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The Department for Promotion of Industry and Internal Trade (DPIIT) has partnered with Stride Ventures, a venture debt firm, to catalyse the growth of Indian startups and widen their global footprint, the firm stated in a release.
The partnership will drive economic transformation and firm India's position as a leader in innovation and manufacturing, as per the release. As part of the collaboration, Stride Ventures will focus on identifying startups with high growth potential, offering funding, market access, and policy support to Indian startups aiming to expand globally and global startups entering India. Startups from tier-2 and tier-3 cities will receive targeted guidance, mentorship, and access to a global mentor network to support their scaling journey, as per the release. Additionally, the initiative will create awareness about diverse fundraising instruments, including venture debt, to enable startups to cherish their growth aspirations. The collaboration will be instrumental in creating enormous opportunities for startups by integrating financial support with strategic mentorship and market access, the firm stated. Highlighting the macroeconomic impact of this collaboration, Joint Secretary Startup India Sanjiv said that these efforts would certainly reinforce India's broader economic agenda to boost innovation and entrepreneurship as a stepping stone to achieve overall economic growth. Eventually, this endeavour aligns with the Government of India's Make in India and Make for the World strategies, targeting sectors such as manufacturing, consumer, B2B, and cleantech. Following this partnership, Stride Ventures will curate dedicated programs and collaborate on engagements like the Bharat Grand Challenge to promote entrepreneurship, innovation, and investment, added Sanjiv. Sharing his vision regarding this novel concept, the Director of Startup India, Dr Sumeet Kumar Jarangal said by supporting startups with the tools needed to scale their business globally, this partnership will drive economic transformation and firm India's position as a leader in innovation and manufacturing. Reiterating DPIIT's commitment to this count, Dr Jarangal said this initiative would prove to be the right step in the direction of bridging the gap between aspirations and execution, particularly for entrepreneurs from tier-2 and tier-3 cities. Meanwhile, unfolding the blueprint of his company's perspective on this behalf, Ishpreet Singh Gandhi, Founder & Managing Partner, of Stride Ventures, said, "The collaboration with DPIIT adds new momentum to our mission of empowering entrepreneurs to 'Make in India' and create impactful, globally resonant solutions." This partnership, coupled with our billion-dollar commitment to nurturing startups, reaffirms our resolve to strengthen India's startup ecosystem, he said.(ANI)
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