Technology solutions provider Click Labs to accelerate & fund early-stage startups in India
Chandigarh and California-based technology solutions company Click Labs, which supports entrepreneurs by providing them with co-working space, as well as creating MVPs for startups in the area of On Demand Mobile Services (ODMS), mobile gaming, enterprise mobility and internet of things (IoT), claims to have over 100 portfolio companies under its belt.
While most of these are based in the US, the UK, and Australia, the company is now gearing up to incubate Indian startups as well. Its Chandigarh centre has a capacity to house around 200 people and plans to incubate about five startups in a year. The firm also plans to invest between Rs 20-40 lakh in its incubatee companies.
Unlike other incubators, the firm also conducts research on the idea, conceptualises the product and in some cases even builds it in exchange of an equity stake in the range of 10-20 per cent. The company was founded in 2011 by serial entrepreneur Samar Singla, who is also an alumnus of IIT Delhi and University of Maryland. Prior to Click Labs, he founded Prodigy Foods, which provided soya substitute as poultry feed.
Among its portfolio companies, Boombotix, a startup in the wearable speaker space had recently raised $4 million in series A funding; while tshirtOS which has developed a flexible, washable LED screen that can be programmed via a smartphone app to display any message, image or animation on the t-shirt, was acquired by Scotland-based liquor brand Ballantines.