APN News

  • Saturday, May, 2024| Today's Market | Current Time: 06:53:45
  • BizDateUp Technologies launches INR 200 Crore Category I AIF Fund with a focus on startups in Tier 2 & Tier 3 cities

    Published on April 19, 2024

    Mumbai : BizDateUp Technologies, amongst the largest ecosystem enablers for startups that provide comprehensive support services, officially announces the launch of its latest initiative: a Category I Alternative Investment Fund (AIF) valued at INR 200 Crores. This strategic fund is specifically tailored to foster innovation and entrepreneurship in Tier 2 & Tier 3 cities across India, with a strong emphasis on sectors promoting Sustainability and Social Impact through technology utilization.

    How BizDateUp is Driving Growth Beyond Metropolises?

    The Category I AIF Fund is a testament to BizDateUp’s vision of democratizing access to funding and resources for promising startups, regardless of their geographical location. During the fiscal year of 2023-24, BizDateUp made significant strides in the startup ecosystem, funding over 25 startups in Tier 2 & Tier 3 cities, raising a $10 million fund, engaging with more than 1000 active angel investors, and realizing an average return of 3.5X. This success has solidified BizDateUp’s leadership position within the industry.

    Through the funding initiatives, BizDateUp has supported a diverse array of startups, including:

    Sr. NoStartupsSector/IndustryRegion/Country
    1PDRL – Passenger Drone Research Pvt. Ltd.SaaS TechnologyNashik, Maharashtra
    2ZEVOEV LogisticsNew Delhi
    3TwynAI / AR industry experienceNoida, Uttar Pradesh
    4Immersive LabzDeep TechPune, Maharashtra
    5BattReEV AutomotiveJaipur, Rajasthan
    6InfinityXElectric Power Transmission, Control, and DistributionBengaluru, Karnataka
    7MyintsFood and Beverage ManufacturingGurugram, Haryana
    8Revamp MotoEV AutomotiveNashik, Maharashtra
    9TuttiFruttiGamingCochin, Kerala
    10SubhagMedTechBengaluru, Karnataka
    11StyleworkCo-working AggregatorGurugram, Haryana
    12KidbeaKids clothing brandNoida, Uttar Pradesh
    13AroLeapHealth TechBengaluru, Karnataka
    14DurogreenWaste ManagementAhmedabad, Gujarat
    15BharatRohanAgriTechGurugram, Haryana

    The Rise and Rise of Tier 2 & Tier 3 Cities

    India has surged to become the third-largest startup ecosystem globally, largely attributed to the escalating investments in tier 2 and tier 3 cities. By December 31, 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) registered over 115,000 startups, with nearly half originating from these burgeoning regions. Furthermore, recent estimations indicate a diversification of entrepreneurial focus across 56 different industrial sectors, including 13% in IT services, 9% in healthcare and life sciences, 7% in education, 5% in agriculture, and 5% in food and beverages, respectively.

    The INR 200 Crore fund will provide startups in Tier 2 & Tier 3 cities with much-needed capital infusion, mentorship, and access to a vast network of industry experts and investors. BizDateUp aims to support a diverse range of startups spanning various sectors, including technology, healthcare, education, agriculture, and more.

    “Our mission at BizDateUp has always been to catalyze innovation and drive socioeconomic growth through strategic investments and support for budding entrepreneurs,” commented Jeet Chandan, Co-founder of BizDateUp Technologies. He further emphasized, “With the launch of our INR 200 Crore Category I AIF Fund, we are reaffirming our dedication to empowering startups in Tier 2 & Tier 3 cities, unlocking their potential to become the next engines of growth and innovation in India.”

    “India now boasts the world’s 3rd largest startup ecosystem, trailing only behind the USA and China. Recent reports highlight the significant potential of Tier-II and III cities as new growth drivers in India,” stated Meet Jain, Co-founder of BizDateUp Technologies. “For us, empowering startups in Tier 2 and Tier 3 cities is not just a mission; it’s our passion. Through tailored support and resources, we’re not just leveling the playing field; we’re igniting untapped potential across India.”


    Leave a Reply