Why Jain community is becoming bullish on startups & angel investing
Jain International Trade Organisation (JITO) held its ‘Investor Pitch Day’ event for startups in Delhi on Sunday.
The incubation program allows only startups who are founded by entrepreneurs from the Jain community and use technology to solve problems.
Around 10 startups pitched their ideas for funding to investors from within the Jain community. The event was organized by JITO (Jain International Trade Organisation) whose members exclusively are Jain businessmen, industrialists, and professionals.
"Investors and entrepreneurs in the Jain community want to invest in startups but they don’t know what’s the right way to do it. They don’t know which is the right company to invest and how to exit,” said Anil Jain, Director in-charge of Jito Incubation and Innovation Foundation (JIIF).
JIIF has formed a Jain Angel Network to help the community's small businessmen, industrialists, and entrepreneurs to invest in the startups.
“We see the youth as the leaders of tomorrow and it is important too since we have the vision to shape the future of the country, we must help and support these youngsters and their business ideas,” said Narendra Shyamsukha, Chairman JITO Incubation and Innovation Foundation.
The panel of investors was Padmaja Ruparel, president of Indian Angel Network, Praveen Sinha, co-founder of Jabong, Ankita Sancheti, founder of Parksnap and Aditya Chaturvedi, cofounder Clovia and Partner Saesif fund.
Another pitch day was organized in Mumbai last month where 7 startups participated and close to USD 3 million investment was committed by a group of Jain investors.Around USD 1 million of investment has been closed between two startups- Zophop and Onn Bikes, JIIF said.