Piyush Goyal assures 'excellent' support for startups in growth push

Commerce and Industry Minister Piyush Goyal on Thursday assured "excellent" support to startups and said domestic investors are now also recognising capabilities and the value proposition of investing in these enterprises.

As per estimates, he said Indian startups have attracted about Rs 13 trillion funding in the last nine years, that is about $150 billion. 

 

On average, startups are receiving about $ 15 billion of funds every year and in a good year, it can go up to $ 22-25 billion, he said at the celebration event of nine years of Startup India here.

"I promise you we are going to have excellent support, now also from domestic investors who are more and more aligning themselves with the startup India vision, who are more and more understanding the capabilities of young India and they are recognising the value proposition that you bring to the table," he said.

He added that funding instruments like the Fund of Funds Scheme (FFS), which is administered by SIDBI and financed by the government, are working as a transformative tool to mobilise private capital, particularly to support startups in tier-2 and 3 cities.

"Private equity and venture capital funds have also been working to promote startups from ideation to execution stage," the minister said.

Goyal also launched the Bharat Startup Grand Challenge and Prabhaav (Powering a Resilient and Agile Bharat for the Advancement of Visionary Startups) factbook on the occasion.

Through the BHASKAR platform, he said, the government is looking to connect the startups with mentoring with financial instruments and finances and also help the startups connect with others across the country.

"India has seen 76 Initial Public Offerings (IPO) for the calendar year 2024," he noted and stated that India has become the world's third largest startup ecosystem with 1,59,157 registered startups as of January 15 from around 500 in 2016 generating 17.2 lakh direct jobs.

Further, the ministry announced Bharat Startup Challenge that aims to unleash 75 challenges across various sectors.

The challenge will see 20 industry leaders and innovators invite thinkers to solve business challenges.

From renewable energy to blockchain, smart manufacturing to agritech semiconductors to social commerce, the challenge will offer procurement opportunities for startups along with cash prizes, funding mentorship, networking and capacity building process.