| Company | Value | Change | %Change |
|---|
Startup India previously had access to several funds, including the seed fund and fund of funds, for which budget provisions were made earlier. The programme is set to mark its 10th anniversary on January 16. India now boasts the world’s third-largest startup ecosystem, with over 1.5 lakh startups spread across 80% of the country’s districts.
Speaking to the media in New Delhi, the commerce minister assured that while a few Indian startups have lost their unicorn status due to the global financial and trade scenario, the government does not play a role in determining the valuations of companies. He added that the government does not interfere when a startup’s valuation falls due to mismanagement, nor when a 19-year-old running Zepto takes the company to unicorn status.
Describing the relocation of startups to India as a testament to the country’s thriving business ecosystem, he highlighted that the removal of the angel tax was lauded by the entire startup community.
Terming India as the world’s preferred destination for deep tech investment, the minister emphasised that he has yet to come across an investor looking to invest in millions, citing several instances of investments in billions.
Regarding Blinkit’s announcement of its ambulance service, the Minister remarked that any move by companies should ensure compliance with both the letter and spirit of the law.
(Edited by : Ajay Vaishnav)
