Indian Unicorns Collaborate with Minister Piyush Goyal to Establish ‘Startups Club of India’

• ByStartupStory     |    January 18, 2024

In a first-of-its-kind meeting, 54 out of India’s 111 unicorns engaged in a unique dialogue with Commerce and Industry Minister Piyush Goyal on Wednesday. The focus of the meeting was on shaping the trajectory of the Indian startup ecosystem, exploring the role of domestic capital in fostering and scaling startups, and positioning India in the global startup landscape.

During the extensive four-hour discussion, the unicorns unveiled plans to establish the ‘Startups Club of India,’ a collaborative initiative aimed at collectively addressing issues with the government and other platforms to enhance the startup ecosystem in the country.

Vijay Sekhar Sharma, Founder of Paytm, expressed optimism about the proposed initiative, stating, “An idea was floated by the Minister to make a club of unicorns or association of startups, which was a good idea and we will try to make a club of unicorns or association of startups. With the association of startups, we can also come up with many solutions, like connecting with bankers and investors to get access to capital.”

Key figures from unicorn startups such as Rikant Pitti (co-founder of EaseMyTrip), Sandeep Aggarwal (founder of Droom), Deepinder Goyal (founder of Zomato), Aman Gupta (co-founder of BoAt), and representatives from Flipkart, Phonepe, Swiggy, OYO, and Zerodha participated in the meeting.

Rikant Pitti shared insights on the discussions, emphasizing the importance of domestic versus international capital and strategies to deepen the startup ecosystem. Sandeep Aggarwal highlighted key areas of focus, including the streamlining of company law matters related to startups and enhancing capital access in tier 3 cities.

The startups, not only known for their innovative solutions and technologies, are major contributors to employment generation and the nation’s growth. The meeting showcased the collaborative spirit between the government and unicorn founders, fostering a platform for constructive dialogue and shared growth.

Smita Deorah, co-founder of Lead School, expressed her satisfaction with the government’s openness to ideas, stating, “It was very enriching that the government was open to taking our ideas or inputs. It also gives us a lot of hope as we build our businesses for India to build and grow.”

Sanjiv, Joint Secretary, DPIIT, highlighted the meeting’s purpose as an effort to enhance the startup ecosystem, with unicorn founders serving as valuable mentors. He expressed the ambition to build the world’s premier startup ecosystem with their mentorship.

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