

Funding received: Received bids for $55,157 (INR35 Lakhs) and hence completely subscribed, with INR 16 Lakh funding commitment

About the company: It is an augmented reality enabler. Adloid is a B2B startup focussing on retail trial and cataloging. It focusses on mass adoption and makes use of marker-less AR technology.

Founder(s): Swapnaja

Founded in: NA

Headquarter: NA

Funding received: $36.17 K

About the company: It is dedicated to nutritional supplements through its nutrition products.

Other Startups Who Pitched At The Event

Founder(s): Dr.Gouri Gore & Gunjan Jain

Founded in: 2015

Headquarter: Mumbai

Funding received: It received $7.86K (INR 5 Lakhs) bids but since it did not cross $18.87K (INR 12 Lakhs) so the bid was not successful

About the company: The startup provides a mobile app-based service to help organise, store and manage health information related to healthcare or the healthcare of children, parents and adults through the system including our website, accessible at vytalapp.com or via applications for the iOS or Android operating systems. It had previously raised INR 10 Lakhs previously from other investors and raised seed funding from SINE.

Founder(s): Akshat Lavania, Himanshu Bansal, and Jimmy Yadav

Founded in: 2015

Headquarter: Gurugram

Funding received: No bids

About the company: It is an online car repair and maintenance service company that provides 360-degree solutions at people's doorstep.

Founder(s): Lakshmi Sreenivasan, Sandeeep Malhotra

Founded in: 2016

Headquarter: Mumbai

Funding received: $3.14K (INR 2 Lakhs) bid

About the company: Café Counsel is an on-demand mental and emotional well-being service provider where you matter the most. Its primary areas of counseling include Relationship Counselling, Depression & Anxiety, Sexual wellness, Parent-Child Counselling, Teens & Young Adults Counselling, Adult Counselling, Anger & Mood Management, Office Stress, Career, and Pregnancy.

Founder(s): Samarth Agarwal, Saurabh Sharma, Anurag Meena

Founded in: 2016

Headquarter: Mumbai

Funding received: No bids

About the company: It is an international software firm in the real assets investment management industry. It deals with the Strategic Performance Management solutions.

Last year, six shortlisted startups were part of the final Ten Minute Challenge and of them, three startups - Intuit Things, Cloudrino, and FabX raised $23.5K (INR 15 Lakhs) in funding from the investors present and one startup Maptags received $19K (INR 12 Lakhs) in funding.

Dailyhunt
Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Inc42
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