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WeKan plans to incubate and fund about 18-20 startups in India

Saransh Pandey

Intern
  • October 15, 2020
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    Nellore's fund has been domain-specific, and it had incubated 20 companies across the travel tech, prop-tech, and mobility verticals, primarily in the United States

WeKan a New York-based product accelerator, under the 'future of work' space in India is planning to incubate and fund about 18-20 startups. Sathya Nellore, the cofounder of WeKan, who has nearly five years' experience as an entrepreneur and angel investor in his statement said in the next 3-5 years, they are looking to invest in 30-40 companies, out of which 40-50% of the companies would be from India.  

In the next month, WeKan plans to make an investment of up to $250,000 in B2B development tools such as Low or No-Code, DevOps/Infrastructure Tools, API Management, and Software Testing tool. The investment comes at a time when the Covid-19 pandemic has forced companies across the world to adopt a remote work model or work from home (WFH).  

In the past, Nellore's fund has been domain-specific, and it had incubated 20 companies across the travel tech, prop-tech, and mobility verticals, primarily in the United States. Earlier this year, he turned his focus to India to take advantage of the domestic market's cost efficiencies, knowledge stack of the previous three decades in building products for Fortune 100 companies, and a growing pool of high-quality talent. The fund currently has a team of 5-6 people in India, with a portfolio support team of around 30 people.  

According to Nellore the cost of building a B2B startup in India is much less than building it in the US. According to him, companies from India raise 1/3rd lesser capital than their peers. Nellore said the businesses have realized the importance of going digital after the virus outbreak.  

Businesses today are looking to make use of tools that make remote work faster, smarter, collaborative, and fun. Pandemic has worked as a catalyst for remote working culture in companies. Microsoft has already announced that it aims at adopting a "hybrid workplace" model post-pandemic, while DropBox is aiming at becoming a "virtual first" company. Even in India, technology companies, including ed-tech firm Unacademy and merchant services platform Khatabook, are looking at hybrid work models for the coming years. 

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