 "Startup funding")
Launchpad Kashmir is a sector-agnostic initiative. Its support includes space, mentorship, training, and funds for proof of concept. The initiative also aims to help build startups in and beyond J&K. Photo: Shutterstock
Vivek Raina, co-founder and chief executive officer (CEO) of Excitel Broadband, a home internet firm, has launched an incubation fund called ‘Launchpad Kashmir’. The aim is to transform the startup and entrepreneurial ecosystem in the Jammu and Kashmir region. Raina is being supported by six other startup founders: Muheet Mehraj, founder of Launchpad Kashmir; Khalid Wani, senior director at Western Digital; Namrata Kaul, director at Vivriti Capital; Kunal Harisinghani, chief commercial officer of FlapKap; Ishfaq Mir, co-founder of Kashmir Box; and Dawood Khan, principal engineer at Thndr. Their aim is to support aspiring entrepreneurs and early-stage startups with essential resources and mentorship to accelerate their growth.
With an average investment ranging from Rs 20 lakh to Rs 25 lakh, Launchpad Kashmir aims to fund and incubate 24 startups by FY25. The initiative will take them from the ideation stage to the seed funding round. Additionally, Launchpad Kashmir will facilitate connections between entrepreneurs, venture capitalists, and angel investors to help scale up their businesses.
“Kashmir is my home, and therefore it holds a special place in my heart. Last year, during a visit, I met my co-founders, and that meeting led to an exchange of ideas and a shared passion for creating a meaningful impact for the people back home,” said Vivek Raina, co-founder and mentor of Launchpad Kashmir and co-founder and CEO of Excitel. “From our interactions with the budding startup community in Jammu and Kashmir, we understood that while these entrepreneurs have immense potential for local businesses and solutions, they face significant challenges in training and mentorship on how to take those ideas or solutions to the national and global level. Therefore, we took it upon ourselves to start this initiative. We look forward to building a larger, sustainable ecosystem that can truly transform startup opportunities in the region,” added Raina.
Launchpad Kashmir is a sector-agnostic initiative. Its support includes space, mentorship, training, and funds for proof of concept. The initiative also aims to help build startups in and beyond J&K.
“As someone who has been deeply involved in the startup ecosystem of J&K for over 13 years, my experience with Kashmir Box has given me deeper insights into the challenges faced by local entrepreneurs,” said Muheet Mehraj, founder and CEO of Launchpad Kashmir. “Though there are some incubators largely set up by educational institutions, Launchpad is founded by entrepreneurs for entrepreneurs,” added Mehraj.
Namrata Kaul, founding member of Launchpad Kashmir and director at Vivriti Capital, said attending the Kashmir Startup Conclave in September 2023 was an eye-opener for her. “I was amazed by the diversity of startup ideas being pursued by the youth of the valley and delighted to see many women entrepreneurs too,” said Kaul. “The confidence, grit, and passion with which they were trying to scale up were evident. The only missing piece was exposure and the lack of mentoring. I feel that if the right help in these areas is provided to the bright youngsters in the valley, they can learn faster, scale up, get funding, and commercialise their ideas. It was with this thought that some of us got together to set up Kashmir Launchpad,” said Kaul.
She said the aim is to nurture the startup ecosystem and provide incubation and mentoring facilities. “The intent is to create a close-knit community of startup entrepreneurs, academicians, and industry practitioners and provide a space where they can learn from each other, network, and flourish,” said Kaul.
First Published: Jul 15 2024 | 10:59 PM IST
