Infosys founder Narayana Murthy on Tuesday urged pension funds and banks to fund startups in order to boost the share of domestic capital in the startup ecosystem as the majority funding has been from foreign investors.
Infosys founder Narayana Murthy, who seemed miffed at the delay in the timing of his session at the recently held event of e-commerce company Amazon in Delhi, on Tuesday appeared clearing doubts that his comments at the event weren’t directed towards Amazon’s chief Jeff Bezos. Murthy speaking at the annual TiEcon event in Mumbai said that it was because of the Delhi crowd that caused the event to start late. The “indisciplined” crowd, said Murthy, at the venue (Jawaharlal Nehru Stadium in Delhi), mobbed the entry gates because of which the event got delayed, PTI reported. In fact, praising Jeff Bezos, he added that Amazon’s founder was very understanding and smiled at the act of cutting short the speech. This is because the visiting honcho is himself a disciplinarian, Murthy said.
Narayana Murthy was a keynote speaker at Amazon’s two-day SMBhav event focusing on MSMEs. Murthy’s session was scheduled for 11:25 am however he began his address around 11:55 am. “I was supposed to talk for 20 minutes but I will finish it in 5 minutes. Because I’m not used to delays,” Murthy had said before beginning his speech, adding that “I should have finished my talk at 11:45 am… I will try to paraphrase my talk.” Murthy on Tuesday cautioned Indian startup ecosystem of the influx of foreign money instead of domestic money to grow.
Speaking at the TiEcon event, Murthy urged pension funds and banks to fund startups. “What are the policy changes that are required to make sure that there is more of Indian and domestic money coming into the startup sector because today it is by and large from abroad,” Murthy said. Industrialist Ratan Tata who was also present at the TiEcon event also alerted startups to avoid burning investors’ money. “We will have start-ups which will attract attention, collect money and disappear. Such start-ups will not get a second or a third chance,” said Tata who was honoured with the Lifetime Achievement Award. Murthy sharing the stage with Tata touched his feet after presenting the award to the latter.