MUMBAI: A clutch of unicorn startups in a gathering with commerce and business minister Piyush Goyal on Wednesday mentioned the chance of establishing a unicorn membership or just put, an affiliation of startups which might frequently interact with the minister’s workplace and recommend measures to boost the growth of the ecosystem. In the assembly which lasted for about 4 hours, startups additionally urged the minister to take a look at the chance of easing the esop (worker inventory possession plan) taxation framework, founders who attended the assembly stated. Representatives of some 40-50 unicorn startups together with Zerodha, Zepto, Oyo, CarDekho, Paytm, and Flipkart had been in attendance.
The assembly which comes towards the background of a tepid funding surroundings additionally noticed deliberations across the want to broaden availability of home capital for supporting startups. The minister, it’s learnt, urged unicorn startupsto take into account prospects of organising a fund which might be used to financially again fledgling startups. “At present, a lot of startup founders invest in young startups in individual capacities. The idea is to look at ways by which they could instead contribute to the fund and help other smaller players,” stated Rikant Pitti, co-founder at EaseMyTrip. “Several small startups today struggle to get funding from banks. If they are supported by bigger ecosystem players, it could ease some of these challenges,” Pitti stated.
Funding for Indian startups declined to a seven-year low of $8.2 billion in 2023. This compares to investments of about $25 billion that companies had managed to garner from buyers in 2022. Hit by the funding crunch, a number of startups laid off workers whereas some shut operations. “On policy led solution, there was discussion on how to enable startups operating in India but with legal entity outside shift its domicile to India without bearing a huge tax burden,” stated one other unicorn founder who didn’t want to be named.
The assembly which comes towards the background of a tepid funding surroundings additionally noticed deliberations across the want to broaden availability of home capital for supporting startups. The minister, it’s learnt, urged unicorn startupsto take into account prospects of organising a fund which might be used to financially again fledgling startups. “At present, a lot of startup founders invest in young startups in individual capacities. The idea is to look at ways by which they could instead contribute to the fund and help other smaller players,” stated Rikant Pitti, co-founder at EaseMyTrip. “Several small startups today struggle to get funding from banks. If they are supported by bigger ecosystem players, it could ease some of these challenges,” Pitti stated.
Funding for Indian startups declined to a seven-year low of $8.2 billion in 2023. This compares to investments of about $25 billion that companies had managed to garner from buyers in 2022. Hit by the funding crunch, a number of startups laid off workers whereas some shut operations. “On policy led solution, there was discussion on how to enable startups operating in India but with legal entity outside shift its domicile to India without bearing a huge tax burden,” stated one other unicorn founder who didn’t want to be named.
