BharatX will invest Rs 122 crore in homegrown start-ups over the next 18 months
- ByStartupStory | November 18, 2022
According to the company’s announcement on Thursday, BharatX would invest USD 15 million (about Rs 122 crore) in the Indian startup ecosystem over the next 18 months.
In the initial iteration of the accelerator program, BharatX, a joint venture between India Accelerator and the think tank Council for International Economic Understanding (CIEU), will invest Rs 1–5 crore in each firm. “The number of startups in India rose from 471 in 2016 to 72,993 by June 2022, which is fuelling the Indian tech wave. To build a Swadeshi Startup Ecosystem in India, BharatX announces to inject USD 15 million over the period of 18 months to build and scale nationwide,” BharatX said in a statement.
In India, the environment for swadeshi startups has been growing alongside the development of new technologies, fresh talent, and infrastructure to support them. And BharatX supports that ecosystem by acting as a growth enabler, according to the statement.
“With India becoming the third largest startup ecosystem in the world, Bharat-specific startups from Tier 2 and Tier 3 cities require different interventions and ecosystems to help build solutions for the next over 800 million people. Bharatx will bridge that gap and enable the next stage of expansion of the startup ecosystem through specialized programs,” BharatX CEO Munish Bhatia said. Along with facilitating communication with policymakers, BharatX will also open doors to top enterprises.
“The aim to accelerate startups and to rejuvenate growth in rural India and smaller towns can truly make a huge economic impact. There is a great potential in rural and smaller towns, which is the ‘Real Bharat’ to give tough competition to the world in terms of cost, latent talent, and manpower,” Ashwani Mahajan, a member of the BharatX Governing Board and the national co-convenor of the Swadeshi Jagran Manch, remarked.
Follow Startup Story
Related Posts
