The Funding Challenge allows invited nominees/entities of the TATA NEN Hottest Startups 2008 awards to be considered for funding of approximately Rs. 3,00,00,000 or any other amount as may be agreed by Seedfund. Participation in the Funding Challenge is by invitation only.
Seedfund (www.seedfund.in) is a leading early-stage venture capital firm in India and a TATA NEN Hottest Startups Program sponsor. Seedfund has funded successful startups such as Carwale, RedBus, Printo, Vaatsalya and AFAQs. The partners of Seedfund have a 10-year history of other funding successes behind them, including IndiaGames, Indiabulls, Geodesic, Pinstorm and WebDuniya. Seedfund believes it can add significant strategic and advisory value apart from financial value in helping its investee companies succeed in the market.
Invitations will be sent in December. Preliminary due diligence and, if applicable, term sheet negotiation will occur in the period from December 2008 through February 2009. Announcement of the final winner(s) will occur at the TATA NEN Hottest Startups Program awards ceremony.
The selection / shortlisting of eligible participants are entirely Seedfund's prerogative. Seedfund reserves the right to reject any or all of the applications at any stage without assigning any reasons whatsoever.
Roles and Responsibilities
NEN's role is only to facilitate interaction between eligible participants and Seedfund. NEN and/or Tata is not involved in the due diligence process, short listing of eligible participants, negotiation of term sheet, execution of term sheet or definitive documents, the funding process or any other decisions.
Seedfund is solely responsible for selecting potential investees from the eligible participants, conducting preliminary due diligence, leading term sheet negotiations, conducting legal, operational and financial due diligence, negotiating and executing definitive documents and investing capital. NEN and/or Tata are not in any manner involved, associated or responsible in any manner for any of the aforesaid activities.
Other Terms and Conditions
- NEN and Seedfund reserve the right to make prospective and/or retrospective amendment(s) to the Funding Challenge terms and conditions without any prior notice.
- Tata and/or NEN do not provide any warranties in relation to the accuracy, reliability and/or completeness of contents of this Information Memorandum and neither of them is liable (including contractual, tortuous or other form of liabilities) for any consequences, loss or damage which may arise as a result of any person acting upon or relying upon the statements, information or opinions set out in this Information Memorandum.
- Participants agree to indemnify and keep indemnified and hold harmless Tata, NEN, Seedfund their respective employees, officers, contractors, consultants, advisors or any other person in relation to any claims, actions (whether actual or threatened) damages / loss by anyone of them, in any manner whatsoever in connection with the Funding Challenge and shall also not file in person and/or through any family member and/or any third party applications, criminal and/or civil proceedings in any courts or forum in India against Tata, NEN or Seedfund to claim any damages and/ or reliefs and/ or otherwise.
- This Information Memorandum shall be construed in accordance with the laws of India and in case of any dispute or any other matter arising in reference to the awards and/ or otherwise shall be referred to a sole arbitrator and shall be governed by the provisions of Arbitration and Conciliation Act, 1996, amended from time to time. The venue for arbitration shall be Bangalore and the same shall be conducted in English language. The costs, charges and expenses in connection to arbitration shall be solely borne by the participant(s) disputing the same.