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Goyal urges Global Venture Capital Funds to focus on Startups from Tier-2, 3 cities



Union Commerce and Industry Minister Piyush Goyal on Friday called upon the Global Venture Capital (VC) Funds to focus more on startups from tier 2 and 3 cities of the country and explore new sectors for investing.

Chairing a roundtable with global venture capital (VC) funds, organised by the Department for Promotion of Industry and Internal Trade (DPIIT), the minister said the government has already taken a number of steps to support startups and would do so in the future also.

Goyal invited the VC funds to explore new sectors for investing, promote and protect the intellectual property created by the young Indian entrepreneurs, provide expertise to scale up and explore greater capital infusion including risk capital.

India is home to over 61,000 recognised startups spread across 55 industries, with 45 per cent of them emerging from tier 2 and 3 cities.

For Startup ecosystem, 49 regulatory reforms have been undertaken by the Government to enhance Ease Of Doing Business, Ease Of Raising Capital and Reduce Compliance Burden.

The Roundtable was held through videoconference as part of the Startup India Innovation Week to share the progress report of the current Indian Startup-VC Ecosystem, insights on impact investing, India’s global outlook and the opportunities and interventions for the way ahead of VC investments in India.

Over 75 VC fund investors from across the United States, Japan, Korea, Singapore, and some Global Funds domiciled in India participated in the deliberations. These funds have a total Assets Under Management (AUM) of more than USD 30 billion in the Indian Region.

A number of suggestions were made by the Global VC funds to further the investors’ sentiment in the sector.

The roundtable discussion covered topics like Building for the World from India, An Impact, SDG and Digital India Outlook, Regulatory updates for Global and Domestic Funds, India Opportunity – How policies have shaped up the Ecosystem and Way Forward and Vision for India @ 2047. The session also covered the top regulatory issues to be addressed with the Government of India.

The meeting was attended by Anurag Jain, Secretary, DPIIT and major Indian regulators, policymakers, along with Global VC Funds.

DPIIT is organizing Startup India Innovation Week from 10th to 16th January 2022.

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