Pune, Jan 2020: Three promising Startups from different sectors walked away with roaring success, raising Rs 3.5 crore in funds at the first ‘Shark Tank’ event organised by India’s leading JITO Angel network.
The event saw 6 startups pitch their startup ideas and business models in front of distinguished JITO Sharks – Abhaya Srisrimal, Manoj Mehta, Hitesh Doshi, Vijay Bhandari, Sunil Singhvi, Shilpin Tater, Vinod Duggar & Amit Jain, as over a thousand people participated in the event. The first ‘JITO Shark Tank’ was organized by JITO Incubation & Innovation Foundation (JIIF) in association with JITO Youth Wing.
AI based fitness app Fitphilia, online pharmacy Sabse Sasta Dukan and smart floatation device manufacture GoFloat were the 3 startups that walked away with a lion’s share of investor funds. Rs. 3.5 crores were raised by these 3 startups.
A total of Rs 45 Lakhs were also raised as Seed funds for 5 Startups (9 lakh each). These startups included Gofloat, Fitphilia, Monech, Medicus and Teach us.
The total Seed cum shark funds raised by startups through the event hence touched Rs 4 crore. Investors who turned seed givers were; Mr Pradeep Rathod, Cello Group, Abhaya Srisrimal Jain, Nano Lifescience and Mr Anil Jain, Refex group.
“We congratulate all the startups that managed to raise funds through the JITO Shark event. At JITO, our constant endeavour has been to act as a facilitator and catalyst to spur India’s entrepreneurial revolution and we are very happy to be playing a critical part in the same. Some of the startups who managed to raise investments have also been incubated at JITO’s Incubation and Innovation Foundation (JIIF). We would like to thank the JITO Youth wing for hosting us, our Sponsors as well as Unicorn Advisors,” said Mr. Pradeep Rathod, Chairman-Cello group.
“For long startups and entrepreneurs in India have struggled due to lack of mentoring, networking and platforms to pitch their ideas to potential investors. This is gradually changing with the emergence of proactive angel networks and incubation centers that act as conduits between entrepreneurs and the industry. At JITO, we are proud to be playing a leading role in this shift through one of India’s largest angel networks,” said Mr. Abhaya Srisrimal Jain, Chairman, Lifecell.
While this was the first Shark Tank organized by JITO, the organization is looking forward for more such events at regular intervals.