Startup India: Under Modi’s pet scheme, number of funded startups increased this much in eight months

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March 11, 2020 6:31 PM

According to the Startup India portal, 29,681 startups have been registered with the DPIIT so far. This has more than tripled from 8,939 startups registered till March 2018.

Prime Minister Narendra Modi (File image)India has 6,400 startups, while China has 9,000 and the US has 57,000 startups. (File image)

The number of startups funded by Securities and Exchange Board of India (SEBI) registered 47 alternative investment funds (AIF) through Rs 10,000 crore Fund of Funds for Startups (FFS) has increased from 247 as on June 24, 2019, to 320 as on February 18, 2020 — 29.5 per cent growth, according to the data shared by the Commerce Minister Piyush Goyal in the Lok Sabha on Wednesday. FFS launched by the Prime Minister Narendra Modi in 2016 under the Startup India programme has so far committed Rs 3,123.20 crore (same since last year) to the 47 AIFs.

These 47 funds have raised a corpus fund of Rs 25,728 crore and have invested Rs 3,378.47 crore in these 320 startups, as per Goyal. Out of the amount invested, Rs 912.91 crores have been drawn from FFS. SIDBI is the operating body for the fund while DPIIT is the monitoring authority. Importantly, the Rs 10,000 crore corpus is expected to be raised during the 14th finance commission cycle and the following 15th cycle. However, it also depends on how the fund progresses and funds availability.

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According to the Startup India portal, 29,681 startups have been registered with the DPIIT so far. This has more than tripled from 8,939 startups registered till March 2018, according to data shared by the Ministry of Commerce and Industry earlier with Financial Express Online. Each recognised startup has 12 employees on an average, the government’s citizen engagement platform MyGovIndia had tweeted earlier, while the number of recognitions or registrations each day by DPIIT is 26, the government’s investment promotion agency Invest India had tweeted in November last year.

The Indian startup ecosystem is currently the third-largest globally after the US and China. While the US has 203 unicorns, China has 206 of them, India has 20 such $1 billion value or above startups, said a report published by Bain & Company and IVCA earlier this month. In terms of funded startups, India has 6,400 startups, while China has 9,000 and the US has 57,000 startups.

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