December 7, 2019
The objective of the summit was to mobilise global capital and facilitate dialogue between investors and innovators
India has sought to reduce regulations and reward innovations with high scalability and potential for employment generation
India has emerged as a global hub of innovation, ranking third in number of startups; 25,000 DPIIT registered startups
The year 2019 saw a 30 per cent increase in startup investment, with a highest-ever US$9 billion received in overall funding
The Department for Promotion of Industry and Internal Trade (DPIIT), in partnership with the Government of Goa, organized the 2nd edition of the Startup India Global Venture Capital Summit, over December 6-7 in Goa. The summit, themed around growing investment opportunities in India, featured engagements between representatives of leading global Venture Capital firms, Government of India, corporates, and select startups. The event showcased the diversity and scale of the Indian market and its cutting-edge innovations, according to a Ministry of Commerce & Industry statement.
Opening the event, Dr Guruprasad Mohapatra, Secretary, DPIIT, highlighted upon India’s immense potential for innovation through the many initiatives to promote the startup ecosystem, such as reducing regulatory hurdles and rewarding innovative solutions with high scalability and potential for employment generation. He also established the summit’s objective of mobilising global capital facilitating dialogue between innovators and enablers. Speaking at the event, Shri Piyush Goyal, Union Minister of Railways and Commerce and Industry, identified India as a global hub of ideas, innovation, and entrepreneurship, ranking third globally in number of startups with over 25,000 DPIIT registered startups.
According to the Venture Capital ecosystem report 2019 released at the summit, this year experienced a 30 per cent increase in deal volume with a highest-ever US$9 billion received in overall funding. The summit also introduced dialogues on the need for new models of funding, with Deepak Bagla, Managing Director, Invest India acknowledging the need to expand focus to include Tier 2 and Tier 3 cities, and to leverage India’s unique ability to enable dialogue between regulators and the industry.
The summit successfully showcased Indian opportunities in sectors of E-Mobility, FinTech, MedTech, and more, while identifying the increase of capital flow for high-quality tech and non-tech Indian startups to the global investor community. By connecting the Indian startup ecosystem with top global investors, the summit also facilitated discussion on investment opportunities for business guidance or resolving issues faced by the global investor community.