The Indian government has urged unicorns across India to provide at least 30 minutes of mentorship to budding startups via the government-backed MAARG Portal. Chairing a meeting with founders and representatives of unicorns, Commerce and Industry Minister Piyush Goyal exhorted them to voluntarily mentor the startup ecosystem to make it more robust and help achieve India's target of becoming the largest host country for startup unicorns.
Attended by representatives from over 40 startups and unicorns including Car Dekho, EasyMyTrip, Zerodha, Lenskart and Boat, the meeting witnessed the companies pitch for a better funding mechanism and lower rates of interest to increase their growth prospects.
The discussed issues included navigation of risks for startups, sustainable growth, India's positioning in the global startup landscape and mobilization of domestic capital for the larger startup ecosystem.
Goyal on Tuesday awarded DPIIT Startup Awards and the State Ranking Awards. In its fourth edition, the National Startup Awards (NSA) received 2,324 applications, 38% more than the applications in its maiden edition.
Around 58% of the current applications came from emerging Tier-2 and Tier-3 cities, while 40% of the unique startup winners were from emerging Tier-2 and Tier-3 cities.
Maximum applications were received from startups in Maharashtra, followed by Karnataka, Tamil Nadu, and Uttar Pradesh, and 20% of startup applications nominated themselves with women in the leadership positions of their enterprise.
Additionally, the number of recognised startups has surged from a mere 300 in 2016 to an impressive 1,18,320 as of January 14, 2024. This exponential growth underscores the success of Startup India in transforming the country into a hub for job creators rather than job seekers.
As per a report released by the Ministry of Commerce and Industry on Monday, January 15, a staggering 55,816 startups, representing 48% of the total 1,17,254 startups in India (as of December 2023), now boast at least one woman director.
Startups raised $8.2 billion in 2023, highlighting a 72% decrease in funding from 2022, having $25 billion raised. The number of Startups IPOs increased to 8 in 2023 compared to 4 in 2022.
The year also saw 123 acquisitions in 2023 as opposed to 229 acquisitions in 2022.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM