HUG Innovations Raises Record Rs 33 Cr at TiE- Hyderabad – The Guardian Angel Live Instant Funding at 100 Cr Valuation
An overwhelming 125 startups had pitched their ideas to angel investors at the platform
Hyderabad India, June 24, 2017: TiE-Hyderabad – The Guardian Angel Organised Live Instant Funding 2nd Edition held in Hyderabad today witnessed HUG Innovations amongst the record 125 applicants find a Guardian Angel for their venture. Out of the 4 startups which pitched their idea to pin-up investors HUG Innovations succeeded in raising USD 5M (Rs. 33 Cr) series A Funding
from NRI Startup India
HUG Innovations founded by Raj Neravati is a technology startup developing the Gadgets for fitness lovers works on gesture recognition mechanism. The other startups which pitched their ideas were GoLive Gaming, Voltus Wave and Cargo Exchange.
The second edition of TiE-Hyderabad- The Guardian Angel follows its successful and highly acclaimed debut in 2016 where 2 start ups raised funds to the tune of INR 1.75Cr.
Rakesh Bhatia, Chair, The Guardian Angel said, “We are overwhelmed, The 2nd edition of The Guardian Angel brought rejoicing number of innovative startups and great stories to the platform. We are confident the tale of these successful startups will create new benchmarks in the ecosystem and drive entrepreneurship in the coming generation.”
“We believe startups could add several millions to the economy with the right support and finance to scale-up. Our instant live funding initiative is designed to tackle this funding gap. Such opportunities also open a new window of hope for these young startups and raise their spirits to newer levels. It will also encourage them to bring exclusivity and innovation on to the table.” Pradeep Mittal, President, TiE Hyderabad said.
Sreedevi Devireddy, Executive Director, TiE Hyderabad said, “We are pleased to see the platform gaining strong traction attracting top startup ideas. Our commitment to foster start-ups acceleration through innovative ways will persist, so that new-age entrepreneurs can harness their business idea potential. At TiE-Hyderabad we not only facilitate strengthening the start-up ecosystem but also how to grow strategically and achieve sustainability.”
Cargo Exchange a platform for cargo-owners, truck owners and intermediaries to trade easily came very close to a closure and were offered INR 1.4 Cr as funding, though the deal on the stage did not get through due to differential opinion on valuation.
This however takes the Guardian Angel into a tangent of million dollar deals and “We are confident to come bigger and stronger in the next edition”, said Rakesh Bhatia.
About TiE : The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. There are currently 13,000 members, including over 2,500 charter members in 61 chapters across 18 countries. TiE’s mission is to foster entrepreneurship globally through mentoring, etworking, education, incubating, and funding. Dedicated to the virtuous cycle of wealth creation and giving back to the community, TiE’s focus is on generating and nurturing our next generation of entrepreneurs.
Media Contact for TiE-Hyderabad
Sheela Panicker | +91 98498 09594
Here is our previous article on Hub Innovations:
Hug Innovations: World’s first Gesture Control Smartwatch http://startuphyderabad.com/hug-innovations-worlds-first-gesture-control-smartwatch/