Hyderabad: T-Hub, an initiative by the Telangana government for startups, on Tuesday announced the selection of 45 startups for the second edition of its incubation programme, Lab32.
The new batch of startups will receive a progressive set of advantages that will help entrepreneurs grow faster, a statement from T-Hub said.
Lab32 is designed to ensure the strategic growth of startups in India.
The programme aims to support the government's "Startup India Initiative" by directing entrepreneurship, innovation and addressing the challenges faced by startups, Lab32 said adding it is a comprehensive incubation programme, which is tailor-made for early-stage tech product startups.
The startups were shortlisted after screening more than 500 applications from across the country, it said.
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"These startups offer a set of technology innovations for developing solutions for "Digital India" in industries such as health tech, fintech, smart mobility, sustainability, social impact, smart cities and ed-tech, amongst others," it said.
"We witnessed several startups from the first batch who scaled up exponentially through our programme. We are excited to explore values of this tailor-made incubation programme to accelerate the growth of startup community in India," T-Hub CEO Ravi Narayan said.
Out of these Selected startups, 71 per cent are less than 3 years old and 43 Startups are based in Hyderabad only. In these startups 32 % use core technologies like Artificial Intelligence, Blockchain, Ravi further added.
The second batch of Lab32 commences in May and applications for the next cohort are tentatively planned for the second half of this year, the release added.
T-Hub is a public-private partnership between the government and academic institutes.
Under the first phase, 70 startups were selected. They attracted Rs.112 crore investments and around 2000 professionals got Employment out of this.
