SRINAGAR: In a landmark development Kashmir Angel Network (KAN) secured investment commitments for three startups who pitched their business ideas to a galaxy of investors today at a local hotel in Srinagar. The first-of-its-kind investor-startup summit organised by KAN also marked the beginning of a new era of Alternate Investment Funding available for homegrown businesses.
Commenting on the development, Shabir A Handoo, CEO of KAN said today was a historical moment for the Startup ecosystem in Kashmir and with this beginning, many glass ceilings were breached.
The three startups that received an undisclosed amount of funding from a number of local Angel Investors are from diverse sectors of the economy. One of the startups that received instant investment commitments, Cred Agro, is an agri-tech company that uses integrated agriculture systems for the utilisation of fallow lands.
Another startup, Lieper Books, that generated a lot of interest among the Angel investor community present at the event is a social media networking platform for book lovers. Another Startup, Kashmir Origin is an e-commerce platform with a B2B and B2C business model. The startup founders were upbeat about their pitches being well-received by the investors.
KAN, a local network which hosted the maiden event is an initiative of a few professionals, working towards the creation of an enabling environment for Startups in Kashmir. The year-old company aims to build a Network of Angel Investors who are willing to invest in early-stage businesses besides providing them with mentorship and hand-holding support.
Irtif Loan conducted the Pitch Session of the event and said that KAN is evolving as a platform where startups and investors meet, exchange ideas and create businesses. Commenting on today’s event said that the event is a first in the series of events planned by KAN to leverage resources, networks and Government-led initiatives to be a part of the growth story scripted by startups across.
In the pitch session, the four startups from the Kashmir region that presented their business ideas to the investors were Cred Agro, Lieper Books, and Kashmir Origin.
Cred Agro is an agro-tech company using integrated agriculture systems for the utilisation of fallow lands. Lieper Books is a social media networking platform for book lovers. Kashmir Origin is an e-commerce platform with a B2B and B2C business model. The start-ups said the event exposed them to a new opportunity and they succeeded in convincing the potential investors.
The pitches were well-received by the investors. The presentations generated a lot of interest and discussions around the strategies pitched by the startups.
The highlight of the event was that all three start-ups pitched for investment got the investment commitments right during the event.
