The Emirate of Abu Dhabi is keen to house more Indian startups in their “Hub71” ecosystem after already having some successes, officials said.
Hub71 is designed as an ecosystem that can help startups across sectors in all its needs, from giving them access to venture funding to finding the right talent, the Abu Dhabi government’s media office said.
In the last year, the platform has attracted and supported startups in various growth stages from sectors like fintech, artificial intelligence, software development and healthcare technology from many countries including India.
At present, it has 100 startups from 25 countries from 18 sectors, which also includes companies from robotics, big data analysis, mobility and logistics, the statement from the emirate said.
Used car-focused Cars24 was the first Indian company to move into space and is already the largest used car platform in the United Arab Emirates with a valuation of $ 1.84 billion and a turnover of over $ 600 million, it said, adding that three new startups, whose founders are from India, have also kicked off the plant.
To provide insight 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 opportunities in the Middle East and North Africa and vice versa.” The other three startups with Indian founders include Arcab, Hafla and funder AI, the statement said.
Arcab, a mobility service that transforms commuting 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 idea, recommendation and aggregate sourcing platform for venues, equipment, services and catering, with a team of approximately 50 employees.
Funder Al, a digital financing platform for SMEs and employees with a team of approximately 10 employees, is also part of our community, it says.
Supported by Mubadala, which is like a sovereign wealth fund in the UAE, Hub71 aims to boost the country’s ambitions to become an “entrepreneurial nation” by 2031. The total valuation of Hub71 startups is AED 5.87 billion, and it has created close to 1,000 jobs since its inception in 2019.
“Hub71’s strong performance in 2021 is an example of the enabling business environment we have established in Abu Dhabi. “We aim to position technology companies for growth, and our priority remains to enable a flexible and favorable business environment that supports creative ideas and scales solutions to address society’s most pressing challenges,” said Mohammed Ali Al Shorafa Al Hammadi, President of Hub71.