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Frequently asked questions

We know you have questions about what we do. If you still have further questions, be sure to reach out to varun.k@bitsaa.org

What is the purpose of creating BITS Spark?
Who started it?

BITS Spark was started by a core group of BITSian alumni along with help from BITSAA, the university, and faculty. The purpose is to produce and create amazing BITSian startups and entrepreneurs. BITS Spark's vision is to make BITS Pilani one of the top 3 institutes for entrepreneurship in Asia.

How does BITS Spark influence investment decisions?

BITS Spark only provides a platform for bringing together interested angel investors and startups who seek funding; the Angels support team plays an active role in facilitation and support services during the entire process.

The final investment decision is made by the investors who are a part of the angel network.

What is the range of equity, and other key agreements that are pertinent to the process?

Since this is an angel network, the range of equity that the startup would have to give up would involve a discussion between the individual investors and the entrepreneurs running the startup.

Is there a non-disclosure agreement signed between the angels and the start-ups during the initial phase (pre-due diligence phase)?

No, as is common in most such angel forums. Startups are encouraged to be as open as they wish to while interacting with investors. Intellectual property concerns can, and do come up during the due diligence process, in that case the startups would seek legal advice on how to proceed.

What kind of traction can I show during my pitch?
 

Traction can be estimated by any one of these metrics :-

  • User adoption

  • Customer base

  • Key partnerships

  • Existing revenue streams

  • Prior funding.

  • Prior funding is not a requirement by any means, it's just one of the ways to show traction

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Make no mistake, this is by no means an exhaustive set of parameters, but these are the ones we have most commonly employed in past..

What were some of BITS Spark’s previous investments?
 

Some startups which BITSians have funded in the recent past include redBus, Gharpay, Grey Orange Robotics, Gigstart etc.
Since its inception, Spark has been involved in the seed level funding of BITSian ventures like Grey Orange Robotics, Exotel, Frame Bench etc. All of these startups have subsequently showcased impressive levels of traction post the seed-fund phase;

  • Grey Orange is now a regular recruiter in some of the premier technical institutes of India after raising a Series A funding of USD 10 million from Tiger Global.

  • Exotel has already completed its first acquisition

  • Framebench’s clientele included more than 50,000 individuals and about 1,000 companies, including Unilever France, HBO and Isentia. It is slated to help the Republican Party with the 2016 US Presidential election campaign.

  • SolarTown already had an installed capacity of 100 kW and had a target of 1 MW for the FY 2014-15.

  • E-gmat has students from over 45 countries, and has shown a 150% YoY growth on a consistent basis.

  • Tabtor raised USD 1 million in seed funding.

  • Gigstart saw an investment of USD 200,000 from a host of investors that included Snapdeal co- founders Kunal Bahl & Rohit Bansal, Rajesh Sawhney(GSF) among others.

  • Eltropy a B2B sales SaaS start up is slated to grow at 400% this financial year and is already serving multiple clients in the billion dollar segment.

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