Piyush Goyal Hails Startup India Mission: Launches Bharat Startup Challenge and PRABHAAV Factbook

India’s Startup Ecosystem Emerges as the World’s Third Largest, Contributing ₹13 Trillion in Investments and Generating Over 17 Lakh Jobs.

Celebrating nine years of the Startup India Mission, Union Minister of Commerce & Industry Shri Piyush Goyal underscored the transformative impact of initiatives like the Fund of Funds for Startups (FFS), administered by SIDBI and funded by the Government of India. Addressing a gathering in the capital, Shri Goyal credited FFS with mobilizing private capital to support startups, particularly in Tier II and Tier III cities, empowering them to scale operations and make significant contributions to the economy.

The Minister launched the Bharat Startup Grand Challenge and the PRABHAAV Factbook, initiatives aimed at fostering innovation, mentorship, and showcasing India’s thriving entrepreneurial ecosystem. Shri Goyal emphasized India’s commitment to innovation, policy support, and funding for startups, reaffirming the government’s resolve to position the nation as a global leader in technology and entrepreneurship.

Shri Goyal highlighted:

• 76 IPOs in 2024, showcasing Indian startups’ robust growth.
• Growth from 500 startups in 2016 to 1,59,157 startups as of January 2025, making India the world’s third-largest startup ecosystem.
• Creation of 17.2 lakh direct jobs and ₹13 trillion in funding allocated to startups.

Role of PE, VC, and Collaboration

Shri Goyal noted the pivotal role of Private Equity (PE) and Venture Capital (VC) in transforming ideas into impactful startups. “Partnerships with PE and VC firms have brought not just funding but global expertise and networks, enabling Indian startups to compete internationally,” he said.

The Minister also mentioned the BHASKAR platform, which connects startups with mentoring and financial instruments while fostering collaboration across India.

Startups as Agents of Change

Beyond economic growth, startups are emerging as agents of change addressing global challenges such as sustainability, renewable energy, healthcare, and digital transformation. Shri Goyal added, “Startups are not merely businesses; they are shaping a better future for all of us through innovation and resilience.”

Empowering Women Entrepreneurs

Shri Goyal spotlighted the government’s efforts to empower women-led startups, emphasizing that 43% of STEM graduates in India are women. He highlighted initiatives such as the Women Entrepreneurship Platform that provide targeted resources and opportunities for women entrepreneurs.

Upcoming Events and Initiatives

The event also marked the curtain raiser for the second edition of Startup Mahakumbh, scheduled for April 2025, where 2,500 startups will showcase their innovations. Shri Goyal described Startup Mahakumbh as the “largest confluence of ideas, talent, and opportunities,” reinforcing India’s leadership in global entrepreneurship.

The Bharat Startup Challenge was unveiled to address 75 sectoral challenges, spanning domains such as renewable energy, blockchain, agritech, and semiconductors. Industry leaders will collaborate with startups to offer cash prizes, mentorship, and procurement opportunities.

PRABHAAV Factbook and Regional Achievements

The PRABHAAV Factbook was introduced as a comprehensive guide to India’s startup success story, capturing achievements across regions from 2016 to 2024. It details how startups have transformed local economies and contributed to India’s vision for an inclusive, self-reliant nation.

Minister’s Vision for Amrit Kaal

Shri Goyal expressed confidence that the next 25 years—Amrit Kaal—would define India’s journey toward self-reliance and global competitiveness. He assured continued government support through policies, infrastructure, and access to capital.

“With strong macroeconomic fundamentals, our startups are poised to play a crucial role in achieving a self-reliant, inclusive, and globally competitive India,” Shri Goyal said, encouraging collaboration between the public and private sectors.

Prominent Attendees

The event saw participation from key figures, including:

• Union Minister of State for Commerce & Industry Shri Jitin Prasada
• SIDBI CMD Manoj Mittal
• Prashant Prakash, Founding Partner, Accel
• Sanjeev Bikhchandani, Founder, Info Edge India
• Sanjay Nayar, President, ASSOCHAM
• Archana Jahagirdar, Managing Partner, Rukam Capital

Conclusion

The celebration of nine years of Startup India demonstrated the mission’s profound impact on India’s economy, technology, and society. As Shri Goyal stated, the collaborative efforts of government, private sector, and entrepreneurs will ensure India’s continued rise as a global startup powerhouse.