Commerce and Industry Minister Piyush Goyal on Thursday assured “excellent” support to startups and said domestic investors are also recognizing the investment capabilities and value proposition of these companies.
According to estimates, Indian startups have raised around Rs 13 billion in funding in the last nine years, he said, taking the total to around $150 billion.
On average, startups receive around $15 billion in funding every year, which can reach $22-25 billion in a good year, he said at Startup India’s 9th anniversary event.
“We also promise you great support from domestic investors who are increasingly aligned with the vision of Indian startups, who increasingly understand the capabilities of young India, and who are recognizing the value proposition that you offer. Bring it to the table,” he said.
He said that funding instruments like Fund of Funds Scheme (FFS), managed by SIDBI and funded by the government, will help startups, especially in tier-II and tier-III cities. It added that it serves as an innovative tool to mobilize private capital.
“Private equity and venture capital funds are also working to facilitate startups from conception to execution,” the minister said.
