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Speaking at the 9th anniversary of the Startup India program, Bhatia emphasised the need for more large technology companies among startups, noting that startups have developed most Software as a Service (SaaS) solutions in India. He mentioned that the government is working to connect larger companies with startups through incubation programmes to address challenges and assist in product development.
With 76 IPOs in 2024 and startup funding totalling $175 billion over the past nine years, Commerce and Industry Minister Piyush Goyal stated that India is well-positioned for the participation of 2,500 startups in the Startup Mahakumbh event scheduled for the first week of April.
He highlighted that Dubai previously hosted such events with a smaller land area and fewer startups. Reflecting on his past experiences as an entrepreneur dealing with the former Directorate General of Supplies and Disposals (DGS&D), he criticised it as a “hub of corruption,” which led to its closure in favour of a more transparent and efficient Government e-Marketplace (GeM) established in 2014.
DPIIT’s Joint Secretary, Sanjiv Singh, told CNBC-TV18 that India’s startup ecosystem aims to become the world’s largest and best, with startups in every district. He noted that the government is committed to enhancing funding and procurement opportunities for startups, having implemented 55 regulatory reforms to encourage reverse flipping of startups. Describing the equity market as a viable option for startups, he shared that the government has made several recommendations to the Finance Ministry for the Union Budget to facilitate a smoother path for startups, including initiatives to improve the ease of doing business.
While Info Edge founder Sanjiv Bikhchandani remarked that some of the big companies of the future will emerge from today’s startups, NSAC member Sanjay Nayar emphasised the importance of venture debt, as founders often face significant dilution at the venture capital stage.
