4th Edition of The Ten Million successfully held
Posted on: 29/Jan/2018 12:31:43 PM
The Entrepreneurship Cell, or eCell, of IIT Bombay successfully completed the fourth edition of The Ten Minute Million during its annual Entrepreneurship Summit 2018.
Six shortlisted startups were given the opportunity of ten minutes each to share about their companies before a panel of 10 angel investors to get through a win-on-the-spot offer of $25.16K, or INR 16 Lakh. The pitches were attended by famed angel investors such as – Ajeet Khurana, Anoop Mathur, Dishit Shah, Sanjay Mehta, Bharat Banka, Suneel Bandhu, Tufail Khan, Siddharth Ladsariya, Sharan Aggarwal, Sachin Tagra, and Srinivasan.
The winning startups will share an equity of 4% with the investors for a prize amount of $25.16K. The minimum amount an investor can bid was $1.5K, about INR 1 Lakh, and the maximum is $25.16K. The bid was considered successful only if a startup received $25.16K commitment. But in case the startup is able to get a majority of the investors, they got a chance to revise the bid.
The two startups who raised Rs. 16 lakh and more were Adloid and My Clinical Nutrition.
Adloid was founded in 2015 by Kanav Singla, Shubam Gupta, Mohit Malik and is headquartered in New Delhi. They won completely subscribed with INR 16 Lakh funding commitment. Adloid is a B2B startup focusing on retail trial and cataloging. It focuses on mass adoption and makes use of marker-less AR technology.
My Clinical Nutrition was founded by Swapnaja and received a funding of $36.17 K. The company is dedicated to nutritional supplements through its nutrition products.
Live Chennai was the proud exclusive news partner at the event.
