SIDBI & DPIIT facilitate funding for startups by organisingOnline Pitching Event for finalists of National Startup Awards

New Delhi: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industries had recently announced the winners of first ever National Startup Awards on October 6, 2020. These awards have recognized outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact. The awards measured the success of a startup not only by the financial gains for investors but also by the contribution to the social good.

In continuation of the above initiative, SIDBI, along with DPIIT, is organizing a series of Online Pitching Event for all the Startups selected for the National Startup Awards, including finalists. The pitching events would be providing a platform to these promising startups for sharing their ideas and vision to the Alternative Investment Funds (AIFs).

The first of these events was held on November 19, 2020preceded by a plenary session. The plenary session was gracedby Shri Anil Agrawal, Joint Secretary, DPIIT and attended by senior officials of DPIIT & SIDBI, top officials of 77 AIFs as well as over 190 finalists of National Startup Awards.

In his keynote address, Shri Agrawal said thatthe Startups selected for the National Startup Awards, including finalists, had gone through a robust process of screening and evaluation and as such present an enviable set of candidates for AIFs to engage with. While wishing AIFs and startups a fruitful and long lasting relationship, Shri Agrawal mentioned that Government would continue to facilitate the startups’ growth aspirations under various tracks of Startup India Mission.

Shri Manoj Mittal, DMD, SIDBI, highlighted SIDBI’s efforts in achieving operational excellence in implementing Fund of Funds Scheme of Govt of India. Given the push from Government on both supply side and demand side of Startup eco system, he stressed the need of enough no. of intermediaries to supply capital made available by the Government/other investors.