New Delhi: The success of the Startup India mission can be attributed to funding instruments like the Fund of Funds for Startups (FFS), administered by the Small Industries Development Bank of India (SIDBI) and financed by the Government of India. This was stated by Union Minister of Commerce & Industry, Piyush Goyal, during the celebration of the 9th anniversary of Startup India in New Delhi on Thursday. He noted that the scheme acted as a transformative tool to mobilise private capital, particularly to support startups in Tier II and Tier III cities, empowering them to scale operations and contribute significantly to the nation’s economy. He added that the startup movement will gain further momentum with increased private funding in the future. Goyal launched the Bharat Startup Grand Challenge and the PRABHAAV Factbook on this occasion.

Speaking about the role of private equity (PE) and venture capital (VC) in fuelling the growth of Indian startups, he said, “Our collaboration with PE and VC firms has been instrumental in supporting innovation and accelerating the journey of startups from ideation to execution. This partnership has not only provided funding but also brought in global expertise and networks, helping our startups compete on an international level.” He added that through the BHASKAR platform, the Government is working to connect startups with mentors, financial instruments, and resources, while also facilitating connections with other startups across the country.

The Minister emphasised the broader impact of startups beyond their economic contributions. He stated that startups are not merely businesses; they are agents of change. They have addressed some of the most pressing challenges of our time—whether it’s sustainability, renewable energy, healthcare, or digital transformation. Through innovation and resilience, they are shaping a better future for all, he added.

India has seen 76 Initial Public Offerings (IPOs) in 2024, the Minister pointed out, stating that India has become the world’s third-largest startup ecosystem with 159,157 startups as of 15 January 2025, up from around 500 in 2016, generating 1.72 million direct jobs. He also shared that startups have received a total funding of Rs 13 trillion from the Government to date.

“As we have grown from small technological support to a system encompassing digitech, health tech, fintech, big data, artificial intelligence, and data analytics, I would like to reaffirm the Government’s unwavering commitment to the faster growth of India’s startup ecosystem and its support for the entrepreneurial spirit of the nation,” he added. He highlighted how policy-driven initiatives, integrated with the entrepreneurial spirit of India, have positioned the country as a global leader in innovation and technology-driven growth.

Goyal stated that India is entering the Amrit Kaal with strong macroeconomic fundamentals. The next 25 years will be a defining period for India. “Our startups will play a crucial role in realising the vision of a self-reliant, inclusive, and globally competitive India. The Government is fully committed to providing all necessary support—whether it’s policy initiatives, infrastructure, or access to capital—to ensure their success,” he said.

The Minister informed the gathering that India is producing the largest number of STEM graduates, with 43% of them being women. He emphasised that women are at the heart of India’s growth story. He pointed out that through targeted initiatives like the Women Entrepreneurship Platform, the Government is empowering women-led startups and ensuring they have the resources and opportunities to thrive.

The event also marked the curtain raiser for the second edition of the Startup Mahakumbh. Goyal shared that 2,500 startups will participate in Startup Mahakumbh starting in April. He noted that it is fitting for the largest startup event to be held in India, as it is a confluence of ideas, talent, and opportunities. This event will showcase to the world the unfolding story of Bharat.

DPIIT also launched the PRABHAAV Factbook (Powering a Resilient and Agile Bharat for the Advancement of Visionary Startups). The PRABHAAV Factbook is the ultimate guide to India’s thriving startup ecosystem and its growth story from 2016 to 2024. It captures the achievements of every region.

The Bharat Startup Challenge aims to unleash 75 challenges across various sectors. The challenge will see 20 industry leaders and innovators invite thinkers to solve business challenges. From renewable energy to blockchain, smart manufacturing to agritech, semiconductors to social commerce, the challenge will offer procurement opportunities for startups, along with cash prizes, funding, mentorship, networking, and capacity-building processes.

Union Minister of State for Commerce & Industry Jitin Prasada, Amardeep Bhatia, Secretary of DPIIT, L. Satya Srinivas, Additional Secretary & CEO of GeM, Arti Bhatnagar, Additional Secretary and Financial Advisor of DPIIT, Sanjiv, Joint Secretary of DPIIT, Sumeet K. Jarangal, Director of DPIIT, Manoj Mittal, CMD of SIDBI, Prashant Prakash, Founding Partner of Accel, Sanjeev Bikhchandani, Founder of Info Edge India, Sanjay Nayar, President of ASSOCHAM, and Archana Jahagirdar, Managing Partner of Rukam Capital, also graced the event.

BI Bureau