With the launch of the third edition of The Ten Minute Million pitch competition organised by the Entrepreneurship Cell (eCell) of IIT Bombay, six shortlisted startups got the chance to present their ideas to 14 angel investors.
These shortlisted startups were given 10-minutes each to present their ideas to a panel of 14 angel investors for an on-the-spot funding of up to INR 1.5 Mn. The startups were given five minutes to pitch and the other five to answer the questions raised by the investors present.
The list of 14 angel investors include Ajeet Khurana, Vikram Chachra, Taha Nabee, Devesh Chawla, VC Karthic, Sanjay Mehta, Miten Mehta, Bharat Banka, Anand Ladsariya, Pranav Khanna, Sachin Tagra, Hari Krishnan, Srinivasan Swamy and Anirudh Damani.
The startup will share 4% equity with investors for INR 15 Lakhs. The bid was considered a successful only if a startup received INR 15 lakhs commitment. It was considered as a failed bid, in case the startup failed to get less than INR 10 Lakhs and in case the startup got 10-14 investors, they got a chance to revise the bid. Out of the six shortlisted startups, three won Rs 15 Lakhs in funding while one secured INR 12 Lakhs.
Here are the startups that received commitments of about Rs 15 Lakhs at “The Ten Minute Million”
Started in 2014 by Neil Savant, Ravi Savant, Vikram Vaidya, Mihir Karkare, Intuit Things is Mumbai-based startup which offers end-to-end IoT solutions for home automation applications. It claims to provide innovative and intelligent solutions based on the IoT platform which will offer applications like intrusion monitoring at affordable prices. The funding was led by Sanjay Mehta.
Founded in 2011 by Tarusha Mittal and Mohit Madan, Cloudrino is a Delhi-based startup that enables companies to create virtual servers with a click of a button. It is built on a scalable infrastructure and offers well-documented APIs that would enable developers to integrate Cloudrino with their apps.
Founded by Kunal Mehta, Prasanjeet Suradkar, Abhijeet Pawar, Piyush Chauhan in 2015, this Mumbai-based startup is a refurbished furniture brand and provides a platform to buy quality second-hand furniture online. FabX verifies each product either second hand/excess stock, refurbishes them in line with aesthetic benchmarks and lists it on the portal. Besides the details of refurbishing, it also offers one year warranty on each product.
Maptags received Rs. 12 Lakhs in funding at the event.
Bangalore-based Maptags was founded in 2015 by Krishna Yogi, Abhinav Saksena and Suman Jha. Maptags is a smart address platform which allows a user to create a ‘maptag’ for any of his addresses. Once created, a user can then share his address with a simple URL, instead of typing out the complete address over and over again. Although subscribed for Rs. 13 Lakhs, the amount was then lowered to Rs. 12 Lakhs due to some reasons.
Other Two Startups That Pitched At The Event
Founded by Shubham Satyarth and Indranil Guha, Finpeg is a Mumbai-based startup. It is an online-cum-mobile investment platform for accessing investment advisory at an ultra-low cost. Finpeg’s vision is to make professional and unbiased investment advisory available and affordable to everyone – regardless of ticket-size.
Dipanjan Purkayastha, Satanik Roy, Ambarish Sengupta and Ashish Chakraborty founded Yibeal in 2016. Yibeal is an online to offline startup for pre-owned mobile phones. It provides users with first-of-its-kind warranty and insurance coverage for Pre-owned phones. Besides, the startup also offers Maximum Selling Price (MSP) calculator to help users estimate a reasonable price range.
This story was first published on Inc42.