Lodha Group and Zone Startups India launch Palava Accelerator
PUNE: Real estate developer Lodha Group,in association with Zone Startups India (ZSI) announced the launch of the Palava Accelerator.
This program will provide a test-bed to emerging technology startups to conduct their pilots at Palava, a privately-developed greenfield smart city located in Mumbai Metropolitan Region (MMR).
30 startups will be identified every year through an application process. Conducted in partnership with ZSI, the accelerator operated by Toronto-based Ryerson Futures, the startups will go through a four-month acceleration program.
Lodha Group will be investing in Palava Accelerator from its flagship Startup Investment Fund for Real Estate and Smart Cities which has an initial corpus of Rs. 50 crore.
Shaishav Dharia, Regional CEO, LodhaGroup said, “Palava Accelerator will aim at invigorating economic growth of Palava, bringing the first set of jobs within the city thereby making walk-to- work a realty for the citizens of Palava. Through the program, Palava would provide entrepreneurs an opportunity to work in the city and with the city management body, provide mentorship with reputed mentors in these fields, provide access to investors and a stimulating environment to work in. We are hopeful that this initiative will encourage startups to create disruptive ideas, technologies for the real estate sector and take government’s smart city mission a notch higher.”
The Palava Accelerator aims to work with 30 startups in a year, on a non-cohort based model, of which 8 to 10 would work out of Palava’s center at any given time. The first set of companies will be announced in mid-November.