India's startup ecosystem thrives with 1.14 lakh ventures, reveals Govt Oct data
India's thriving startup landscape, home to over 1.14 lakh startups, underscores the success of the Startup India initiative. MoS Som Parkash highlights the inclusive nature with presence of 54,569 startups with at least one woman director.
India home to 1.14L startups
Highlights
- India home to more than 1.14 lakh startups
- More than 50k startups have women at the helm
- The figures were provided by MoS Som Prakash
India, boasting a robust startup ecosystem, has garnered recognition for nurturing over 1.14 lakh startups. As revealed in the Parliament, Minister of State Som Parkash shared insightful data on the diverse facets of India's thriving startup landscape.
Recognising India's startup prowess
India stands as a home to a staggering 1,14,902 startups, a testament to the success of the Startup India initiative. Minister Som Parkash, in his parliamentary address, unveiled this statistic, showcasing the country's commitment to fostering innovation and entrepreneurial spirit.
Empowering women in the startup realm
Highlighting inclusivity, Minister Parkash shed light on the presence of women in the startup realm. Out of the 1.14 lakh startups, a noteworthy 54,569 have at least one woman director, emphasising the diverse and inclusive nature of India's startup landscape.
Fueling growth through financial support
The government's commitment to fueling startup growth is evident in the significant capital infusion. A substantial INR 13,832.91 was directed towards 718 startups through Alternative Investment Funds (AIFs) under the Fund of Funds for Startups (FFS) scheme, spanning from 2018 to 2022.
Startup India Seed Fund Scheme: Nurturing innovation
The Startup India Seed Fund Scheme, operational from FY22 with a corpus of INR 945 crore, plays a pivotal role in supporting startups from concept to market entry. This financial aid facilitates prototype development, product trials, and commercialisation.
FFS Scheme: Access to domestic capital
With a substantial corpus of INR 10,000 Cr, the Fund of Funds for Startups (FFS) scheme acts as a catalyst for startups to access domestic capital through AIFs. This initiative aims to strengthen the foundation of homegrown players in the startup ecosystem.
Credit Guarantee Scheme: Ensuring financial security
DPIIT-recognised startups benefit from the Credit Guarantee Scheme for Startups (CGSS), offering credit guarantees for loans. This scheme enhances financial security, promoting a conducive environment for startups to flourish.
India's startup growth is propelled by a comprehensive action plan under the Startup India initiative. With 19 key areas of focus, spanning simplification and hand-holding, funding support, incentives, and industry-academia partnership, the plan aims to create a vibrant and sustainable startup ecosystem.
