Lodha Group and Zone Startups India launches Palava Accelerator
Lodha Group, in association with Zone Startups India (ZSI), the accelerator operated by Toronto-based Ryerson Futures, launched a unique program ‘Palava Accelerator’ today. This program will provide a test-bed to emerging technology startups to conduct their pilots at Palava, India’s first privately-developed greenfield smart city located in the Mumbai Metropolitan Region (MMR). 30 startups will be identified every year through an application process. Interested startups can apply at www.palavaaccelerator.com
Under the partnership with Zone Startups India, selected startups will go through a 4-month acceleration program, where they will be provided with a dedicated space at Palava to work, get mentorship from ZSI and its wide network, opportunities to conduct pilots, network and raise funds, along with other professional services support (accounting, legal, taxation and more). Lodha Group will be investing in Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities which has an initial corpus of Rs. 50 crore.
Speaking on the occasion, Mr. Shaishav Dharia, Regional CEO, Lodha Group said, “We are glad to partner with Zone Startups India which will allow us support the spirit of entrepreneurship among startups. Palava Accelerator will aim at invigorating economic growth of Palava, bringing the first set of jobs within the city thereby making walk-to-work realty for the citizens of Palava. Through the program, Palava would provide entrepreneurs an opportunity to work in the city and with the city management body, provide mentorship with reputed mentors in these fields, provide access to investors and a stimulating environment to work in. We are hopeful that this initiative will encourage startups to create disruptive ideas, technologies for the real estate sector and take government’s smart city mission a notch higher.”
The Palava Accelerator aims to work with 30 startups in a year, on a non-cohort based model, of which 8 to 10 would work out of Palava’s centre at any given time. It will announce the first set of companies in mid-November that will be accepted into the accelerator.
Palava, India’s fastest growing Greenfield smart city, has partnered with the best from around the world including GE, IBM, Sun Edison, Philips and many other majors to create a smart and sustainable development. As a result, Palava can cater to the infrastructure pre requisites for start-ups to not only to run pilot programs but also, work concurrently with the city administration to the decipher successful application of the technology in presence of an existing population.