FICCI steps up support to startups ‘to create vibrant economy’; offers access to mentoring, funding, more

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October 1, 2020 5:45 PM

FICCI said that it has so far supported over 1,000 startups/innovators with over Rs 125 crores. These startups have been able to generate over 1.4 lakh jobs.

The Indian startup ecosystem is currently the third-largest following the US and China with 21 unicorns.

Industry body FICCI on Thursday stepped up its support towards the Indian startup ecosystem with a new membership programme to enable mentoring, access to funding, policy advocacy with the government, and more. The membership is being offered free of cost to startups till December 31, 2020. “Startups are immensely essential to the growth of a nation’s economy. FICCI Start-ups is envisioned to help young Indian entrepreneurs to create a vibrant economy. This is the time to say Silicon Valley here we come,” said Dr Sangita Reddy, President, FICCI during a webinar to launch the programme. The Indian startup ecosystem is currently the third-largest following the US and China with 21 unicorns.

The overall benefits of the programme would include connecting startups to the corporate members of FICCI, mentorship by industry experts, access to not just angel network Indian Angel Network but also the upcoming FICCI-IAN social venture fund, FICCI innovation and startup programmes, exhibitions, delegations, and conferences at special costs. The programme would also enable startups to connect with the global investor community. Startups taking membership in the coming three months would be entitled to these benefits for free for the coming one year, according to Dr Reddy.

Also read: Covid fails to dampen investors’ spirits as Q3 startup funding jumps 200% from year ago,193% from Q1

“We are currently implementing 14+ national and global programs through PPP to encourage and enable startups to grow and creating joint ventures of startups between India and countries in Africa and Latin America and more recently in Russia,” said Dilip Chenoy, Secretary-General, FICCI. The industry body’s startup committee includes members such as IAN co-founders Saurabh Srivastava and Padmaja Ruparel, Ideaspring Capital’s MD & Founder Naganand Doraswamy and more.

“Having supported 1000+ startups/innovators till date with over Rs 125 crores, FICCI has been an active player in the startup ecosystem. Start-up enterprises supported by FICCI have been able to generate 140,000+ jobs and leverage over five times from external market sources. Over 100 companies have been provided access to global markets across US, South Asia and Africa,” FICCI said in a statement.

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