Background

The Sonder Connect Propel Program is structured as a follow through of the Ignite program, a mentoring & incubation initiative run by the Sonder Connect Trust. The Sonder Connect trust mentors and incubates two batches of women entrepreneurs every year. The Sonder Connect Propel (SC Propel) program run by Sonder Connect LLP will seek to further support some of the Ignite program companies that are believed to have high potential, a strong team and robust execution capability with angel funding and advisory support.

Program structure & services offered

From each of the Ignite batches 20% of the companies will be shortlisted & screened in detail for qualification into the SC Propel program. This screening will comprise objective & qualitative assessment of the shortlisted companies by a panel of Sonder Connect partners and other participating venture partners. Post the screening, half the companies will be selected into the Sonder connect Propel program amounting to roughly about 10% of the companies in the original Sonder Connect incubation & mentoring program. Other high potential women entrepreneurs who may not have been part of Ignite could also be considered for the Propel program

The SC Propel program will provide the following to the selected companies & entrepreneurs:

  Seed capital to the tune of INR 10 Lakhs to INR 30 Lakhs in the form of preference capital and debt.

  Advisory & mentoring services across strategy, finance, marketing and technology. Each selected company would have access to 24 hours of mentoring per               year for a period of 2 years. This would translate to 2 hours of mentoring & strategic advisory support per month. SC Propel will work with the promoter in                 determining the area of support needed amongst the four tracks and the scheduling with the mentors.

  Assistance in the subsequent round of capital raise (Target amount would be to the tune of INR 50 Lakhs to INR 4 Cr) in terms of joint presentations, where                Sonder Connect LLP representatives would participate in the pitch jointly with the promoters.

  Allow the use of the advisors & mentors name in the pitch presentation & investor deck of the company.

  Advisory support in the negotiation, legal & documentation process for subsequent rounds.


Engagement terms

Based on the above program & services offered, SC Propel LLP will take an equity share between 10% and 20% in the investee portfolio companies. Valuation for each company would be discussed and agreed individually. This equity would be jointly owned by SC Propel LLP and the participating individual investors allowing for complete alignment of objectives amongst all stakeholders concerned. At the time of short listing for selection into the SC Propel program, the entrepreneurs will be asked to confirm their willingness to be part of the program. There is no obligation on any of the Ignite program companies to become part of SC Propel program unless by their own choice based on value recognised.