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Target Setting Up Incubator In India

American retail company Target is planning to set up an incubator in Bangalore by early 2014 to fuel its software applications and back-office projects, reports TechCrunch. The accelerator will be managed by Lalit Ahuja, who also helped the retailer set up its technology captive centre in Bangalore few years ago and runs an accelerator of his own called Kyron, which will run the programme for Target in India. Kyron was launched in 2012 with a funding of $50 million by Swiss Venture Capitalist John Cook and French-American VC Larry Glaeser and offered $100,000 in seed funding and access to resources in return for up to a 10 % equity. Earlier this month Arjuman Amjad, a member of Kyron founding team told Techcircle that its mission is to  incubate 560 companies across the globe by 2020, of these 300 will be from India. As part of the program Target will pick 1-2 product startups every year and give them up to $30,000 (includes cash and operational expenses). Target has not yet made up its mind whether it should ask for equity stakes or not in return for investment in these startups. Target has invited Dataweave, a Bangalore-based startup focused on big data analytics that received seed funding of Rs 1.5 crore from Blume Ventures, TLabs (Times Internet), 5ideas Startup Superfuel, Meta Studio Advisors and a group of angels. DataWeave had previously joined TLabs  in February 2012 and had also raised funding. Its services are targeted at e-commerce companies, OTAs, app developers, market research companies, data driven companies, content driven companies, among others. The company…

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