Abu Dhabi | Start-ups
Press Trust of India |
Last Updated at June 2, 2022 10:49 IST
The Emirate of Abu Dhabi is keen on housing more Indian startups in its 'Hub71' ecosystem after having already met with some successes, officials said.
Hub71 is designed as an ecosystem which can help startups across sectors in all its needs, from getting them access to venture funding to finding the right talent, the Abu Dhabi government media office (ADGMO) said.
In the last one year, the platform has attracted and supported startups at different stages of growth from sectors such as fintech, artificial intelligence, software development and healthtech from many countries, including India.
At present, it has 100 startups from 25 countries from 18 sectors, which also include enterprises from robotics, big data analytics, mobility and logistics, the statement from the emirate said.
Used car-focused Cars24 was the first Indian company to move into the space and is already the largest used car platform in the United Arab Emirates having a valuation of USD 1.84 billion and revenues of over USD 600 million, it said, adding that three more startups, whose founders are from India, have also set shop at the facility.
Giving a peek into its focus going forward, the statement said, "We are also open to supporting visionary founders from India in securing opportunities that will boost their growth prospects in Middle East and North Africa (MENA) and vice versa."
The three other startups with Indian founders include Arcab, Hafla and Funder AI, the statement said.
Arcab, a mobility service that is transforming the commute to work using shared vans. The company works with 40-plus operators, including Europcar, Avis and Dubai Taxi corporation with over 3,000-plus buses in its supply pool.
Hafla is the world's first Artificial Intelligence-based event ideation, recommendation and aggregated sourcing platform for venues, equipment, services, and catering, with a team of approximately 50 employees. Funder Al, a digital financing platform for SMEs and Salaried Personnel with a team of approximately 10 employees, is also part of our community, it said.
Backed by Mubadala, which is like a sovereign wealth fund of UAE, Hub71 is aiming to fuel the country's aspirations of becoming an 'Entrepreneurial Nation' by 2031. The aggregate valuation of Hub71 startups is at AED (Emirati Dirham) 5.87 billion and it has created close to 1,000 jobs since its inception in 2019.
"Hub71's strong performance in 2021 exemplifies the enabling business environment that we have established in Abu Dhabi. We aim to position technology companies for growth, and our priority remains to enable a flexible and favourable business environment that supports creative ideas and scales solutions to address society's most pressing challenges," said Mohammed Ali Al Shorafa Al Hammadi, chairman of Hub71.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Thu, June 02 2022. 10:48 IST
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