Gurgaon based Jaarvis accelerator is shutting down its India operations, as per news reported by leading news platform. The team of Jaarvis including Saumyajit Guha (Co-principal) also left the accelerator in October 2017.
The accelerator, which had set up its shop in India in 2015, is also in the process of writing off investments in its portfolio.
Jaarvis Accelerator funded close to 13-14 startups including Arbunize, Comparometer, DesignDodo, Drinks on Me, Edurev, Psychd, R2 Robotronics, Sniffer, Spotwrks, Extra Carbon, iManageMyHotel, and PromOn.
As part of the six-month accelerator programme, selected startups got access to office space, mentors, prospective customers in Asia Pacific and funding of up to $50,000 in return of 10-12% stake.
Almost 13 startups graduated from Jaarvis’ accelerator programme in India, of which 7-8 received funding.
“Jaarvis’ shutting down India operations is not shocking at all. In 2016, there was this accelerator and incubator craze in India, but the trend seems to have slowed down.