Startup India: $2 bn down the line, SoftBank chief promises more money for Indian startups

By: |
New Delhi | Published: January 16, 2016 5:51:20 PM

At the Startup India event here, Japan-headquartered SoftBank, which has pumped in $2 billion into Indian startups, will step-up such investments as it potentially sees the country driving the global growth in this century, the group's chief executive Masayoshi Son said here on Saturday.

At the Startup India event here, Japan-headquartered SoftBank, which has pumped in $2 billion into Indian startups, will step-up such investments as it potentially sees the country driving the global growth in this century, the group’s chief executive Masayoshi Son said here on Saturday.

“The time has come when the Indian economy will be big enough going forward,” Son told a session at the Start-Up India campaign launch event here. “We will seriously accelerate our investments in India, going forward.”

The Japanese firm had pegged the planned investments in Indian Start-Ups at $10 billion earlier.

SoftBank, whose $2 billion investments in Indian start-ups so far have targeted companies like SnapDeal, Housing.Com and Oyo Rooms, had also announced plans for investing $20 billion in the country’s solar space, as per information provided by the commerce and industry ministry.

Son said the time had come for the “Big Bang of innovation” in India and that each time he visits this country, the more convinced he becomes that it is in India where he would like to pump in the company’s money.

Yet, he said, there was no question either of mindless investments, adding start-ups must focus on customer satisfaction 5-10 years down the line and that must be their prime driver. He said Indian people are smart and speak English, with a greater number of youth.

He said areas like infrastructure, mobile connectivity and electricity needed maximum attention.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1Startup India: Need to strengthen domestic venture capital in India, says Jayant Sinha
2World Bank to be anchor investor in Rail Development Fund: Suresh Prabhu
3Stopping as vital as starting: Silicon Valley