Foreign firms to be invited to StartUp India anniversary

Another conference aimed at local start-ups will be organised by the DIPP in Hyderabad in August.

The government plans to invite prominent international startups to enter India’s growing new economy.

The department of industrial policy and promotion will organise a start-up conference next January to coincide with the first anniversary of the StartUp India initiative, according to an official.

While foreign start-ups like Uber have set up shop in India, the government feels there is a lot of room for growth.

The event will aim at drawing foreign investment in startups and push local partnerships.

Travis Kalanick of Uber and Adam Newmann of Wework were present at the launch of the StartUp India, apart from Softbank Chief Executive Officer Masayoshi Son.

Successful Indian startups like Snapdeal, Ola and Paytm were also represented on the occasion.

This time, too, major international startups could show up because of the policy push being provided to the sector, industry body Nasscom said. Alibaba and AirBnB are planning to start India operations.

The StartUp India initiative had announced easier labour, tax and compliance regimes for start-ups.

The government has declared a fund for startups that will invest Rs 2,500 crore (Rs 25 billion) each year over the next four years in venture capital funds listed with the Securities and Exchange Board of India.

Another conference aimed at local start-ups will be organised by the DIPP in Hyderabad in August.

The government will showcase its initiatives for the sector and conduct seminars to help new entrants.

The official said 10,000 participants and incubators would be invited to the event.

Image: Startup Village. Photograph: Reuters