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Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal has called upon the Global Venture Capital (VC) Funds to focus more on Startups from Tier 2 and 3 cities.
While chairing the 4th Roundtable with Venture Capital Funds, organized by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Shri Goyal invited the VCs to explore new sectors for investing, promote and protect the intellectual property created by the young Indian entrepreneurs, provide expertise to scale-up and explore greater capital infusion including risk capital.
In the meeting, it was pointed out that India is home to more than 61,000 recognized Startups spread across 55 industries, with 45% of them emerging from Tier 2 and 3 cities. Shri Goyal said that 45% of Startups have at least one Woman Director, a testimony of diversity, spread, and inclusivity of the Indian Startup ecosystem.
Tweet by Shri Piyush Goyal:
Interacted with founders & representatives of global venture capital firms.
— Piyush Goyal (@PiyushGoyal) January 14, 2022
Delighted to receive so many wonderful suggestions & ideas for further boosting India's startup ecosystem.
Startup India is a symbol of self reliance & self confidence of a New India. pic.twitter.com/51P1kS9m0w
It was highlighted that specifically for the Startup ecosystem, 49 regulatory reforms have been undertaken by the Government of India to enhance ease of doing business, ease of raising capital, and reduce compliance burden.
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The Roundtable was held through video conference as part of the Startup India Innovation Week. Over 75 VC fund investors from across the United States, Japan, Korea, Singapore, and some Global Funds domiciled in India participated in the deliberations. These funds have a total Assets Under Management (AUM) of more than USD 30 billion in the Indian Region. A number of suggestions were made by the Global VC funds, which they felt could further the investors’ sentiment in the sector.
The intent of this roundtable was to share a progress report of the current Indian Startup-VC Ecosystem, insights on impact investing, India’s global outlook, and the opportunities and interventions for the way ahead of VC investments in India.
The roundtable discussion covered topics like Building for the World from India, An Impact, SDG and Digital India Outlook, Regulatory updates for Global and Domestic Funds, India Opportunity – How policies have shaped up the Ecosystem and Way Forward and Vision for India @ 2047. The session also covered the top regulatory issues to be addressed by the Government of India.
The meeting was attended by Shri Anurag Jain, Secretary, DPIIT, and major Indian regulators, policymakers, along with Global VC Funds. DPIIT is organizing Startup India Innovation Week from 10th to 16th January 2022. In the context of ‘Azadi ka Amrit Mahotsav’, this virtual innovation celebration is designed to showcase the spread and depth of entrepreneurship across India. The program is bringing together top policymakers, industry, academia, investors, Startups, and all ecosystem enablers across the globe.
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