Major Startup Investors Start Up New Accelerator in India

A new startup accelerator with backing from Silicon Valley’s 500 Startups and Europe’s Seedcamp aims to locate and fund promising new tech companies in three Indian cities.

GSF Accelerator will run  a 7-week program mentoring four companies each at locations in Delhi, Mumbai and Bangalore, starting in October.

The initiative is the brainchild of former Reliance Entertainment president Rajesh Sawhney, founder the GSF Superangels, a group of Indian tech entrepreneurs,who will mentor local talent in the GSF Accelerator programs.

The 12 selected startups will also get between $185,000 and $555,000 in seed capital.

At the end of the 7-week program, the startups will have a chance to make their pitch to 400 international investors — including 500 Startups’  Dave McClure and Saul Klein of Seedcamp and Index Ventures — at the GSF Forum 2012 November 26-27.

The GSF Accelerator’s 30 other backers include Kae Capital, Blume Venture, Singapore-based Ruvento, Matrix Capital and Naveen Tewari, co-founder of mobile advertising company Inmobi.

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