- By JE Business Desk
- Sun, 28 Apr 2024 05:46 PM (IST)
- Source:JND
India has become the world's third-largest startup ecosystem, with over 100,000 government-recognised startups till December 2023. The number of DPIIT-recognised startups has grown from just over 300 in 2016 to 117,254 by December 31, 2023. The Government's sustained efforts through the Startup India initiative have significantly boosted the country's startup ecosystem.
Recognising the need for strong governance, the Confederation of Indian Industry (CII) has introduced a charter promoting sound governance practices among startups. This move is aimed at ensuring their stability, sustainability, and global competitiveness. R Dinesh, CII President, emphasises that startups play a crucial role in India's economy, and adopting good governance early on will pave the way for them to become "Leaders of tomorrow".
Meanwhile, in a bid to bolster India’s startup ecosystem, the Young Entrepreneurs Association (YEA) and Magnifiq Capital Trust have partnered with Dr A Velumani to launch a Rs 500 million fund. This initiative, announced at YEA's Annual General Meeting in Hyderabad, aims to support nascent startups selected and mentored by Dr Velumani. With his extensive experience as the creator of Thyrocare and involvement in StartUp Tamizha, Dr Velumani promises to guide these startups to scale and succeed.
YEA's President, Subhakar Alapati, expressed the organisation's commitment to fostering innovation and entrepreneurship. YEA has previously invested in startups like Bira and Boat. The Hyderabad-based association offers one-on-one mentorship from experienced entrepreneurs across various industries. YEA, established in 2012, has been a known player in Hyderabad's business scene, attracting entrepreneurs aged 25 to 45.
Startups in their seed stage, particularly those innovating in various fields, can apply for funding. The application process involves submitting a detailed proposal via email for a thorough review and fair selection process.
