BizDateUp Launches Rs 200 Crore Fund to Ignite Innovation in Tier 2 & 3 Cities

BizDateUp Technologies Launches
Preeti Bali / 11:30 am / April 19, 2024

Investment platform BizDateUp Technologies announced the launch of a strategic Category I Alternative Investment Fund (AIF) worth Rs 200 crore. This initiative aims to foster innovation and entrepreneurial spirit in Tier 2 and Tier 3 cities across India. The fund prioritizes sectors that leverage technology to promote sustainability and social impact.

Building on Past Success

BizDateUp’s Category I AIF Fund underscores its commitment to equitable access to funding for promising startups, irrespective of location. In FY 2023-24 alone, the company funded over 25 startups in Tier 2 and Tier 3 cities. They also raised a $10 million fund, collaborated with more than 1,000 active angel investors, and achieved an impressive average return of 3.5 times their investment.

Supporting a Diverse Portfolio

BizDateUp has a proven track record of supporting innovative startups.Some notable examples are Myints, Revamp Moto, AroLeap, BharatRohan, Immersive Labz, Passenger Drone Research Pvt. Ltd. (PDRL), ZEVO, Twyn, and BattRe.

The Rise of Tier 2 & Tier 3 Startups

India’s burgeoning startup ecosystem now ranks third globally, fueled largely by increasing investments in Tier 2 and Tier 3 cities. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) recognized over 115,000 startups, with nearly half originating from these emerging regions.

Furthermore, recent estimates show a diversification of entrepreneurial focus across 56 different sectors. These include IT services (13%), healthcare and life sciences (9%), education (7%), agriculture (5%), and food and beverages (5%).

Empowering Startups Through Capital and Mentorship

The Rs 200 crore fund will be a game-changer for startups in Tier 2 & Tier 3 cities. It will provide much-needed capital, mentorship, and access to a vast network of industry leaders and investors. BizDateUp plans to support startups across a wide range of sectors, encompassing technology, healthcare, education, agriculture, and more.

Leadership Committed to Enabling Growth

“BizDateUp’s mission has always been to catalyze innovation and drive socioeconomic growth through strategic investments and support for budding entrepreneurs,” stated Jeet Chandan, Co-founder of BizDateUp Technologies.

He continued, saying, “We are committed to helping businesses in Tier 2 and Tier 3 locations, as demonstrated by the creation of our Rs 200 Crore Category I AIF Fund. We think they could emerge as India’s next great innovators and growth drivers.”

Meet Jain, Co-founder of BizDateUp Technologies, echoed this sentiment. “India now boasts the world’s third-largest startup ecosystem,” he remarked. “Ongoing reports feature the huge capability of Level 2 and Level 3 urban communities as India’s new development drivers.”

“Empowering startups in Tier 2 and Tier 3 cities is not just our mission, it’s our passion,” Jain concluded. “Through customized help and assets, we are not simply evening the odds; we’re lighting undiscovered capacity across India.”

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