Incubation Fund for Jammu & Kashmir based Start Ups named ‘Launchpad Kashmir’
Start up incubators helps new startup companies to develop by providing services in management, training, funding, core conept of the start up, projection on market demand or office space. Startup incubators support the startup companies both financially and mentally and become mentors.
Cofounder of Excitel and CEO Vivek Raina and Vivriti Capital director Namrata Kaul, Western Digital senior director Khalid Wani, FlapKap CCO Kunal Harisinghani, among others launched the incubation fund for Jammu & Kashmir based start ups.
The fund has been named as ‘Launchpad Kashmir’ by Vivek and the aim is to transform the startup and entrepreneurial ecosystem in the Jammu and Kashmir region.
According to Vivek Raina each start-ups will receive average cheque sizes in the range of INR 20 Lakhs to INR 25 Lakhs
The incubation initiative will hold on straight from the start right from the ideation stage and will offer coworking spaces, training as well as funds for proof of concept for the would be startups.
Six other startup founders joined hands like Muheet Mehraj, founder of Launchpad Kashmir; Khalid Wani, senior director at Western Digital; Namrata Kaul, director at Vivriti Capital; Kunal Harisinghani, chief commercial officer of FlapKap; Ishfaq Mir, co-founder of Kashmir Box; and Dawood Khan, principal engineer at Thndr.
Their aim is to support aspiring entrepreneurs and early-stage startups with essential resources and mentorship to accelerate their growth.
With an average investment ranging from Rs 20 lakh to Rs 25 lakh, Launchpad Kashmir aims to fund and incubate 24 startups by FY25. The initiative will take them from the ideation stage to the seed funding round. Additionally, Launchpad Kashmir will facilitate connections between entrepreneurs, venture capitalists, and angel investors to help scale up their businesses.
“Kashmir is my home, and therefore it holds a special place in my heart. Last year, during a visit, I met my co-founders, and that meeting led to an exchange of ideas and a shared passion for creating a meaningful impact for the people back home,” said Vivek Raina, co-founder and mentor of Launchpad Kashmir and co-founder and CEO of Excitel.
“From our interactions with the budding startup community in Jammu and Kashmir, we understood that while these entrepreneurs have immense potential for local businesses and solutions, they face significant challenges in training and mentorship on how to take those ideas or solutions to the national and global level.
Namrata Kaul, founding member of Launchpad Kashmir and director at Vivriti Capital, said attending the Kashmir Startup Conclave in September 2023 was an eye-opener for her. “I was amazed by the diversity of startup ideas being pursued by the youth of the valley and delighted to see many women entrepreneurs too,” said Kaul.
“The confidence, grit, and passion with which they were trying to scale up were evident. The only missing piece was exposure and the lack of mentoring. I feel that if the right help in these areas is provided to the bright youngsters in the valley, they can learn faster, scale up, get funding, and commercialise their ideas. It was with this thought that some of us got together to set up Kashmir Launchpad,” said Kaul.
(Image courtesy: Startuptalky)
