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India Woos Investors for Clean Economy Startups

India will showcase some of the large infrastructure projects in Clean Economy and top climate tech companies to the global investors…reports Asian Lite News

India plans to showcase its leadership position in the Clean Economy space and the various innovative solutions driving it in the forthcoming investor forum meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) to be held in Singapore on June 5-6, the Ministry of Commerce and Industry announced on Tuesday.

India will also showcase some of the large infrastructure projects in Clean Economy and top climate tech companies to the global investors for investment opportunities at the 14-nation meeting.

IPEF Forum has called for applications from tech companies and startups to showcase Indian investible sustainable infra projects such as electrical vehicles and solar projects. IPEF Forum aims to mobilise investments into sustainable infrastructure, climate technology and renewable energy projects.

The IPEF was launched in May 2022 and currently includes 14 partners – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and Vietnam.

It provides a platform for countries in the region to collaborate on advancing resilient, sustainable, and inclusive economic growth, and aims to contribute to cooperation, stability and prosperity in the region. The IPEF comprises four pillars of cooperation namely: Trade, Supply Chain, Clean Economy and Fair Economy.

The IPEF Clean Economy Investor Forum is one of the initiatives under the IPEF. It brings together the region’s top investors, philanthropies, financial institutions, innovative companies, start-ups and entrepreneurs. The Forum aims to mobilise investments into sustainable infrastructure, climate technology and renewable energy projects.

The Department of Commerce is the nodal agency for the IPEF engagements, and the IPEF Clean Economy Investor Forum is managed by Invest India (www.investindia.gov.in), India’s National Investment Promotion Agency.

The Forum will have opportunities for the Indian industry in two segments comprising the Climate Tech Track and Infrastructure Track.

Under the Climate Tech Track, the IPEF Clean Economy Investor Forum is holding an open call that aims to recognise the top climate tech companies and start-ups among the member countries and present them to global investors. Climate Tech entrepreneurs and companies in India may apply under this track.

Last date to apply is until April 26, and applications will be evaluated by regional and industry experts. The top 100 companies will be announced in early May 2024 and shortlisted companies will be invited to showcase and pitch at the Investor Forum in Singapore on June 5-6.

Interested parties may find the eligibility criteria, methodology of selection and portal for application submission at: https://www.holoniq.com/ratings/indo-pacific-climate-tech-100.

Under the Infrastructure Track, India will showcase selected investible sustainable infrastructure projects at the 2024 Forum. The sectors of focus are — energy transition (e.g electric gird; renewable energy, including solar, and onshore wind; sustainable aviation fuel; battery storage; hydrogen; green data centres), transport and logistics (e.g. Electric Vehicle, EV charging points), waste management/waste to energy.

The projects that are ready, or expected to be ready, for private investment during the next 18 months will be given priority for showcasing at the Forum.

Indian investors who aim to invest in the IPEF partner countries, in either or both the tracks mentioned above are also encouraged to participate in the Forum.

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Business Economy STARTUPS News

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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India News STARTUPS News

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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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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Business Economy STARTUPS News

Startup Challenges Mount as ‘Poster Boys’ Tumble

Union Budget 2022-23 likely to give more incentives to boost startups.

Veteran investor and Info Edge Founder Sanjeev Bikhchandani said that he believes that good governance is important as companies grow….reports Asian Lite News

Recent governance issues with well-funded and “poster boys” of startups have added to the ongoing bearish trend for the ecosystem amid the funding winter, industry leaders and experts said on Wednesday.

As startup majors Paytm and Byju’s make the headlines for several issues amid the regulatory heat, investors have turned cautious about conducting a thorough due diligence process.

Veteran investor and Info Edge Founder Sanjeev Bikhchandani told IANS that he believes that good governance is important as companies grow.

“You cannot build a sustainable large valuable enterprise if you are not governed well. Therefore, I would urge startup founders to put more emphasis on good governance,” he added.

According to Shrijay Sheth, Founder, Legalwiz.in, financial mismanagement and compliance-related issues are surfacing often these days.

“While the startup founders will assume a role of a custodian of investor’s money, it is also important for the investors to take an active role in flagging such issues in time, especially, when they hold a board or an observer seat.

“Most of these issues surface while raising funds or when the business lacks financial performance,” he noted.

Incubators, accelerators and other government funded programmes need to educate nascent stage founders, according to experts.

First-time entrepreneurs stay non-compliant largely because of lack of knowledge, than any other reason.

“Many requirements like labour-related compliance, POSH policy implementation, or maintaining basic accounting hygiene remain unaddressed due to lack of awareness. This needs to be addressed,” said Sheth.

Due diligence and corporate governance are crucial factors at every stage of a startup’s journey.

“At DevX Venture Fund, we have always emphasised strong corporate governance and ethos. We invest at an early stage and hence it is crucial to set the right expectations of how an organisation should run,” Umesh Uttamchandani, CoFounder, DevX Venture Fund, told IANS.

Conducting regular monthly calls with the portfolio startups and providing clarity to “our investors happens to be of utmost importance as the founders ought to be accountable after raising funds and enable potential investors to engage with the founders who have clean books”.

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India’s Dynamic Couple-preneurs

Founded in 2013 by the power couple Swati and Rohan Bhargava, CashKaro, India’s No. 1 Cashback & Coupons app has achieved a remarkable revenue milestone of Rs 252 Crores in the fiscal year 2023…. reports Asian Lite News

The Indian startup ecosystem has seen a burgeoning trend of Couple-preneurs – dynamic duos who have joined forces to establish and steer their ventures to success.

These remarkable partnerships have not only laid the foundations but have also skillfully nurtured their enterprises together.

As Valentine’s Day approaches, we spotlight five resilient Indian businesses founded by couple-preneurs, exemplifying not only rapid growth within a short timeframe but also establishing themselves as leaders in their respective categories. Let’s dive into the inspiring stories of these entrepreneurial pairs!

Ghazal and Varun Alagh, Mamaearth

Mamaearth, a venture by the entrepreneurial duo Ghazal and Varun Alagh under Honasa Consumer Pvt Limited (HCPL), established in 2016 and achieved Unicorn status in 2022. Tailored for the personal care needs of young, ambitious, and socially conscious Indian consumers, Mamaearth has curated an exceptional product portfolio featuring over 120 items. In just four years, their offerings have reached over 2.5 million customers spanning 500 cities in India.

Swati and Rohan Bhargava, CashKaro

Founded in 2013 by the power couple Swati and Rohan Bhargava, CashKaro, India’s No. 1 Cashback & Coupons app has achieved a remarkable revenue milestone of Rs 252 Crores in the fiscal year 2023. Demonstrating its unwavering commitment to facilitating growth for its partners, the platform has recorded an exceptional Gross Merchandise Value (GMV) of Rs 4,500 Crores. CashKaro is considered the country’s go-to savings destination for shoppers, offering Cashback, Coupons, and Price Comparison on a single platform. When users shop via CashKaro on sites like Amazon, Myntra, Nykaa, etc, it receives a commission from partner sites for driving the sale. A large portion of this commission is passed on to the users as Real Cashback that they can transfer to their bank. CashKaro raised Rs 130 Crores ($16 million) led by Affle Global Pte. Ltd. (AGPL), bringing their total raised thus far to Rs 250 Crores.

Anand Shahani and Mehak Sagar, WedMeGood

When Anand Shahani and Mehak Sagar decided to get married four years ago, it was the harrowing experience of organising their wedding which prompted them to launch WedMeGood. Realising the concept of a big fat Indian wedding market was here to stay, it made business sense for the young couple to start WedMeGood, a marketplace for all wedding-based products and services. WedMeGood connects users looking for wedding services to vendors who provide these services. The portal compiles a list of vendors from Photographers, Makeup Artists, Jewellery Brands, and decorators to help couples find the best professionals. Users can browse through extensive details of vendors, including reviews, prices, contact information, and other FAQs.

Kaushik Mukherjee and Vineeta Singh, SUGAR Cosmetics

Established in 2012 by the enterprising couple Kaushik Mukherjee and Vineeta Singh, SUGAR Cosmetics has emerged as one of India’s fastest-growing premium cosmetic companies, capturing the hearts of millennials. This brand of choice for independent women challenges stereotypes with its disruptive attitude, unique low-poly packaging, and chart-topping products. The CEO, Vineeta Singh, and COO, Kaushik Mukherjee, steer SUGAR’s global operations, dispatching best-selling beauty products across Lips, Eyes, Face, Nails & Skin categories from cutting-edge facilities in Germany, Italy, India, the United States, and Korea.

Shubhra Chadda and Vivek Prabhakar, Chumbak

Shubhra Chadda and Vivek Prabhakar got married in 2005 and together founded Chumbak in 2009. Chumbak is a lifestyle brand with a wide range of exquisite and unique home decor items and fashion accessories. Chumbak was founded to create fun and colourful Indian souvenirs. It has since grown into one of India’s most popular lifestyle and home decore brands with locations in Bengaluru, Mumbai, and Delhi. Chumbak also has its flagship stores in Bengaluru and Delhi, as well as online stores. Apart from its flagship and online stores, Chumbak has 54 retail stores across India and also sells it online on various e-commerce platforms.

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‘India third-largest startup nation today’

Thakur emphasized the remarkable growth of the nation’s startup landscape….reports Asian Lite News

Union Minister for Youth Affairs and Sports, Anurag Singh Thakur said on Monday that India has solidified its position as the third-largest startup nation with over one lakh startups.

Thakur also emphasized the remarkable growth of the nation’s startup landscape.

Speaking at the Rozgar Mela in Punjab’s Jalandhar, Thakur said, “More than one lakh government jobs were provided today through Rozgar Mela organized at 47 locations across the country. PM Modi has fulfilled his promise of providing 10 lakh jobs in a year.”

He further highlighted that in addition to this achievement, loans totalling Rs 34 crore were distributed under the Pradhan Mantri MUDRA Yojana (PMMY), providing employment opportunities to crores of people. Similarly, 78 lakh street vendors benefited from loans provided under the PM SVANidhi Scheme.

“Likewise, under the startup movement, India stands as the third startup nation with over one lakh start-ups,” he added.

During the Rozgar Mela, Prime Minister Narendra Modi distributed appointment letters to newly recruited individuals via video conferencing on Monday.

While addressing the event through video conferencing, the Prime Minister congratulated the youths and their families, stating, “Today, more than 1 lakh youth have received appointment letters for government jobs. You have achieved this success through hard work. I congratulate you all and your families very much.”

Hitting out at the previous government over job delays, PM Modi said, “The right to give jobs to the youth in the Government of India is continuously progressing at a fast pace. In earlier governments, it used to take a very long time from the issue of job advertisement to the issuance of appointment letters. Taking advantage of this delay, the game of bribery was also rampant during that time. We have now made the recruitment process in the Government of India completely transparent.”

“Not only this, the government is very insistent that the recruitment process be completed within the stipulated time. With this, every youth has started getting equal opportunities to prove his ability,” he added.

The Prime Minister applauded the central government for making the recruitment procedure transparent. Prime Minister Modi launched the ‘Rozgar Mela’ campaign on October 22, 2022, marking the beginning of the initiative to provide 10 lakh government jobs. (ANI)

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Startup Tax Benefits Extend to March 2025

As many as 2,975 government-recognised startups have been granted Income Tax exemptions so far…reports Asian Lite News

In a respite for the startup ecosystem, the Centre on Thursday announced to extend tax benefits for startups and investments made by sovereign wealth and pension funds to March 2025.

Certain tax benefits to startups and investments made by sovereign wealth or pension funds as also tax exemption on certain incomes of some International Financial Services Centre (IFSC) units are expiring on March 31 this year.

“To provide continuity, I propose to extend the date to 31.3.2025,” said Finance Minister Nirmala Sitharaman while presenting the Interim Budget on Thursday.

“As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” she added.

Anil Joshi, Managing Partner, Unicorn India Ventures, said that the extension of tax exemption to startups is a good gesture and provision for Rs 1 lakh crore toward sunrise segment at nominal or zero interest rate will certainly help small businesses.

“No change to direct and indirect tax was also expected, however we may see new rates in full budget to be proposed in July 2024,” he said.

Rishabh Goel, Co-Founder and CEO, Credgenics, said that in a bid to sustain the growth momentum of existing startups, the government has extended tax benefits by an additional year.

As many as 2,975 government-recognised startups have been granted Income Tax exemptions so far, according to the Department for Promotion of Industry and Internal Trade (DPIIT).

Under the ‘Startup India’ programme, the government provides Income Tax exemption.

In September last year, the government notified new angel tax rules that comprise the mechanism to evaluate the shares issued by unlisted startups to investors.

Startups registered with the DPIIT were exempted from the new norms. The government highlighted that the exemption will benefit over 80,000 startups.

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India News STARTUPS News

India Slips to Fourth Global Ranking in Startup Funding for 2023

The last quarter (Q4) this year recorded the lowest funding of $957 million to date, marking it the lowest-funded quarter since Q3 2016…reports Asian Lite News

Making a dent in India’s startup growth story, the country slipped to fourth position in the global ranking among the highest-funded geographies in 2023, as it recorded lowest funding in five years.

After grabbing the third spot globally in 2021 as well as in 2022, India ranked fourth behind the US, the UK and China this year, receiving only $7 billion in total funding (till December 5), according to data compiled by global market intelligence platform Tracxn.

In the third quarter (Q3) this year, India even slipped to fifth position among the highest-funded countries — behind the US, the UK, China and France.

Q3 2023 raised a total of $1.5 billion, which is a 30 per cent drop from Q2 2023 and a 54 per cent drop as compared to Q3 2022.

The last quarter (Q4) this year recorded the lowest funding of $957 million to date, marking it the lowest-funded quarter since Q3 2016.

“India continues to experience the effects of the funding winter. Following an increase in funding in Q4 2022, India Tech is seeing a decline in funding every quarter, with a third consecutive drop in funding in Q3 2023 making it the least funded quarter in 2023 and also the least funded quarter in the last 5 years,” the report showed.

Despite the declining funding inflow, India has maintained its position in top 5 geographies in terms of total funding this year.

For 2023, the funding declined across all stages, with late-stage funding dropping over 73 per cent, followed by early-stage funding (70 per cent) and seed-stage funding (60 per cent).

The decline is primarily due to the biggest drop in late-stage funding, by over 73 per cent to $4.2 billion in 2023 from $15.6 billion in 2022.

The number of $100 million+ rounds recorded were only 17, dropping by 69 per cent compared to last year, said the report.

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India News STARTUPS News

Digital Public Infrastructure Fuels Decade of Startup Growth in India

Neel Mehta, Director and Co-founder, Asteria Aerospace Ltd, said that sectors such as defence, space, AI/ML and biotech, among others, are key beneficiaries of Deep Tech…reports Asian Lite News

The development of digital public infrastructure (DPI) in India in the last decade has steered the growth of startups in the country, industry leaders said on Saturday.

Addressing FICCI’s annual general meeting and annual convention Sanjeev Bikhchandani, Founder of Info Edge India Ltd, said that research and development in India is currently in a better position than it was a decade ago, which has spurred a cluster of startup IPOs in the Delhi-NCR region.

“While there is no shortage of funding for early-stage startups, support from the government in providing potential client markets in sectors like defence-tech, drones are, however, pertinent since government is the main buyer,” he told the gathering.

Ghazal Alagh, Co-founder of Mamaearth (Honasa Consumer Pvt Ltd), said that the startup ecosystem is evolving in favour of entrepreneurship.

“The rising middle class in India has been a large enabler for consumer facing companies. State-level incubation centres, setup by the government, are a remarkable step to empower students to build their startup,” she said.

According to Rohit Bansal, Co-founder, Titan Capital and Ace Vector Group, measures such as providing a level-playing field between public and private companies in terms of taxation are essential to boost the startup ecosystem in the country.

Neel Mehta, Director and Co-founder, Asteria Aerospace Ltd, said that sectors such as defence, space, AI/ML and biotech, among others, are key beneficiaries of Deep Tech.

“Public awareness with reference to the use of drones has improved significantly in India over the last decade. The deeptech sector had also seen new-age job creation, and building on the right theme and ensuring proper execution can be the key for a startup’s success,” he noted.

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