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India’s Startups Generate 15.5 Lakh Jobs

During the next two years (FY 2024-25 to FY 2025-26), the Ministry has a target to set up 1.6 lakh new enterprises with employment generation potential for 12.8 lakh people…reports Asian Lite News

The Centre on Monday said that recognised startups have reported to have generated more than 15.5 lakh direct jobs to date, as it detailed various initiatives taken by ministries and departments to help create even more jobs and nurture young entrepreneurs in years to come.

The Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 entities as startups (as of June 30), said Minister of State (Independent Charge) for Skill Development and Entrepreneurship (MSDE), Jayant Chaudhary, in a reply to a question in the Lok Sabha.

The Ministry of Micro, Small & Medium Enterprises (MSME) is implementing the Prime Minister’s Employment Generation Programme (PMEGP) to assist entrepreneurs in setting up new enterprises in the non-farm sector.

It aims to provide employment opportunities to traditional artisans/ rural and urban unemployed youth at their doorstep.

Since inception, more than 9.69 lakh micro enterprises have been assisted with a Margin Money subsidy of more than Rs 25,500 crore, providing employment to an estimated 79 lakh people (both direct and indirect).

During the next two years (FY 2024-25 to FY 2025-26), the Ministry has a target to set up 1.6 lakh new enterprises with employment generation potential for 12.8 lakh people.

Similarly, the Ministry of Rural Development (MoRD) has implemented the Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM).

The Startup Village Entrepreneurship Programme (SVEP) is a sub-component of DAY-NRLM.

It is expected that the supported enterprises of 3,02,825 under SVEP have created an approximate employment of 6,26,848.

The Ministry of Electronics and Information Technology (MeitY) has launched several schemes for startups, like the ‘Technology Incubation and Development of Entrepreneurs’ (TIDE) 2.0 Scheme. The TIDE 2.0 Scheme has supported 1,235 startups, generating 8,556 jobs.

Over 55 regulatory reforms have been undertaken by the government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem, informed the minister.

In the Union Budget 2024-2025, the Centre has abolished the angel tax on startups, paving the way for more foreign capital to be pumped into the ecosystem and further easing the funding winter.

‘India Now Home to 1.4 Lakh Startups’

India now has more than 1.4 lakh startups, as the government continues to nurture innovation and encourage investments in the ecosystem, Union Minister of State for Commerce and Industry, Jitin Prasada, informed on Friday.

In a reply to a question in the Rajya Sabha, the minister said that under the ‘Startup India’ initiative, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 entities as startups (as of June 30).

Over 55 regulatory reforms have been undertaken by the government since 2016 – when the ‘Startup India’ initiative was launched — to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem.

In the Union Budget 2024-2025, the Centre has abolished the angel tax on startups, paving the way for more foreign capital to be pumped into the ecosystem and further easing the funding winter.

Under the Startup India Seed Fund Scheme (SISFS), Rs 945 crore was sanctioned for a period of 4 years starting from 2021-22, informed the minister.

The government also established the Fund of Funds for Startups (FFS) scheme with a corpus of Rs 10,000 crore, to meet the funding needs of startups.

DPIIT is the monitoring agency and the Small Industries Development Bank of India (SIDBI) is the operating agency for FFS.

The Centre also established the credit guarantee scheme for startups for providing credit guarantees to loans extended to DPIIT-recognised startups by scheduled commercial banks, Non-Banking Financial Companies (NBFCs) and venture debt funds (VDFs) under SEBI-registered alternative investment funds.

According to reports, the Indian private equity and venture capital investments in 2023 stood at $39 billion compared to $62 billion in 2022.

ALSO READ-Move to do away with angel tax positive news for startups  

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Startup Boom Continues

The latest analysis from GlobalData’s Deals Database indicates that from January to May 2023, India saw 475 VC deals with a disclosed funding value of USD 3.4 billion…reports Asian Lite News

India’s burgeoning startup ecosystem has shown impressive resilience and growth post COVID, attracting a total of USD 3.9 billion in venture capital (VC) funding through 483 deals in the first five months of 2024, according to GlobalData.

This represents a year-on-year (YoY) increase of 1.7 per cent in the number of deals and 15.6 per cent rise in the total funding value compared to the same period in 2023.

The latest analysis from GlobalData’s Deals Database indicates that from January to May 2023, India saw 475 VC deals with a disclosed funding value of USD 3.4 billion.

The increase in both deal volume and value for 2024 highlights renewed confidence among investors in India’s dynamic startup landscape, which had experienced a period of slowdown in previous years.

Aurojyoti Bose, Lead Analyst at GlobalData, commented on the findings, saying, “With a double-digit YoY growth in VC funding value and some growth in deal volume, India’s startup ecosystem seems to be gaining investor confidence after a period of slowdown.”

India’s position as a key player in the global VC funding landscape has been further solidified, ranking among the top five markets worldwide in terms of both deal volume and value during the first five months of 2024.

The country accounted for 7 per cent of the total global VC deals and 3.7 per cent of the total disclosed funding value, underscoring its growing significance in the international startup ecosystem.

Several high-profile funding deals have been a significant contributor to this upward trend. Among the notable deals, e-commerce giant Meesho secured USD 300 million, highlighting its dominance in the market.

Health-tech firm PharmEasy raised USD 216 million, reflecting continued growth in the online pharmacy sector.

Renewable energy startup Radiance received USD 150 million, emphasising the increasing interest in sustainable energy solutions.

Additionally, audio content platform Pocket FM garnered USD 103 million, while Sedemac Mechatronics and logistics firm Shadowfax each secured USD 100 million, indicating robust investor interest in diverse sectors such as mechatronics and logistics.

Bose also highlighted the concurrent growth in VC funding value in both India and China, suggesting a broader revival of investor interest across the Asia-Pacific (APAC) region.

“Interestingly, the top two APAC markets, China and India, have seen significant growth in VC funding value during the first five months of 2024. It could be an early indication that the old glory days are back for the APAC region. However, we will have to keep an eye on developments for some more months to see how the VC funding landscape unfolds,” Bose added.

Despite the positive trends, the market remains vigilant, aware that the figures for previous months might be adjusted due to delays in public disclosure of deals.

This highlights the fluid and dynamic nature of venture capital funding, necessitating continuous monitoring to stay abreast of the latest trends and insights. (ANI)

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Indian Startups Bag $222.7M This Week

Last week, about 37 startups secured around $310 million in the country…reports Asian Lite news

The Indian startups continued to raise funds at a normal pace, and this week, as many as 27 startups secured nearly $222.7 million in the country.

This included seven growth-stage deals and 17 early-stage deals, reports Entrackr on Saturday.

“Three early-stage startups did not disclose the amount raised,” the report mentioned.

Last week, about 37 startups secured around $310 million in the country.

Among the growth-stage deals, seven startups raised $150.6 million in funding this week.

Financial services firm Northern Arc secured the highest amount of funding of $80 million.

This was followed by network-as-a-service provider CloudExtel, trucking aggregator for enterprises LetsTransport, online marketplace for financial products BankBazaar, provider of business, property, and school financing Clix Capital, agri-fintech platform Samunnati, and co-working space provider Smartworks which raised $24 million, $22 million, $9.6 million, $6 million, $5 million, and $4 million, respectively.

Moreover, 17 early-stage startups collectively secured $72.08 million in funding during this week.

Omni-channel fashion brand Lyskraft topped the list followed by space-tech startup Dhruva Space, real estate and infra decarbonisation platform Accacia, B2C credit management firm CheQ, and an open-source project management platform Plane.

The list also includes startups such as a provider of Solar EPC solutions Soleos Solar Energy, healthcare and insurtech firm FlashAid, elder care startup bubble tea and other food items platform Boba Bhai, sustainable container logistics and supply chain optimisation startup MatchLog, among others.

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Top 10 Women Investors Shaping Indian Startups

Startup founders often steal the spotlight, but let’s not overlook the women in the investor community who are equally talented and dedicated to shaping India’s startup landscape…reports Asian Lite News

The world is celebrating ‘International Girls in ICT Day 2024’ on April 25 this year. Although women now fill 40 per cent of high-skill occupations globally, their participation in ICT-related fields continues to be low.

India, which has the world’s 3rd largest startup ecosystem, has seen exponential growth in recent years. In startups also technology is pervasive and is playing a key role in most of the startups irrespective of its service and industry.

The bedrock of a thriving startup ecosystem and community apart from founders are the investors, who play a critical role in building and shaping these startups. There is always a limelight on startup founders, however, investor community is not often talked about, and in that, also women. It is to be noted that there are many talented and committed women investors working on building the Indian startup ecosystem.

Here’s a list of 10 women investors working tirelessly in building the Indian startup ecosystem: (Please note the below name order is a random order and doesn’t follow any ranking)

Aarti Gupta: She is an investment strategist who has been heading her family office, DM Gupta Family, Jagran Group, for over a decade. She is also the Chief Investment Officer at Anikarth Ventures, an angel-investing firm committed to supporting early-stage startups.

Archana Jahagirdar: She is at the forefront of changing the game for entrepreneurs and the startup ecosystem in India. As the founder and Managing Partner of Rukam Capital, an early-stage consumer-focused VC fund, she is one of the solo general partners, having carved a niche among a handful of women founders of venture capital in India and globally.

Debjani Ghosh: She is the President of the National Association of Software and Services Companies (NASSCOM) and the first woman to hold the position in nearly 30 years. She actively engages with the government and industry stakeholders to accelerate growth and strengthen India’s position as a hub for innovation and digital talent. Her role was instrumental in developing ‘Think Digital, Think India’ strategy.

Namita Thapar: She is the Executive Director of Emcure Pharmaceuticals Limited, and is also the India Head of Young Entrepreneurs Academy, Inc. She is also an angel investor and a popular shark from Shark Tank India. She has previously invested in startups like Brandsdaddy, Girgit, STAGE, Very Much Indian, and Skippi Ice Pops to name a few.

Vani Kola: She is the founder and managing director of Kalaari Capital a VC firm that invests in early-stage technology-focused startups, and is also a board member of CXXO. The firm typically invests in e-commerce, gaming, digital content and healthcare brands like Dream11, Myntra, Cure.fit, and Snapdeal.

Kanika Mayar: She is a partner of Vertex Ventures, which invests in companies like Licious, FirstCry, AsianParent, Warung Pintar and Grab, to name a few. The firm typically infuses money in seed to Series B-stage startups in Southeast Asia and India.

Padmaja Ruparel: She is the Co-Founder of the Indian Angel Network and Founding Partner at IAN Fund, which is a SEBI-registered category II venture capital fund, worth Rs 1,000 crore.

Falguni Nayar: She is the founder and CEO of the beauty focused retail brand Nykaa. Today, the business has emerged as one of India’s leading beauty retailers playing a critical role in developing the beauty market in India.

Pearl Agarwal: She is the founder and managing director of Eximus Ventures, which invests in pre-seed stage companies with an equity cheque of up to USD 500,000. The firm has invested in startups like Oyela, Flux, Stan, Fleek, Jar, iTribe, Fego, Zorro, KalaGato, Skydo, and Eka.Care.

Renuka Ramnath: She is the Founder, MD and CEO of Multiples Alternate Asset Management. Founded in 2009, Multiples is an independent, India focused private equity firm that manages a USD 2 billion private equity capital. The firm has made investments in businesses like Tata Infomedia, VA TechWabag and Air Deccan. (ANI)

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Funding Surge Fuels Startup Growth

Bengaluru-based startups led the funding with 14 deals, followed by Delhi-NCR with three deals….reports Asian Lite News

The Indian startups continued to raise funds at a normal pace, and last week, 22 startups secured over $447 million in the country.

This included nine growth-stage deals and 11 early-stage deals, reports Entrackr.

“Two startups kept their transaction details undisclosed,” the report mentioned.

About 30 startups had raised around $287 million, which included 20 early-stage and six growth-stage companies in the week of March 11-16.

Bengaluru-based startups led the funding with 14 deals, followed by Delhi-NCR with three deals.

Among the growth-stage deals, nine startups raised $420.35 million in funding last week.

Healthtech firm Engrail secured the highest funding at $157 million. Following closely behind were the audio series platform Pocket FM, healthtech startup Ultrahuman, and content-to-commerce company The Good Glamm Group, which received $103 million, $35 million, and $30 million in funding, respectively.

Additionally, Atlan, a data collaboration software provider, Curefood, a cloud kitchen startup, Jumbotail, a B2B marketplace and retail platform, Dvara KGFS, an NBFC operating in remote rural areas, and SubKo Coffee, a coffee brand, also successfully raised funds last week.

Moreover, 11 early-stage startups collectively secured $27 million in funding.

Optimo Loan, an MSME-focused lending-tech startup, led the pack, followed by gaming startup Liquidnitro, boutique hotels firm Brij Hotels, and climate tech platform Sprih.

India’s startup ecosystem is on a journey of unprecedented innovation and growth and the rise of entrepreneurs from tier-2 and 3 cities are shining examples of how inclusive growth can lead to sustainable development, industry experts said on Thursday, as the three-day ‘Viksit Bharat Startup Mahakumbh 2024’ concluded in the Capital.

The country’s biggest celebration of startups saw 1,306 exhibitors, more than 165 sessions, over 392 speakers, and more than 48,581 business visitors.

Furthermore, the event was the centre-stage for more than 3,868 future entrepreneurs, coming together to interact with investors, and entrepreneurs, along with industry experts via masterclasses and foster collaboration.

“Over the course of 10 years, we’ve witnessed a transformation from a few hundred startups to a vibrant ecosystem of over 100,000 startups, fostering a remarkable increase in incubators, unicorns, and a thriving digital economy,” said Arvind Gupta, Head and Co-Founder, Digital India Foundation.

“Our startups are global pioneers, leveraging technology to solve complex challenges, ensuring India’s position as a leader on the world stage,” he added.

On Wednesday, Prime Minister Narendra Modi said that India will become the world leader in AI with its young innovators emerging as a driving force to take the nation ahead.

Addressing the ‘Startup Mahakumbh’, the Prime Minister said, “India will have the upper hand in AI and we will not let the opportunity go.”

From insightful keynote speeches to interactive workshops, Startup Mahakumbh offered a dynamic platform for attendees to exchange ideas, forge partnerships, and gain invaluable insights from seasoned professionals.

“Witnessing over 3,800 future entrepreneurs come together at Startup Mahakumbh was truly inspiring,” said Madan Padaki, President, TiE Bangalore & Trustee, TiE Global.

“It was great to see many budding and ambitious agritech entrepreneurs aiming to improve the livelihoods of our farmers,” added Vineet Rai, Founder and Chairman, Aavishkaar Group.

Vidhya Ananthkrishnan, Chief Of Staff, Accel, said that they witnessed an incredible convergence of ideas, expertise, and opportunities within the B2B pavilion at ‘Startup Mahakumbh.’

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Entrepreneurs Praise PM Modi, Startup India

The founders of startups credited Prime Minister Narendra Modi for inspiring them to push their ideas into genuine businesses…reports Asian Lite News

Startup Mahakumbh, a first-of-its-kind event that brought together the entire startup ecosystem of India, including startups, investors, incubators, accelerators and industry leaders spanning several sectors concluded on Wednesday in the national capital.

Led by the efforts of ASSOCHAM, nasscom, Bootstrap Incubation & Advisory Foundation, TiE and Indian Venture and Alternate Capital Association (IVCA), the event had sector-focused pavilions, which showcased the country’s most innovative startups.

The founders of startups credited Prime Minister Narendra Modi for inspiring them to push their ideas into genuine businesses.

Aman Porwal the founder of Indore-based Momskart said, “Momskart is an online marketplace that digitalises Indian women entrepreneurs without any investment. Here at the Startup Mahakumbh, we interacted with PM Modi today and we got a very good vibe that ‘Startup India’ is doing a lot for the start-ups in India…”

The event also hosted a Future Entrepreneurs Day on March 20, with a focus on cultivating entrepreneurial spirit among students. The Future Entrepreneurs Day gathered close to 5,000 individuals handpicked by colleges and incubators nationwide for their inclination towards entrepreneurship.

“I work as a startup mentor and I visit colleges and motivate students and guide them in their journey. By taking inspiration from PM Modi, I started my journey around 2016-17. In the last five years, I have met over 3 lakh students…,” Chairman of International Business Startup and Entrepreneurs Association, Anshumaan Singh said.

With the central theme ‘Bharat Innovates,’ the event also featured mentorship clinics, pitch competitions, and a multi-track conference featuring leadership talks, panel discussions, workshops, and a host of exciting activities for startups as well as future entrepreneurs.

Founder of PIGPT, Siddharth said, “We have worked in the sector of Deep Tech. Today’s session with PM Modi was very inspiring. Under the recently launched India AI Mission, we have launched our own AI-powered answer engine. This is India’s first answer engine that is dedicated to the aspirants…”

“We are developing a D2C consumer-based platform, connecting customers with small laundry owners. We are providing a platform through which we do the supply chain and logistics. If you place an order from your home, we do pickup and delivery, we are trying to help small marginalized laundry owners, living in our society, so that we can empower them, increase their revenue as well as increase profitability. In the last 14 months, we have processed 1,300 orders…,”entrepreneur Vaibhavraj Pandey from Gujarat said.

Startup Mahakumbh enabled connecting startups with a spectrum of inventors such as venture capitalists, angel investors, family offices, and High Net worth Individuals- as well as potential corporate partners.

Founder of Ayurvedic Sutra, Neha Bansal said, “As PM Modi said today startups in the field of Ayurveda are growing a lot and there is immense support from the government in getting good funding…The government has provided a very good platform and startups are growing very well…”

“YouVah is the first internship platform for teenagers… Over 2 lakh students and 300 schools are on our platform. Students can take internships and training on different skills. We are the first mover in the country to implement New Education Policy” Founder of YouVah, Rohit Jain said.

Startup Mahakumbh with a tagline ‘Bharat Innovates’ encapsulated India’s commitment to showcasing innovations from every corner of the country and built for the world.

By emphasizing the breadth and depth of innovative ideas emerging from across the nation, the event celebrated the spirit of creativity and ingenuity within India while embracing a global perspective. (ANI)

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India’s EV Two-Wheeler Startups Top 150

The new policy sets the stage for a vibrant future-mobility global manufacturing hub in the country…reports Asian Lite News

Driven by conducive government policies and incentives towards a green future, India now has more than 150 two-wheeler electric vehicle (EV) startups, a new report said on Wednesday.

According to an analysis by global investment advisory firm Bernstein, the Indian EV segment is expected to grow 15-20 times to reach annual sales of 15-20 million units over the next decade.

“Around 85 per cent of the 65 models launched last year were such products — high-speed as against speed and range-constrained products, which used to be a feature of the startups,” according to the Bernstein report.

“The average battery capacity for new launches increased from 2.3 kWh (kilowatt-hour) in 2022 to 3 kWh,” the analysis noted.

TechCrunch was first to report on the Bernstein analysis. The new EV manufacturing policy, announced by the Central government last week, aims to not only attract global players to India but also stress on domestic value addition.

The new policy sets the stage for a vibrant future-mobility global manufacturing hub in the country.

The policy fixes a minimum investment of Rs 4,150 crore for foreign companies who want to set up EV manufacturing facilities in the country.

The Indian EV market is experiencing notable expansion, with a particular focus on meeting the surging demand for cleaner transportation, which is also necessitating a parallel expansion of charging infrastructure to cater to escalating demand.

The country may see 1 crore EV sales annually by 2030, generating nearly 5 crore jobs, according to Nitin Gadkari, Union Minister of Road Transport and Highways.

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STARTUPS News

Startup Mahakhumb 2024 Ignites Startup Growth

Jeej Vijay, CEO of MeitY Startup Hub (MSH), contributed invaluable insights to a panel discussion addressing critical challenges and opportunities within the startup space…reports Asian Lite News

The Ministry of Electronics & IT (MeitY) Startup Hub is empowering innovation, driving growth and forging success within the vast landscape of Startup Mahakhumbh 2024, which commenced at Bharat Mandapam in New Delhi from March 18-20.

According to MeitY press release, with the resounding theme of ‘Bharat Innovates,’ the event aims to serve as a catalyst for innovation, networking, and growth opportunities across various sectors.

Among the flagship engagements of this unprecedented gathering is the MeitY Startup Hub (MSH) innovation showcase, which emerged as a nucleus of entrepreneurship and innovation.

The MeitY Pavilion became a focal point for over 40 groundbreaking startups to exhibit their cutting-edge innovations, serving as a dynamic platform for engagement with industry experts, investors, and potential partners.

Attendees had the privilege to witness firsthand the creativity, ingenuity, and potential of these emerging startups, fostering a collaborative spirit throughout the event, according to the press release.

Jeej Vijay, CEO of MeitY Startup Hub (MSH), contributed invaluable insights to a panel discussion addressing critical challenges and opportunities within the startup space.

Focusing on “Funding DeepTech: Venture Capital’s Perspective on Research-Backed Startups,” his expertise illuminated the intricacies of venture capital funding, especially for startups rooted in deep technology and research-driven innovations.

Furthermore, MeitY Startup Hub organised a Startup Masterclass tailored to provide startups with practical knowledge, insights, and networking opportunities essential for enhancing growth and success within the dynamic startup ecosystem.

Additionally, an exclusive Incubator Masterclass covered a wide array of topics crucial for the success of both incubators and startups, including fundraising, mentorship strategies, ecosystem building, and incubation best practices, read the press release.

MeitY Startup Hub (MSH) is an initiative by the Ministry of Electronics and Information Technology (MeitY), Government of India, aimed at fostering entrepreneurship and innovation in the technology sector.

MSH supports startups, incubators, and Centers of Excellence (CoEs) through various programs and initiatives to drive digital transformation and promote India’s leadership in emerging technologies. (ANI)

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Startup Mahakumbh: Where Ideas Meet Impact!

With the central theme ‘Bharat Innovates,’ the event will also feature leadership talks, panel discussions, workshops, and a host of exciting activities for startups as well as future entrepreneurs….reports Asian Lite News

Over 1,000 start-ups, more than 500 incubators, hundreds of investors, and delegations from over 10 different countries will assemble for a three-day mega startup event ‘Startup Mahakumbh,’ set to kick off in the national capital on Monday.

Organisers said on Sunday that this event will now be an annual affair.

Being organised at the Bharat Mandapam, this event will be a first-of-its-kind in terms of vision and magnitude. Key global and Indian stakeholders such as unicorn startups, global and domestic venture capitalists, corporates, and industry leaders will also participate.

As many as 23 states will participate in this event and will showcase their startup ecosystem and policies. A few investors from the popular reality show Shark Tank will be present at the event over these three days.

With the central theme ‘Bharat Innovates,’ the event will also feature leadership talks, panel discussions, workshops, and a host of exciting activities for startups as well as future entrepreneurs.

The event will also host a Future Entrepreneurs Day on March 20, with a focus on cultivating the entrepreneurial spirit among students. The Future Entrepreneurs Day is expected to gather close to 5,000 individuals handpicked by colleges and incubators nationwide for their inclination towards entrepreneurship.

At the event, there will be 10 distinct pavilions showcasing the latest trends, technologies, and insights in their respective fields.

Startup Mahakumbh is being organised by ASSOCHAM, NASSCOM, Bootstrap Incubation and Advisory Foundation, TiE and Indian Venture and Alternate Capital Association (IVCA), and supported by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.

Ahead of the main event, the organsing team hosted a press conference today, giving an overview of the three days of Startup Mahakumbh.

Sanjeev Bikhchandani, Co-founder and Executive Vice Chairman, Info Edge, delivered the opening remarks, emphasizing the evolution of the Indian startup ecosystem over the past decade. From the surge in venture capitalist investments to the proliferation of unicorn success stories, he highlighted the journey to a pivotal stage, underscoring the necessity of a unifying apex event like Startup Mahakumbh.

Startups that would assemble for this event would be able to network with, try to organise funding from, and getting mentoring, said DPIIT Secretary Rajesh Kumar Singh told ANI.

“The idea is for them to learn the what the options are. There are government funds available through SIDBI, seed funds scheme, as well as the fund of funds, and there are many others. There is a fairly active venture capital ecosystem in the country all of whom would be represented there at the Mahakumbh,” said the Department for Promotion of Industry and Internal Trade secretary.

India ranks at 40 in terms of innovation and the goal is to move up from this.

“Our aim is to make Startup Mahakumbh not just a big event, but also an annual event, which can further propel the growth of the Indian Startup ecosystem. The event aims to unite innovators nationwide and transform it into the largest global event of its kind,” the DPIIT secretary said.

Archana Jahagirdar, Founding and Managing Partner, Rukam Capital, and is part of the organising committee, told ANI that it is an interesting time to be in India and there is a great synergy between the government and startups.

“I think there is so much on offer for all the startups, young startups especially, because there is an understanding of how incubation works. There’ll be VCs, there’ll be angel investors, you can see how unicorns have built their businesses and come to the point that they’ve come to,” Jahagirdar said.

“I think, and there’ll be also an understanding of how the government is thinking, different states are thinking, what are their startup policies. For a startup who is trying to understand this entire ecosystem, there could not be a better place than Startup Mahakumbh to be at. So there will be a lot of, there’s a matchmaking tool, there will be a lot of investors there and the that we’ve got for startups, the idea for that is as a showcase so that investors can be going and meeting the founders and see their products and services, what is it that they’re building and typically from an event like this, you know, those connections really lead to investments eventually.”

India has the third largest startup ecosystem and now it is the endeavour to become the best and this event is that direction.

“This event is part of that initiative and we are aiming to bring together its subsystems and components together on a single platform. Collaboration between them will boost the startup ecosystem,” said Sanjiv Singh, Joint Secretary, Department for Promotion of Industry and Internal Trade.

Among other things, to further demonstrate the capabilities and opportunities within the Indian gaming and E-Sports industry, the E- Sports pavilion at Startup Mahakumbh is organising the Esports tournament of Real Cricket and Sachin Saga with a total prize pool upwards of Rs 100,000. (DPIIT). (ANI)

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‘IndiaAI Mission’ Wins Industry Praise

The IndiaAI Mission will establish a comprehensive ecosystem catalysing AI innovation through strategic programmes…reports Asian Lite News

The industry leaders on Friday hailed the government’s IndiaAI Mission initiative, the country’s first artificial intelligence (AI) mission that was approved with an outlay of Rs 10,371.92 crore.

The IndiaAI Mission will establish a comprehensive ecosystem catalysing AI innovation through strategic programmes and partnerships across the public and private sectors.

“The focus on funding deep tech AI startups, developing open source databases, as well as domain-specific large language models will play an instrumental role in fueling AI innovation in the country, making India a global leader in harnessing the potential of artificial intelligence,” said Tilakraj Parmar, Co-Founder & CEO, QX Lab AI.

He also mentioned that the government’s move to provide financial support and a strategic roadmap for AI integration will act as a catalyst for economic growth and innovation.

Prashanth Kaddi, Partner, Consulting, Deloitte India, said that this move gives a fillip to the startup ecosystem “to drive innovation helping India leapfrog into areas such as text summarisation, video/image generation, and next-gen chatbots etc., including enablement across Indian languages”.

The Mission will be implemented by ‘IndiaAI’ Independent Business Division (IBD) under Digital India Corporation (DIC).

According to an official, the approved IndiaAI Mission will propel innovation and build domestic capacities to ensure the tech sovereignty of the country.

It will also create highly skilled employment opportunities to harness the demographic dividend of the country.

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