DoT to connect startups, VC funds for Shark Tank-style funding
- ByStartupStory | February 13, 2024
The Indian Government is launching a Shark Tank-like platform to facilitate funding for technology startups, acting as a mediator between startups and venture capitalists.
“The Government of India is helping startups to raise funding through major investors,” highlighting the government’s role in fostering startup growth.
Under the initiative, the Department of Telecommunications (DoT) is enabling startups in next-generation technology segments like AI and cybersecurity to connect with venture capitalists.
“Just like the popular TV show Shark Tank India, the government is acting as a mediator between companies and VCs,” emphasizing the resemblance to the renowned TV program.
In a recent meeting organized by the DoT, over 25 startups pitched their businesses to VCs from India and abroad, with funding discussions in advanced stages for some.
“The Government of India is trying to develop a self-sufficient ecosystem for technology companies,” illustrating the government’s broader vision for the tech sector.
India’s fast-growing technology market is witnessing significant milestones, with achievements like Reliance Jio’s record-setting 5G rollout and aims to locally develop telecom equipment.
“The PLI scheme from the government is also encouraging global companies to shift their manufacturing hubs to India,” highlighting the scheme’s impact on the manufacturing sector.
The new government initiative is poised to provide a boost to the startup ecosystem, aligning with India’s track record of producing unicorn startups like Flipkart and Paytm.
“Projects like the GIFT City in Gujarat are also attracting global companies to set up their headquarters in India,” underscoring the country’s appeal as a business destination.
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