Bangalore: GSF Accelerator, an early stage startup accelerator along with Silicon Valley-based 500 Startups has shortlisted five Indian based startups to provide them with funding anywhere between $100,000 and $200,000. Little Eye Labs, HackerEarth, ZAPR, Tushky, WeAreHolidays are the five shortlisted startups, reports livemint.

GSF boasts that it received over 500 applications but only 13 startups were shortlisted for the initial round of funding. Out of these 13 shortlisted startups only 7 were qualified for the additional funding. GSF continued the filtering process and picked up four startups out of the seven and also another startup which did not go through the initial acceleration process.

“We selected these start-ups on the basis of founders’ profile and management team, market and product potential and traction, valuation and co-investor profiles also were of importance,” said Rajesh Sawhney, founder of GSF.

Recently, there has been a lot of buzz in the startup ecosystem with healthy bodies such as Nasscom, Google Inc and Microsoft coming forward with strategies and innovative ideas to boost up entrepreneurial spirit within the country.

“Even though the ecosystem is forming, it’s still not at a mature point where people know where to go and how to go about it, I don’t think things are well-entrenched in the ecosystem yet, but there’s a lot more that is happening now for sure,” said Ravi Narayanan.

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