“I think established businesses need to nurture startups…and I don’t think we have that kind of a culture yet, and larger businesses also need to start funding startups but not with an intention to own them but with an intention to help them become bigger,” Goyal said, at the curtain raiser event of the Startup Mahakumbh, which is slated to happen on March 18-20.
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Adding to the Zomato chief executive’s comments, Info Edge India vice chairman Sanjeev Bikhchandani said that investing in startups was one of the key strategy areas for Info Edge. The Noida-based company is an investor in Zomato.
Zomato, holds stakes in consumer tech startups, including hyperlocal commerce platform Magicpin, ecommerce enablement startup Shiprocket, and health and fitness firm Cultfit.
The central government is organising the Startup Mahakumbh event as a congregation of more than 1,000 startups and over 1,000 investors including angel investors, high networth individuals, venture capitalists as well as family offices.
Bikhchandani is on the organising committee of the Startup Mahakumbh event along with Accel partner Prashanth Prakash, Sanjay Nayar, founder and chairman of Sorin Investments and Rukam Capital managing partner Archana Jahagirdar.
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“Today, India is the third largest startup ecosystem in the world…and the goal, as laid by the minister, is to make it the largest startup ecosystem in the world. We are going to have startups from different states and districts in India, and also a bit of an international touch. The whole Mahakumbh has been broken into 10 verticals…from climate and D2C to B2B and SaaS,” Nayar, who is also the former CEO of KKR India, said. Meanwhile, the government also launched the Bharat Startup Ecosystem Registry to have a single-platform database of startups, investors, incubators and other stakeholders.
“Today, the Indian startup is growing on all fronts with tremendous support from enablers across the country. To match the pace of the ecosystem, we are unveiling the Bharat Startup Ecosystem Registry. We should have data-supported figures of the entire ecosystem and the aim is to unify all stakeholders under a cohesive framework for seamless coordination and facilitating networking opportunities,” said Sanjiv, joint secretary, department for promotion of industry and internal trade.
