In 2013 Prospus launched the Prospus Fund with $1mn in funding to invest in promising young startups. The Fund has since expanded to include both charitable and for-profit endeavors. Prospus always focused on opportunities located in the West. In January of this year, Prospus founder Marc Ragsdale announced that he would be seeking out opportunities in India. “India has a vibrant startup scene. Every day I meet young, enthusiastic, and sharp Indians with great ideas. With our extensive experience working with startups, and building and launching lean products, we will be a great partner to some of these companies”, commented Ragsdale during the Prospus Fund event in Delhi back in January 2018.
With its new commitment to startups in SE Asia, Prospus replenished the Fund with $1mn in February. Since then, the company has received and processed over 250 applications from local entrepreneurs around the Delhi NCR area. They have shortlisted five India-based startups for funding and services, but just yesterday, officially accepted the first startup into this year’s batch. IVish is an app conceived by Delhi-based entrepreneur Vishwam Sharma. As the scion of a large and respected Delhi-based architectural firm, Sharma sought to extend the family business into technology. He conceived of the IVish app when using the Ikea app to visualize furniture in a space, then imagined how it might better work in the Indian environment.
Indians deal with different challenges when ordering furniture and embarking on home improvement projects. The iVish app addresses those challenges in a unique and interesting way that will appeal to housewives and busy families. “We are excited about iVish because it takes a very solid product and tailors it for the local market”, said Ragsdale. The startup will receive cash and services from Prospus, including direct guidance from Prospus founder and inventor Marc Ragsdale. “Vishwam is passionate about his idea, and I’m looking forward to helping to balance that passion with practicality so we can deliver a viable product to the market”, said Ragsdale. The joint team is looking to launch an MVP within 3-5 months. We will provide updates as we take this journey with the iVish team.