Union Minister Piyush Goyal launches PRABHAAV Factbook, Bharat Startup Challenge on 9th Foundation Day of Startup India

The event also marked the curtain raiser of the second edition of the Startup Mahakumbh. Goyal shared that 2,500 startups will be participating in Startup Mahakumbh starting in April.

"Success of the Startup India mission must be attributed to the funding instruments like Fund of Funds for Startups (FFS) administered by Small Industries Development Bank of India (SIDBI) and financed by the Government of India," said the union minister at the celebration of Startup India.

Posting about the event in a post on X, the Union minister mentioned how the occassion "celebrated the relentless efforts of our entrepreneurs, who have left no stone unturned in redefining India's global standing in innovation and enterprise."

https://x.com/PiyushGoyal/status/1879891441180115419

According to an official statement by the Commerce and Industry ministry, the Piyush Goyal also mentioned how the role of Private Equity (PE) and Venture Capital (VC) have been 'instrumental' in fueling the growth of startups.

"Our collaboration with PE and VC firms has been instrumental in supporting innovation and accelerating the journey of startups from ideation to execution. This partnership has not only provided funding but also brought in global expertise and networks, helping our startups compete at an international level," Goyal said, according to the statement.

With a growing startup ecosystem in the country, the minister mentioned how India saw 76 Initial Public Offerings (IPO) in 2024 and also becoming the world's 3rd largest ecosystem with 1,59,157 startups as of January 15, 2025. This is a significant jump from only having around 500 startups in 2016.

According to him this has generated 17.2 lakh direct jobs, and startups have received Rs 13 trillion from the government.

He further noted how the scheme acted like a transformative tool to mobilise private capital particularly to support startups in Tier II and Tier III cities, empowering startups to scale their operations and contribute significantly to the nation's economy. He added that the Startup movement will gain momentum with more private funding in days to come.

He added that through the BHASKAR platform, the Government is looking to connect the startups with mentoring with financial instruments and finances and also help the startups connect with others across the country.

The Minister emphasised the broader impact of startups beyond economic contributions. He stated that startups are not merely businesses; they are agents of change. They have addressed some of the most pressing challenges of our time--whether it is sustainability, renewable energy, healthcare, or digital transformation. Through their innovation and resilience, they are shaping a better future for all of us, ministry's statement read.

"As we have grown from having small technological support to a system that spans digitech, health tech, fintech, big data, Artificial Intelligence, Data Analytics, I would like to reaffirm the Government's unwavering commitment to the faster growth of India's startup ecosystem and to provide support and encourage the entrepreneurial spirit of India," he added.

Goyal said that India is entering the Amrit Kaal with strong macroeconomic fundamentals. The next 25 years will be a defining period for India. "Our startups will play a crucial role in realising the vision of a self-reliant, inclusive, and globally competitive India. The government is fully committed to providing all necessary support--whether it is policy initiatives, infrastructure, or access to capital--to ensure their success," he said.

The Minister informed the gathering that India is producing the largest number of STEM graduates, with 43 pc of them being women. He emphasised that women are at the heart of India's growth story and pointed out that through targeted initiatives like the Women Entrepreneurship Platform, the Government is empowering women-led startups and ensuring they have the resources and opportunities to thrive.

Speaking on the Startup Mahakumbh initiative, the minister added, "It is appropriate that the largest startup event should be in India because that is a confluence of ideas, talent, opportunities and this event will showcase to the world the unfolding story of Bharat."

DPIIT also launched PRABHAAV Factbook (Powering a Resilient and Agile Bharat for the Advancement of Visionary Startups).

"PRABHAAV Factbook is the ultimate guide to India's thriving startup ecosystem and its growth story from 2016-2024. PRABHAAV captures the achievements of every region," read the statement.

Bharat Startup Challenge aims to unleash 75 challenges across various sectors. The challenge will see 20 industry leaders and innovators invite thinkers to solve business challenges. From renewable energy to blockchain, smart manufacturing to agritech semiconductors to social commerce, the challenge will offer procurement opportunities for startups along with cash prizes, funding mentorship, networking and capacity building process.

Union Minister of State for Commerce & Industry, Jitin Prasada; Amardeep Bhatia, Secretary, DPIIT; L Satya Srinivas Additional Secretary & CEO of GeM, Arti Bhatnagar, Additional Secretary and Financial Advisor, DPIIT, Sanjiv, Joint Secretary, DPIIT, Sumeet K. Jarangal Director, DPIIT, Manoj Mittal CMD, SIDBI, Prashant Prakash Founding Partner, Accel, Sanjeev Bikhchandani Founder, Info Edge India, Sanjay Nayar President, ASSOCHAM and Archana Jahagirdar Managing Partner, Rukam Capital also graced the event. (ANI)