Update: Speaking with MediaNama, Pearl Uppal and Gaurav Kachru, informed that 5ideas is not another startup accelerator, but a seed fund and accelerator, and expects ventures graduating out of start up accelerators to come and partner with them.

– On selection criteria: 5ideas will shortlist upto 5-6 companies and has defined a 10 point selection criteria which includes the composition of the team, whether the product is relevant to indian consumers, the quality of the team, the viability of the business, among others.

– Funding & equity stake: 5ideas will offer funding between Rs 50 lakh to 2.5 crore. according to Kachru, the equity stake involved would depend on the business, but will range between 15% to 30%.

– On what the program will offer: According to Uppal, 5ideas is working on a structured program, wherein domain level knowledge will be transferred by internal and external mentors, which will include subjects ranging from search engine marketing to distribution, design, supply chain, among other aspects. The fund will also offer startups industry connections, ” We’ll have mentors guiding founders in their individual capacity and helping them in connecting with bigger players- for example we have Mahesh Narayanan and Nikhil Rungta from Google, Shantanu Sirohi from Interactive Avenues, Sanjay Kadaveru from Action For India, which works with social entrepreneurs. Each individual has its own network plus we’ll have support from groups: city wise networks, domain wise networks and platform networks, which help start-ups grow and accelerate faster,” she mentioned.  The fund will also help ventures in future investment rounds, including access to big VC funds and assistance in introductions.

Earlier: Following their exit from the Smile Group, Pearl Uppal, Co-Founder and former CEO of Fashionandyou.com and Gaurav Kachru, Co-founder and former CEO of dealsandyou.com, have now launched a seedfund cum start-up accelerator, 5ideas, reports TechCircle.

According to the company website, 5ideas’ Superfuel Fund, will support 5 start-ups at a given time, investing upto Rs 2.5 crore in each, and offer deep collaboration for 6 to 12 months, in addition to access to mentors and friends. The fund will start accepting applications from October 1 thill December 31, 2012, and will be starting the first batch of upto 5 super start-ups in February 2013.

Segments: 5ideas will support Consumer Internet Businesses, including Ecommerce, social models of locals & classifieds,Content & Media, Social & Gaming; Mobile/ Tablet Based Businesses, including Mobile startups focused on delivering better targeted & personalised services to consumers and companies; B2B Platform Businesses, including SMB/Enterprise, Cloud, Productivity & Distribution; and social Tech companies including the ones related to family technologies, education, healthcare/wellness.

What the accelerator fund will offer: The fund claims that it will offer mentoring from a pool of successful entrepreneurs, investors, domain experts & leaders in Internet and Mobile platform companies, who will work with  selected startups by way of structured sessions, and will be available for helping where required and making connections. It would also offer access to scalable design resources ( in-house designers),  and distribution solutions for Search, Social, Mobile and Email platforms, in addition to assisting start-ups in commercialising their products. The fund will also offer support function advice and assistance, including in Legal, IPR, Finance and PR, for which it’s tying up with various companies.

We are trying to get in touch with Gaurav Kachru for more details and will update this post as we hear from him.

Other accelerator funds: The announcement comes just a week after the launch of Former Reliance Entertainment President Rajesh Sawhney’s GSF Accelerator, another startup accelerator, which intends to provide 12 startups with personalized and intensive mentoring over a seven week period, as well as access to funding and business networks. The initiative includes advisors like Inmobi Founder Naveen Tiwari, Matrix Partner founder Avnish Bajaj, Saul Klein, Partner at Index Ventures, co-founder of TAG and Seedcamp, Dave McClure, Founder-500 start-ups, Atsushi San-Softbank, Ashish Gupta, Founder-Helion Partners, Sharad Sanghi, Founder-Netmagic, Fred Demopoulos, an investor in many successful Chinese start-ups, Steven Lurie, GM-Zynga, Vijay Shekhar Sharma, Founder-One97, Phani, Founder-Redbus, and Sid Talwar, serial entrepreneur.

Another start up accelerator is The Morpheos, founded by Sameer Guglani and Nandini Hirianniah, which focus on super early stage startup, offering Rs 5 lakh funding, 4 months of intensive support from morpheus as a limited co-founder, and access to morpheus gang , a community of 65+ morpheus portfolio founders.