Mr V. Chandrasekaran, Chairman, TiECON Chennai 2016 and Governing Council Members of TiE Chennai, Mr Naru R Naryanan, President, TiE Chennai, Mr. P.R.Venketrama Raja, Founder, Mentor & Innovator in Chief (Vice Chairman & MD), Ramco Systems and Mr. Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions were present during the launch of “Chennai Startup Eco-system – Glorious Past, Vibrant Present and a Bright Future” Report
Mr. P.R.Venketrama Raja, Founder, Mentor & Innovator in Chief (Vice Chairman & MD), Ramco Systems releases the report “Chennai Startup Eco-system – Glorious Past, Vibrant Present and a Bright Future” and the first copy of the report was received by Mr. Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions, who was also the previous President of TiE Chennai.
Chennai, August 23, 2016 – TiE Chennai released a report on “Chennai Startup Eco-system – Glorious Past, Vibrant Present and a Bright Future”, in association with RaNa Investment advisors. The report was released by Mr. P.R.Venketrama Raja, Founder, Mentor & Innovator in Chief (Vice Chairman & MD), Ramco Systems and the first copy of the report was received by Mr. Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solutions, who was also the previous President of TiE Chennai.
Key highlights of the Report
- Between June 2015 to June 2016, 32 Chennai-based startups got angel and VC funding
- In the last two years, angels funded 18 Chennai-based start-ups
- The Chennai Angels (TCA) invested in a third of the deals in Chennai-based ventures
- The Indian Angel Network (IAN) invested in four start-ups
- Mobile VAS and online services sectors saw the most investor
- VCs invested in 56 Chennai headquartered companies over the last 8 years
- There have been four exits:
- Carat Lane – acquired by Titan
- Prizm Payment Services – by Hitachi
- Shopo – by Snapdeal.com
- Geotagg – acquired by Ola Cabs
- There were many new additions to the Chennai eco-system:
- Global angel network group Keiretsu Forum
- Nasscom 10K warehouse
- Entrepreneur development initiative Founder Institute
- Villgro launched its new fund Menterra
- Lok Capital raised Rs 300 crore for its third fund
- Anicut Capital LLP, launched an alternate investment fund (debt)
The report traces the evolution of the city as South India’s biggest economic and commercial centre, sheds light onthe current status of Chennai’s startup eco-system and analyses the future growth opportunities and challenges. Chennai continues to attract angel and VC investments- for example, 32 Chennai-based startups got angel and VC funding during June 2015 to June 2016.
The report documents key participants in the city’s eco-system – support service providers who mentor, guide or offer networking and other support; incubator and accelerators; investors including angel and VC funds. The city has seen the entry of global angel network group Keiretsu Forum last year and the launch of Nasscom 10K Startup Warehouse Program.
Speaking on the occasion, Mr. R. Narayanan, President, TiE Chennai, says, “As an organization that always works towards empowerment of Entrepreneurs and Startups in the city, it is our responsibility to understand the past, present and future of the startup eco-system of Chennai. We are happy to capture the same in our Chennai Startup Eco-system Report. We are thankful to RaNa Investment Advisors for their stupendous effort in publishing this report. The report suggests that Chennai has a very long tradition of actively nurturing an entrepreneurial and startup culture with the startup eco-system buzzing through flurry of funding deals in the present and the city building on its strengths with the future prospects seeming bright. We hope this report provides the necessary inspiration for the stakeholders in the startup eco-system in the City.”
Mr. P.R.Venketrama Raja, Founder, Mentor & Innovator in Chief (Vice Chairman & MD), Ramco Systems commented, “It is the era of disruption and the startup eco-system is instrumental in driving this phenomenal change. Startups are transforming every industry in the country, from Fintech to Entertainment, through rampant penetration and thereafter, taking each industry by storm. TiE Chennai’s effort to identify, mentor and incubate such disruptive companies is commendable and a report like this is ideal for aspirants as well as corporates to understand where we stand and what we need to scale to.”
Mr. Lakshmi Narayanan, Vice Chairman, Cognizant Technology Solution and Immediate Past President, TiE Chennai, added, “Having been associated with TiE for many years, I can say with certainty that this report comprehensively highlights the past, present and future of this plexus that we call, startups, in Chennai. The report traces the rich heritage of commerce in Chennai whilst also giving due weightage to the scenario now and hereafter. This only goes on to show what a long way we’ve come. I’m excited to evaluate and contribute to the valuable insights captured by “Chennai Startup Eco-system” report.
Mr V. Chandrasekaran, Chairman, TiECON Chennai 2016 announced that the next edition of TiE’s grand annual event, TiECON 2016, will take place from November 04 & 05, 2016 at ITC Grand Chola, Chennai.
About TiE Chennai –
TiE Chennai is an active chapter with 165 Charter Members and close to 700 Associate Members. The chapter is focused on inspiring, educating and mentoring entrepreneurs in Chennai and Tamil Nadu. TiE Chennai holds regular events on its own, as well as through partnerships, where Charter Members, Entrepreneurs, Business Leaders, SMEs, VCs, Govt. bodies come together and deliver programs on success stories, business opportunities, building enterprises, raising capital, networking, etc.
The foremost and most widely known flagship event that TiE Chennai hosts is TiECON Chennai – the largest professional and Networking conference for entrepreneurs / investors in the State. TiE Chennai was selected as the ‘Best Chapter’ globally in 2014 and continues to be one of the three best performing chapters at the international level in 2015.
