The announcement was made at the Startup India International Summit, where the Prime Minister added that the government will be deploying 10 billion rupees ($136.6 million) for the new fund.
“We are launching a 10 billion rupee startup India seed fund to help new startups grow in the country. We are trying to create a startup system, which is based on the mantra ‘of the youth, by the youth, for the youth,'” mentioned Prime Minister Narendra ModiModi during the Startup India International Summit.
India has seen a significant rise in startup companies over the past few years, with over 30 startups valued at over $1 billion.
In 2020 alone, there were 11 new unicorn startup companies in the country, with over 41,000 startups in the country officially recognized by the government.
Prime Minister Modi also adds that many of the startup companies in the country are "self-reliant" and able to survive globally amid the pandemic.
“When large companies struggled to survive globally, amid the pandemic, startups powered India’s drive for being self-reliant. Startups stood up to meet different demands during the pandemic. From e-grocery to e-health, education to e-commerce, startups took care of everything and they are not just restricted to metros anymore. Startups powered India’s drive for being self-reliant amid the pandemic when major companies were thinking about survival," Modi said.