TenX2, a provider of business acceleration, consulting and M&A solutions to startups along with other businesses globally, has forayed into India as the business accelerator eyes to tap the domestic startup companies that are working in the new technology space and global startups that are planning to launch in the country.
The Hong Kong-based firm, which was started by former CEO of Philips and Siemens, Mike Mastroyiannis in 2016, will look at technology startups in the country that are building products through the use of artificial intelligence (AI), internet of things (IoT) and big data among others.
The firm has roped in Jubin Mishra, the former global head of Sankalp Intellecap, to drive its India operations. Mishra, who had also stints with global technology firm Accenture and financial major HSBC, will drive company’s initiatives to spot those startups which will then be funded through its network of venture capital funds.
The firm has roped in Jubin Mishra, the former global head of Sankalp Intellecap, to drive its India operations. Mishra, who also had played senior leadership roles with global technology firm Accenture and financial major HSBC, will drive the business accelerator’s initiatives to spot those startups. The selected ones will then be funded through its network of venture capital funds and be scaled for growth through its partners’ domain expertise.
“Despite having a vibrant ecosystem, many Indian startups are still not able to succeed due to scarcity of funds and ability to get their business model validated apart from the critical growth Enablement support. In TenX2, we are going to fill those gaps which are currently lacking,” said Mishra, a Partner at TenX2. “We are looking at those kind of startups which are developing IP (intellectual property)-based products and smart IoT solutions that have universal appeal.”
According to the company, apart from providing funding support from its network of VC firms, these startups will also get critical support in the form of domain and marketing from its network of experts which comprise many chief executive-level personalities.
“We can invest both in terms of rupee or dollar fund in a startup. Apart from it, our panel of experts, which has hundreds of CXO-level executives will give their support for faster scaling up,” Mishra said.
While India is considered to be the fourth largest home for startups, the failure rates are also very high due to many factors that include difficulties in scaling up the venture. To overcome this problem, apart from global firms, many Indian founders have started floating companies that will provide marketing and strategy support to startups.
For instance, cofounder of Flipkart, Binny Bansal has announced his second venture xto10x Technologies in December last year which will work on the same concepts. According to its website, xto10x Technologies helps early-stage start-ups build capabilities across functions like strategy, finance, human resource management, and growth.