The Internet and Mobile Association of India (IAMAI) has introduced an initiative for mentoring Indian startups bringing a bunch of local entrepreneurs as mentors.

Founders such as Dinesh Agarwal (CEO, IndiaMart NSE 3.14 %), Nikhil Kamath (Co-founder and CIO, Zerodha), Adhil Shetty (CEO, BankBazaar), Rajesh Magow (Group CEO of MakeMyTrip) are among the mentors of the "Circle Program."

Startups with a valuation of Rs 35-75 crore will be considered for Circle 1. Mentors are expected to interview entrepreneurs and successful candidates will be accepted into the programme."Getting mentors on board was the biggest challenge because they have busy schedules. They have committed to giving a couple of hours every month to speak with the start-ups," stated Vivek Bhargava, Chairman, IAMAI Startup Committee. Ten mentors have joined the initiative so far.

The subscription fee for the programme is Rs 2 lakh (per annum) which can be renewed. "This will take care of the content we create for them. For example, they can get access to Harvard University courses at a specially negotiated price," Bhargava stated.

As many as 32 entrepreneurs will join the first circle by June this year. "We want to do one circle, make sure it delivers value to entrepreneurs and mentors and will think about the next circle after that," Bhargava stated.