Mondelez International announced the opening of CoLab, its worldwide startup accelerator programme, in India. According to Mondelez, the programme aims to support the nation’s expanding entrepreneurial community, promote growth and innovation, and take the lead in the snacking sector.
CoLab and Huddle will work together to develop a platform that will draw in relevant snacking start-ups and foster communication with its leaders, founders, and other important stakeholders. Additionally, by establishing category and customer learnings, this would help Mondelez India discover high-growth snacking trends. Participants will receive mentoring and a grant for early-stage growth from Mondelez India and Huddle.
Commenting on the launch, Deepak Iyer, President India, Mondelēz International, said, “As the company marks 75 years in India, the launch of CoLab reinforces our commitment to being a consumer – centric brand in India. This gives us the perfect opportunity to nurture the growing entrepreneurial talent in the country, while unlocking new ideas that drive innovation and scalability in the Snacking space. We are in a position to provide our expertise and experience for start-ups, help capitalize on new trends, mobilize talent and technologies to build emerging and resurgent snacks, to positively grow the snacking industry in the country.
The program will be executed in partnership with Huddle – an experienced Accelerator & Fund for early-stage ventures, that is rightly positioned to co-anchor the CoLab program in India. Huddle shall offer participants tools, technologies, access to networks and industry expertise and the opportunity to raise early-stage equity capital from Huddle and other potential ventures.
Sanil Sachar, Founding Partner, Huddle, commented on CoLab launch, “At Huddle, our aim has constantly been to collaborate with leaders in our focused sub sectors. Mondelēz being a key global snacking leader, with many loved and trusted brands in India, we couldnt have asked for a better collaborator to partner with.”
Following the call for entries beginning today, the program will shortlist up to 7 startups, who will be chosen by a team of internal and external experts and will receive a $20,000 grant. The startups will partake in a 12-week program across virtual sessions and in-person interactions that will provide expert mentoring, workshops, access to Mondelez Indias leadership and their networks as well as connects with Industry experts. Post the program, at the final showcase event, selected Startups will get a chance to pitch and raise capital from Huddle and other potential funds.