In a bid to elevate India’s global ranking in innovation, the Department for Promotion of Industry and Internal Trade (DPIIT) is gearing up for the inaugural Startup Mahakumbh, set to kick off on Monday. The three-day event aims to galvanize the Indian startup ecosystem, drawing attention to the nation’s innovation prowess.
“India ranks at 40 in terms of innovation and our goal is to move up from this. Our aim is to make Startup Mahakumbh not just a big event but also an annual event, which can further propel the growth of the Indian startup ecosystem,” remarked RK Singh, Secretary of DPIIT, during a press briefing in Delhi.
The event, poised to become a cornerstone in India’s innovation narrative, has garnered support from industry stalwarts. Organizing committee members including Sanjeev Bikhchandani, Sanjay Nayar, Prashanth Prakash, and Deepinder Goyal expressed optimism about its potential impact.
Startup Mahakumbh is set to attract thousands of startups and investors across ten key focus areas, covering a spectrum from artificial intelligence to fintech. Notably, over 40 unicorn startups, valued at over $1 billion each, are expected to participate, showcasing the vibrancy of India’s startup ecosystem.
Accel India’s Prashanth Prakash underscored the event’s focus on leveraging artificial intelligence to accelerate growth, emphasizing support for both budding and mature startups.
“There’s a huge scope for private sector companies to invest from their balance sheets into startups. Typically they would do it in their own strategic areas… but I think India could do with more of that,” highlighted Sanjeev Bikhchandani of Info Edge India, stressing the need for greater corporate involvement in nurturing startups.
Zomato CEO Deepinder Goyal echoed similar sentiments, emphasizing the importance of established businesses nurturing startups without the intention of ownership.
