Startup Mahakumbh 2024: A rite of passage for India's innovators

Startup Mahakumbh is expected to host more than 1,000 startups, as many investors, 50 unicorns, 500 incubators and accelerators, 5,000 delegates from 23 countries, and 50,000 business visitors

Startup Mahakumbh, the three-day affair starting on Monday at New Delhi’s Bharat Mandapam, is perceived as the moment when India’s startup ecosystem steps into the global limelight.

“India is now innovating in every sector and for the world. We have crossed the tipping point — already the third-largest startup ecosystem in the world. Our time is now,” said 
 

Rajan Anandan, managing director of Peak XV.
 

The event comes at a time of rising optimism, with the widespread perception that 2024 will finally see the end of the so-called funding winter.
 

In 2023, Indian startup funding fell by 72 per cent to a seven-year low of $7 billion from $25 billion in 2022, according to data from Tracxn, a market intelligence platform.
 

Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said Prime Minister Narendra Modi may visit the event. “Now that the election announcement has come, there are formalities ... but we are still hopeful that we will be able to get him to this event,” Singh said.
 

“Today, the Indian startup ecosystem is among the leading ones globally. India ranks at 40 in terms of innovation, and our goal is to move up from this. We aim 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,”  Singh said.

The event is expected to host more than 1,000 startups, as many investors, 50 unicorns, 500 incubators and accelerators, 5,000 delegates from 23 countries, and 50,000 business visitors.
 

“It is demonstrating to the world that the Indian startup ecosystem has come of age. Secondly, it is connecting startups to funders,” said Sanjay Nayar, former chief executive officer (CEO) of KKR India, who is a member of the organising committee.

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

“It is incredibly exciting to have the entire Indian startup ecosystem — startups, investors, incubators, policymakers, and stakeholders — come together in this first-of-a-kind platform to showcase our thriving and vibrant ecosystem,” said Anandan.

The event, Nayar added, would also bring together startups from not just the metropolitan cities but also cities and districts across the country.
 

“It is a massive platform and a melting pot of giving exposure to startups,” he said.
 

Led by industry bodies Associated Chambers of Commerce & Industry of India, National Association of Software and Service Companies, Bootstrap Incubation and Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association, the event will also showcase the diversity of the Indian startup ecosystem.
 

These sectors include artificial intelligence (AI), software-as-a-service, direct-to-consumer brands, agriculture technology, financial technology, deeptech, biotechnology and pharmaceutical, climate technology, eSports, and business-to-business manufacturing.

“The sectoral diversity that we are trying to showcase is a very important aspect of the Indian startup ecosystem. We are not just a single-sector story. We have several sectors in which our entrepreneurs are changing the status quo,” said Prashanth Prakash, partner, Accel.

Rajan Navani, founder and CEO of JetSynthesys, a gaming and entertainment company, said the sector-specific pavilions will bring much-needed attention to the gaming industry.

“India’s video gaming market is expanding exponentially. The increase in worldwide competition has positioned India to become a major player, with startups being essential to this growth. Platforms like Startup Mahakumbh serve as crucial catalysts,” he added.

However, it is not just about showcasing but also allowing startups to meet investors and their peers. Some of the participants in the event say AI-led startups will be a major attraction.

Bhavin Pandya, co-founder and co-CEO of Games24x7, believes initiatives such as Mahakumbh are pivotal.

“Bringing together an array of domestic and international businesses, investors, and industry experts under one roof, it catalyses India’s growing significance as a global hub for innovation and investment,” he said.

WHERE ‘BHARAT INNOVATES’
 

Startup Mahakumbh will enable connections between startups and several investors and partners

Will host over 1,000 startups, 50 unicorns, 500 incubators and accelerators, 5,000 delegates from 23 countries, and 50,000 business visitors

To feature mentorship clinics, pitch competitions, leadership talks, panel discussions, workshops, etc

Event supported by DPIIT, Meity Startup Hub, and Invest India

Sector-specific pavilions include AI and SaaS, D2C/consumer brands, agritech, fintech, deeptech, biotech and pharma, incubators, climate tech, eSports, and B2B manufacturing