Hyderabad: iB Group, a pan-India startup hub which provides end-to-end assistance to startups, is nurturing entrepreneurial mindset and ecosystem. The group has 500 mentors from diverse sectors supporting the startups. An internal community of investors had been backing the companies with the required funds to scale up. The platform has been handholding startups which are in different stages of their business lifecycle. iB Hubs has a committed fund of Rs 100 crore from its internal investors and iB Hubs would support startups on a case-to-case basis.
Kavya Dommeti, CEO, iB Hubs, told Telangana Today, “We have supported around 110 startups so far across India across verticals such as healthcare, education, finance, agriculture, rural development and technology. We are supporting startups in Hyderabad and other districts of Telangana as well. We are also encouraging student entrepreneurs from academic institutions across Telangana.”
iB Hubs has funded Hyderabad-based cybersecurity company CyberEye besides providing end-to-end business support to it. Another startup Fabulist is working on women fashion which has already attracted the attention of Flipkart and Myntra. Dedicated teams within iB Hubs are helping startups in varied functions including finance, technology, marketing, legal and compliance. The platform is seeing startups in advanced technologies such as artificial intelligence, cyber security, data analytics, internet of things (IoT), blockchain and mixed/virtual/augmented reality. It has conducted IoT boot camps helping in capacity building.
“We are a strong team of 1,000 people with 200 full-time individuals including management professionals, engineers, doctors, chartered accountants and designers. Most members of our team are alumni from premier institutions such as IITs, IIMs, NITs, IIIT Hyderabad, BITS Pilani etc. with work experience in MNCs such as Amazon, Microsoft, Intel, Qualcomm, HP, Nvidia, IBM, Samsung and Bosch,” she added.
iB Hubs holds equity in each of these startups depending on the support and investment the startup needs.
iB Hubs has 45 hubs across five countries spread over India, UK, Dubai, Australia and Singapore. Global hubs are being created for the startups that are looking to tap overseas opportunities for their products or services.
“As a part of the Phase I, we have entered into certain overseas markets. We will soon foray into the US in the coming months which is going to be a key market for us. The idea is to make products that have the potential to go global. We have already established a network of our members across 60 countries,” she added.
iB Hubs team is visiting the US this month. It is also looking at African region, Brazil, China, newer markets in the Middle East in the next phase.
iB Hubs has 45 hubs across the world and of these 40 are in India. The company plans to create 500 centres/hubs by 2020 and will create smaller hubs around them, following a hub-and-spoke model.