Startup accelerator The Morpheus has shifted its operating style. Instead of working with only early-stage companies for four months at a time, it will now work with startups that have been around for up to 10 years.
Economic Times had quoted Sameer Guglani, cofounder of The Morpheus as saying that it was shutting down accelerator program in its current form. Morpheus clarified later via a blog post that it was changing the way it works.
In the new avatar, The Morpheus will continue to work with a few early-stage startups, but not in batches of four months like it did earlier. The biggest difference is the fact that it will focus on companies that are 2-5 years old and even with those that have been in business for 5-10 years. Till now, it used to invest only in early stage startups that were less than two years old and also used to invest Rs 5 lakh in them. It is not clear how The Morpheus will help older companies or how much money it will invest in them.
The accelerator that was started six years back, has worked with 82 companies in ten batches. Out of these, 28 received funding, 10 are still active, six are profitable, seven are yet to graduate and 26 shut down. The Morpheus exited five startups it invested in.
It had selected 8 companies to be part of its ninth batch in February, but it’s not clear when they passed out. It also hasn’t released Letter to Stakeholders for 2013 like it did in 2011 and 2012. The tenth batch is currently underway and includes startups such as CloudEngine, Dwll.in, MathHarbor, MotrPart, MyCodeSchool, Padhaaro and Pocket Science. This batch is expected to graduate in March after which The Morpheus will be on a break for a few months.