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India Quotient investing under $80K in a student mobile startup

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Mumbai-based VC firm india-quotient-logoIndia Quotient (IQ) is investing Rs 50 lakh (just under $80,000) in an unnamed student startup operating in the mobile space, a top executive of the fund told Techcircle. The investment will be offered in the form of pure convertible notes.

The funding is part of IQ's competition programme for early-stage mobile ventures, called Mobile IQ. The programme is organised at IIT Bombay.

"Mobile IQ is basically a launchpad that provides one-on-one mentoring and networking opportunity, in addition to funding," said Anand Lunia, founder of IQ.

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The programme is specifically aimed at startups having limited or very little traction. The startups should not have received more than $1 million in external funding previously. The winners will be judged based on their product, market analysis, USP, competitive landscape, revenue model, social impact and the team.

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IQ has invested in 18 companies so far that include mobile payments firm Momoe, event discovery app Nearify, lingerie e-tailer Pretty Secrets, health food startup Frsh, and Purple Squirrel, which offers a platform for students to connect with corporates.

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India Quotient (IQ) has also informed that it is targeting to raise Rs 150 crore ($24.3 million) afresh for its fund II, which will be focusing on pre-revenue startups. IQ expects to close the funding round by May-June 2015.


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