Target India launches its Accelerator programme

NEW DELHI: Target India has launched its Target Accelerator Programme, as the Indian arm of the US-based retail giant looks to gain a foothold into the country's burgeoning, early-stage startup ecosystem.

The accelerator programme will incubate five technology startups - turntable and image processing software company Turnaround Innovision, in-app, two-way communication venture Konotor and work-flow management services provider muHive.

The programme has also taken on board Bangalore-based product recommendation-focused startup Unbxd and InstaClique, which integrates social media conversations online and through mobile apps.

"We are excited to invest in our first accelerator programme and are thrilled to be a part of the India startup ecosystem. We trust that these startups will help spur innovative solutions that will ultimately benefit our guests," said Navneet Kapoor, president and managing director of Target India.

Accelerators mostly focus on startups that have moved past the idea stage and earn revenue. Unbxd, one of the companies selected for the programme, has already raised series A funding of $2 million (Rs 12.4 crore) from venture capital firms, IDG Ventures India and Inventus Capital Partners.

The four-month programme, which will be incubated at Target India's office in Bangalore, is focused on incubating startups operating in the areas of mobile, content, social, search, data and analytics.

The Target Accelerator Programme is the latest incubator initiative launched in India by global multinationals, as they look to tap the country's growing startup ecosystem. In 2012, Microsoft launched its Microsoft Ventures, and has graduated over three dozen startups since then.

The Target Accelerator Programme is the first such programme launched globally by the Minneapolis-headquartered retail behemoth.

According to media reports, Target will provide funding of up to $30,000 (Rs 18.6 lakh) in cash and operational expenses to each of its incubated ventures.