May 16, 2021

WeKan seems to be to incubate, fund 20 Indian startups

NEW DELHI: New York-based product accelerator WeKan plans to incubate and fund about 18-20 startups within the ‘future of labor’ area in India.

“We want to put money into 30-40 firms within the subsequent 3-5 years, out of which 40-50% of the businesses could be from India,” Sathya Nellore, the cofounder of WeKan, mentioned.

Within the subsequent month alone, WeKan is seeking to make investments at a ticket dimension of as much as $250,000 in B2B growth instruments akin to Low or No-Code, DevOps/Infrastructure Instruments, API Administration, and Software program Testing device.

This comes at a time when the Covid-19 pandemic has pressured firms internationally to undertake a distant work mannequin, or earn a living from home (WFH).

“I believe it is also one of the thrilling occasions for B2B and ‘future of labor,'” Nellore, who has almost 5 years’ expertise as an entrepreneur and angel investor, mentioned.

Nellore’s fund has been domain-agnostic prior to now, and it had incubated 20 firms throughout the journey tech, prop-tech, and mobility verticals, primarily in america.

Earlier this 12 months, he turned his gaze to India to leverage the home market’s price efficiencies, data stack of the earlier three a long time in constructing merchandise for Fortune 100 firms, and a rising pool of high-quality expertise.

The fund already has a 5-6 individuals India workforce, with a portfolio help workforce of round 30 individuals.

“The price of constructing a B2B startup in India is far lower than constructing it within the US; firms from India increase 1/third lesser capital than their friends,” he mentioned.

In an period the place the longer term work remains to be unsure, Nellore mentioned the virus outbreak has made companies understand the significance of going digital.

Companies want to implement instruments that make distant work sooner, smarter, collaborative and enjoyable, he mentioned.

Distant working is a brand new alternative boosted by the pandemic.

Microsoft lately introduced plans to undertake a “hybrid office” mannequin post-pandemic, whereas DropBox mentioned it aimed to develop into a “digital first” firm. Even in India, know-how firms, together with ed-tech agency Unacademy and service provider providers platform Khatabook, are hybrid work fashions for the approaching years.