Telecom solutions provider U2opia Mobile will invest USD 3 million (around Rs 20 crore) over the next three years to fund startups working on scalable mobile technology
Telecom solutions provider U2opia Mobile will invest USD 3 million (around Rs 20 crore) over the next three years to fund startups working on scalable mobile technology.
Under its Catapult programme, in the first year, U2opia will invest in five-six companies that have about 2-4 members.
The programme is aimed at helping early-stage startups and entrepreneurial teams that are finding it difficult to raise funds, U2opia Mobile co-founder and MD Sumesh Menon told PTI.
These companies could be working in areas like mobile security (antivirus), gaming or solutions for operators, he said.
"Under this programme, all teams will be given access to state of the art technology infrastructure, ample working space, brand and marketing support, management and financial cover," Menon added.
Besides, these companies will also be able to leverage U2opia's platform to reach out to global mobile operators and Internet publishers, he said.
The selected teams will be incubated and supported for a period of six months.
The momentum for these teams will determine the next course of growth, he said.
"Given that the investment sentiment in market indicates a prolonged winter for startups, it's imperative that we support the community by creating opportunities for young entrepreneurs to continue building great products without the fear of failure," Menon said.
U2opia Mobile is backed by investors Matrix Partners and Omidyar Network. It runs operations from Singapore, Delhi, Dubai and San Francisco.