I'm the program manager for iAccelerator and I'd be happy to answer any questions.
Ideally, we'd like you to work out of either Delhi, Mumbai, Bangalore or Hyderabad. We can give you living & working space in any of these cities.
Also, if you've just got an idea and no prototype or implementation of any sort as yet, we typically invest between 2-5 lakhs and take an average of 6% in equity.
If you've got a product out and some traction of some sort, we're open to other options.