Pune-based MIT Group of Institutions announced the launch of its edtech accelerator program EDUGILD. The accelerator will invest Rs 1,500,000 ($22,300) in return for equity.
The EDUGILD accelerator is open to early stage edtech startups who have completed initial research and ideally have a working prototype or first customers of their product. EDUGILD offers a 16 week in residence mentorship program in Pune besides the seed investment.
The accelerator program ends with a demo day where the startups pitch their products to selected investors.
Rishi Kapal, CEO of EDUGILD, told the Financial Chronicle that the team plans accelerate up to 100 edtech startups in the next three to four years.
Applications for the first cohort which starts in January 2016 are open.