Lodha Group, the real estate firm and Mumbai Developer ,has announced the launch of Palava Accelerator in association with ZSI (Zone Startups India).
This program will bring forth a test-bed to arising technology startups to conduct their pilots at Palava, a privately-developed greenfield smart city located in Mumbai Metropolitan Region (MMR).
Lodha Group might invest in Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities which has a primary corpus of Rs. 50 crore.
“Partnering with Lodha Group on the Palava Accelerator is an exciting and a wonderful opportunity for us. It will help us expand our corporate accelerator and innovation work in India beyond FinTech, and further strengthen our presence within the Indian startup ecosystem too. We firmly believe that a flourishing startup hub helps build cities ground-up, as we have seen globally. Such a programme, co-located with a growing, new-age city, acts as a solid test bed for many such consumer tech startups. We’re looking forward to collaborating with Lodha Group, on making the accelerator a standard success story, of how entrepreneurship can help build a sustainable and maintained city.” Ajay Ramasubramaniam,the Director of Zone Startups India remarked.
The accelerator will concentrate on the themes of Consumer Tech, Real Estate Tech and Smart City IoT. Every year,30 startups will be identified through an application process.
This is going to be the sixth accelerator program that ZSI will be setting up. ZSI has cracked many other accelators such as Empower,Gateway91,Rise Accelerator And Thought Factory Accelerator .According To the agreement,ZSI will overall manage the Palava Accelerator Program and also look over nurturing developer talent ,conducting workshops,and build a strong and intense entrepreneurial hub in the region.