The Series-2 fund has been launched by startup accelerator PedalStart, which has raised $250,000 to support early-stage companies.
The funds will be distributed to five to seven early-stage startups that show promise and have made significant progress in the last three to six months, according to the Gurugram-based company.
Manas Pal and Aditya Darolia co-founded PedalStart in 2021. It provides a community-driven platform where young entrepreneurs can hone their ideas and skills, network with industry leaders, and more. In addition, an accelerator is a layer that goes beyond the community platform.
PedalStart will manage the fund recipients’ selection process by conducting a vetting process and focusing on the startups’ performance and execution within its accelerated startups program. Entrepreneurs interested in competing for the Series-2 fund are urged to visit the application website to learn more.
According to PedalStart, there are 10,000 startups, more than 300 mentors, and 800 founders in its community. In addition to investing in cleantech, agritech, insuretech, and healthcare & network, the sector-agnostic platform is also looking to invest in deep-tech, robotics, and medical science. Among others, it has supported startups like OhLocal, BetterSpace, Rupid, Newtral.io, and Bull Agritech.
Pal stated in a recent media interview that PedalStart aims to accelerate nearly 40 startups and expects to onboard 2,000 founders into its community in FY24. It also plans to invest in and support close to 20 to 30 startups.
