By TIOL News Service

NEW DELHI, JAN 17, 2025: SUCCESS of the Startup India mission must be attributed to the funding instruments like Fund of Funds for Startups (FFS) administered by Small Industries Development Bank of India (SIDBI) and financed by the Government of India. This was stated by Union Minister of Commerce & Industry, Piyush Goyal at the Celebration of 9 Years of Startup India today in New Delhi. He noted that the scheme acted like a transformative tool to mobilise private capital particularly to support startups in Tier II and Tier III cities, empowering startups to scale their operations and contribute significantly to the nation's economy. He added that the Startup movement will gain momentum with more private funding in days to come. Goyal launched the Bharat Startup Grand Challenge and Prabhaav factbook on the ocassion.

Speaking on the role of private equity (PE) and venture capital (VC) in fueling the growth of Indian startups, he noted, "Our collaboration with PE and VC firms has been instrumental in supporting innovation and accelerating the journey of startups from ideation to execution. This partnership has not only provided funding but also brought in global expertise and networks, helping our startups compete at an international level." He added that through the BHASKAR platform, 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.

The Minister emphasised the broader impact of startups beyond economic contributions. He stated that startups are not merely businesses; they are agents of change. They have addressed some of the most pressing challenges of our time-whether it is sustainability, renewable energy, healthcare, or digital transformation. Through their innovation and resilience, they are shaping a better future for all of us, he said.

India has seen 76 Initial Public Offerings (IPO) for the calendar year 2024, the Minister pointed out, stating that India has become world's 3rd largest startup ecosystem with 1,59,157 startups as of January 15, 2025 from around 500 in 2016 generating 17.2 lakh direct jobs. He also shared that startups have till date received a total funding of Rs 13 trillion from the Government. 

"As we have grown from having small technological support to a system that spans digitech, health tech, fintech, big data, Artificial Intelligence, Data Analytics, I would like to reaffirm the Government's unwavering commitment to the faster growth of India's startup ecosystem and to provide support and encourage the entrepreneurial spirit of India," he added. He highlighted how policy-driven initiatives, integrated with the entrepreneurial spirit of the nation, have positioned India as a global leader in innovation and technology-driven growth.

Goyal said that India is entering the Amrit Kaal with strong macroeconomic fundamentals. The next 25 years will be a defining period for India. "Our startups will play a crucial role in realising the vision of a self-reliant, inclusive, and globally competitive India. The government is fully committed to providing all necessary support-whether it is policy initiatives, infrastructure, or access to capital-to ensure their success," he said. 

The Minister informed the gathering that India is producing the largest number of STEM graduates (43% of the graduates are women). He emphasised that women are at the heart of India's growth story. He pointed out that through targeted initiatives like the Women Entrepreneurship Platform, the Government is empowering women-led startups and ensuring they have the resources and opportunities to thrive.

The event also marked the curtain raiser of the second edition of the Startup Mahakumbh. Goyal shared that 2,500 startups will be participating in Startup Mahakumbh starting in April. It is appropriate that the largest startup event should be in India because that is a confluence of ideas, talent, opportunities and this event will showcase to the world the unfolding story of Bharat, he noted.

DPIIT also launched PRABHAAV Factbook (Powering a Resilient and Agile Bharat for the Advancement of Visionary Startups). PRABHAAV Factbook is the ultimate guide to India's thriving startup ecosystem and its growth story from 2016-2024. PRABHAAV captures the achievements of every region.

Bharat Startup Challenge 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.

Union Minister of State for Commerce & Industry, Jitin Prasada, Amardeep Bhatia, Secretary, DPIIT, L. Satya Srinivas Additional Secretary & CEO of GeM, Arti Bhatnagar, Additional Secretary and Financial Advisor, DPIIT, Sanjiv, Joint Secretary, DPIIT, Sumeet K. Jarangal Director, DPIIT, Manoj Mittal CMD, SIDBI, Prashant Prakash Founding Partner, Accel, Sanjeev Bikhchandani Founder, Info Edge India, Sanjay Nayar President, ASSOCHAM and Archana Jahagirdar Managing Partner, Rukam Capital also graced the event.