MoS Rajeev Chandrasekhar forecasts 10-fold surge in start-ups in the next 4-5 years
- ByStartupStory | July 17, 2023
JITO Incubation & Innovation Foundation (JIIF), a prominent arm of Jain International Trade Organisation (JITO), celebrated its highly anticipated 6th Foundation Day and Investors Conclave at T-Hub in Hyderabad. The event witnessed the presence of esteemed speakers, including influential JAIN entrepreneurs and industry experts. Dignitaries like Shri Rajeev Chandrasekhar, Honourable Minister of State for Skill Development and Entrepreneurship, and Minister of State for Electronics and Information Technology, and Shri Gajendra Singh Shekhawat, Union Minister for the Department of Water Resources, River Development and Ganga Rejuvenation, graced the occasion.
Speaking at the event, MoS Rajeev Chandrasekhar expressed his optimism about the growth of the tech sector in India. He highlighted the significant opportunities emerging across various domains, such as deep tech, AI, data economy, and more. The minister emphasized the government’s commitment to supporting startups, stating, “From 108 unicorns, I am sure we will reach 10,000 in the next 4-5 years. Today we have over a lakh startups in India, and it will increase by 10 times.”
Mr Gajendra Singh Shekhawat shed light on the challenges faced by the agriculture sector in terms of water consumption in India. He stressed the importance of water conservation and the need for private sector support, particularly in precision agriculture. He expressed his belief that startups can play a crucial role in helping the agricultural sector save water.
The event also marked the launch of ‘JITO Shark Angels Season 2’, providing startups with a platform to raise funds and gain exposure. The participation of investors and entrepreneurs created a dynamic environment, fostering meaningful connections and potential collaborations. Notably, two startups received a total investment commitment of Rs 13 crore, fueling their growth and development.
During the event, JIIF recognized the contributions of 20 outstanding Jains in the entrepreneurial ecosystem through its Hall of Fame. The organization also signed MoUs with T-Hub, IIT Jodhpur, and iStart to strengthen collaborations and enhance the entrepreneurial ecosystem.
Reflecting on the success of the event, Mr Rajat Mehta, Honorary Chairman of JIIF, expressed his satisfaction with the platform created for entrepreneurs and investors. He highlighted the incubation of 55 companies under JIIF, with 27 of them achieving significant success. Moreover, JIIF has made a substantial investment of Rs 150 crore in around 70 early-stage startups.
Ms Pooja Mehta, Chief Operating Officer and Chief Investment Officer of JIIF, shared her excitement about the launch of JITO Shark Angel’s second edition. She emphasized the organization’s commitment to supporting world-class entrepreneurs and investors, particularly in sectors like EV, Agri, Water harvesting, and Health. Ms Mehta emphasized the importance of backing the economic growth of small towns and empowering exceptional entrepreneurs for a better future.
With over 500 investors and HNIs in attendance, including approximately 65 founders, the event served as a platform for nationwide investors to connect and explore potential collaborations. JIIF’s angel funding efforts have surpassed $20 million, supporting the growth of more than 80 portfolio companies. The event’s remarkable attention and active participation highlighted the crucial role of innovation and entrepreneurship in driving economic growth and development.
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