CIIE (an initiative of IIM A to foster entrepreneurship and innovation) have launched iAccelerator a program to incubate web start-ups.Yes. They heartly accept it as a clone of Y-combinator.
Main attractions of program:
a)Target audience are young IT professionals, students or web-developers young IT professionals, students or web-developers .
b)its a 3 month program. Two months for prototyping and 1 month of marketing.
c)8k stipend for participants.
d) CIIE will provide computers with connectivity (if you don’t carry a laptop of your own), an office space, mentoring, networking and accommodation at IIMA.
d)In case you are interested apply before 20th April.
Requirements:
A brilliant “out of box web/mobile related idea” and the ability to build a prototype around that idea in 2 months with a team of max 3-4 people.

hemu said
hi, thats really good one