India Accelerator, a seed accelerator program with the US-based Global Accelerator Network (GAN), has ventured into the UAE to fund startups.

The accelerator will invest $15-$20 million through its recently launched iAccel Gulf Business Incubator by the end of 2023 in fundraising rounds, India’s financial daily Economic Times reported.

India Accelerator is backed by GAN, a group of over 100 top accelerators worldwide. 

  The accelerator has set up a 3,200 square feet facility in Dubai to incubate startups specialising in healthtech, artificial intelligence (AI), fintech, agritech, cybertech, D2C, deeptech, etc.

Additionally, India Accelerator plans to bring over 20 of its existing startups from these verticals into Dubai in the next 12 to 18 months. 

“Dubai is our first foray beyond India. We look forward to nurturing young entrepreneurial minds and strengthening the India-UAE trade corridor through our facility,” said Ashish Bhatia, Founder of India Accelerator. 

IA has over 200 startups in its portfolio and invests about $100,000 to $1 million in each startup as per the seed round. 

Last year, the accelerator’s total investments stood at $15-18 million in India, with plans to incubate about 100 startups annually. 

India Accelerator plans to expand to Saudi Arabia and Mauritius shortly, the newspaper reported. 

(Editing by Seban Scaria seban.scaria@lseg.com)