Excl: Bangalore-based incubator eHealth to back up to 10 startups a year with new VC fund
eHealth, a government-backed technology business incubator (TBI) based out of Bangalore, is looking to invest up to Rs 5 crore ($0.9 million) in as much as 10 startups in a year with an upcoming early stage investment fund, a top executive told Techcircle.
Christened SeedSurge, the fund will be a sector agnostic domestic fund. "However, tech startups operating in the education and healthcare verticals will get more importance," said Rama Subramaniam, a director of eHealth TBI.
SeedSurge is currently managed by the Technology Development Board (TDB) of the Ministry of Science and Technology. According to Subramaniam, SeedSurge will initially focus on domestic entrepreneurs and non-resident Indians with Overseas Citizens of India (OCI) card.
Set up in 2008, eHealth is currently incubating around 40 startups operating in different verticals. It is looking to incubate 100 companies in the next financial year. The incubator has launched a cross-border entrepreneurship initiative by entering into an agreement with the University of California, Santa Cruz. It is aimed at fostering cross-border collaboration in education, research, development and investment initiatives that result in formation of startup companies comprising Indian and US citizens.
eHealth is headed by chairman and managing director, Shivaram Malavalli. The advisory board includes former chief justice of India MN Venkatachalaih, HK Mittal, advisor and head of National Science & Technology Entrepreneurship Development Board (NSTEDB), Department of Science and Technology and SS Badharinath, chairman, Shankara Netralaya.
(Edited by Prem Udayabhanu)