STPI enters MoUs with 6 fintech and media companies to strengthen tech competencies

The MoUs were signed with successful companies including YourStory, Pontaq, Mathworks, Bank of Baroda, Freshworks and YES Bank

July 11, 2021

The MeitY has a host of initiatives to empower startups including STPI, CHUNAUTI contests and incubation programmes.

STPI will equip startups with funding and introduce them to stakeholders from academia and the relevant industry.

The signees’ tools including MATLAB and the YES Bank's API Hub Integration will be open for use at the 13 CoEs.

Fintech, ed-tech and enterprise tech startups have led 48% of funding in the January-June 2021 period.

To nurture the startup ecosystem, the Software Technology Parks of India (STPI), as part of the Governmental initiative, has entered into MoUs with companies including YourStory, Pontaq, Mathworks, Bank of Baroda, Freshworks and YES Bank. The move will look to increase the ecosystem’s competencies in fintech, IoT, big data and blockchain technologies. Each of the new signees will showcase their expertise and enable the 13 Centres of Excellence to utilise tools such as Simulink, YES Bank’s API Hub Integration and MATLAB among others to support startups in multiple domains. The STPI is one of the many endeavours by the Ministry of Electronics and Information Technology (MeitY) to empower the startup ecosystem and enhance it by including multiple resource people from academia, industry bodies, financial networks, and other important stakeholders. 

Previously, the STPI  onboarded close to 42 startups through the ‘CHUNAUTI’ contest and provided them with incubation facilities and the requisite support. Each of these startups will be given seed funding through the Next Generation Incubation Scheme (NGIS). The STPI scheme is one that looks to mould startups according to international standards by keeping in mind the parameters of  Export Processing Zones and 100 per cent Export Oriented Units.  

The January-June 2021 period saw an increase in startup funding. Inc42 reports that enterprise technology, fintech and edtech startups have led the charge in securing 48% of total startup funding during the period. Other sectors that received increased investor interest include health tech, gaming and entertainment, and e-commerce given the requirements ushered in by the ongoing pandemic. Experts believe that a record high inflow of venture capital investments will occur in 2021 given the robust performance of startups and successful rounds of funding raised during H1 of the year. As the startup sector is the harbinger of innovation and aspiration, it is imperative that ample governmental support is extended to empower them. 

(The parameters for registering a startup under the STPI scheme can be accessed here)