Commerce and Industry Minister Piyush Goyal on Friday urged global venture capital funds to focus more on startups in the country’s tier 2 and 3 cities and explore new investment sectors.
The minister, who was chairing a roundtable with global venture capital (VC) funds, stated that the government has already taken a number of steps to support startups and will continue to do so in the future.
Goyal invited venture capital funds to explore new investment sectors, promote and protect intellectual property created by young Indian entrepreneurs, provide expertise to scale up, and explore greater capital infusion.
Over 61,000 recognised startups exist in India, spanning 55 industries, with tier 2 and 3 cities accounting for 45 percent of them.
The government has undertaken as many as 49 regulatory reforms for the startup ecosystem in order to improve ease of doing business, ease of raising capital, and reduce compliance burden.
As part of Startup India Innovation Week, the roundtable was held via video conference. Over 75 VC fund investors from the United States, Japan, Korea, and Singapore took part in the discussions. Over 75 VC fund investors from the United States, Japan, Korea, and Singapore took part in the discussions.
“These funds have a total Assets Under Management (AUM) of more than $30 billion in the Indian region,” the commerce and industry ministry said.
They made a number of suggestions to improve investor sentiment in the sector.
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