PedalStart Plans to Mentor 2,000 Founders in FY24

Gurugram-based startup PedalStart aims to mentor 2,000 founders in the fiscal year 2024.

Launched in 2021, PedalStart operates as a community-driven platform and accelerator where entrepreneurs can learn from experienced mentors, refine their ideas, and participate in an accelerator program. The platform has grown to include 10,000 startups, over 300 mentors, and 800 founders since its inception.

PedalStart focuses on building a highly curated community of startup founders, handpicking not more than 1,000 founders in a year. The platform operates a sector-agnostic accelerator, investing across various sectors, including agritech, insuretech, cleantech, healthcare, and network. It plans to expand its focus to include sectors such as robotics, medical science, and deep tech.

The platform selects around 80-90 startups out of 1,000 for community access, providing them with a three-month learning experience. From this pool, PedalStart chooses 3-4% for acceleration, charging advisory equity of 2 to 4%. The primary revenue model for the platform is through equity, and it also charges a fee of Rs 6,000 per company during onboarding.

PedalStart has received applications from over 20,000 startups for community access, with more than 1,500 startups gaining entry. The platform claims to have accelerated over 80 startups and funded more than 15 companies to date. The average valuation of its portfolio startups is between $1.2 million and $1.3 million, with each company raising an average of Rs 60-70 lakhs.

In the coming fiscal year, PedalStart plans to onboard 2,000 founders to its community, invest in 20 to 30 startups, and accelerate around 40 startups. The platform has raised a total of $350,000 in funding and currently has no plans to raise a new round.