Startup Mahakumbh: Bharat will become the hub of innovation in the world, says Piyush Goyal

Startup Mahakumbh, a groundbreaking congregation of startups is set to redefine India's position in the global innovation landscape. The event being held at the Bharat Mandapam in New Delhi, aims to foster a culture of innovation and entrepreneurship, drawing participation from across the nation.

Minister of Commerce & Industry, Piyush Goyal, in an interview to CNBC-TV18, expressed confidence in the potential of Indian youth, stating, "Startup Mahakumbh is demonstrating that Bharat will become the hub of innovation in the world. All the youngsters who have come from across the length and breadth of the country are going to go back encouraged to do much more, much better. We want competition among all these young startups, so that every Indian gets a better life in the future."

The three-day event boasts over 1,000 startup exhibits, featuring a diverse array of innovations spanning various sectors. With over 1,000 investors and 500 incubators and accelerators in attendance, Startup Mahakumbh provides a fertile ground for collaboration, investment, and growth.

Sanjeev Bikhchandani, Co-Founder & Executive VC of Info Edge, debunked notions of a funding winter, highlighting the ample opportunities available for early-stage companies in India. "There is enough money for early stage companies in India," Bikhchandani affirmed. "However, if it is a growth stage startup, they must have a path to profitability and decent revenue streams."

Rajan Anandan, MD of Peak XV, shed light on the resurgence of funding in the Indian startup ecosystem. "We are back to pre-COVID levels with respect to funding," Anandan noted. "Between 2021 and 2022, India had $70 billion invested into startups. This year we expect to have funding between $8 billion and $12 billion based on the first couple of months."

In a separate development, RapidCanvas, an auto-artificial intelligence platform, announced a successful seed funding round, raising $7.5 million led by Accel. Rahul Pangam, CEO & Co-Founder of RapidCanvas, outlined plans to utilise the funds for customer acquisition, team expansion, and investment in research and development.