(MENAFN-IANS) New Delhi, July 4 (IANS) Increased domestic funding is needed to propel India’s startup movement, G20 sherpa and former CEO of the India Startups Association Amitabh Kant said on Thursday.
“We need to increase domestic sources of capital for startups,” Kant wrote in a post on X.
Currently, he says, 75 percent of the capital flowing into Indian startups comes from abroad.
“There is a large pool of capital within the country and part of it should be directed towards start-ups. Large institutions such as insurance companies and pension funds should allocate part of their investible surplus to investing in start-ups,” the G20 sherpa said.
He also suggested that family-run businesses or offices could act as angel investors or provide seed funding.
“Increased funding in India must drive the Indian startup movement. Given India’s innovation and ingenuity, the key is to bet on yourself,” Kant said.
Meanwhile, Indian startups have raised around $7 billion in funding in the first half (H1) of 2024, higher than $5.92 billion in H1 of 2023.
But that figure is still well below the $20 billion expected for the first half of 2022, according to data compiled by TheKredible.
The $7 billion in funding included 182 growth or late-stage deals worth $5.4 billion and 404 early-stage deals worth $1.54 billion. Around 99 of the deals were undisclosed, according to Entrackr.
MENAFN04072024000231011071ID1108406068
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, please contact the provider above.
