India’s G20 Sherpa Amitabh Kant has reassured startups that funding is not in shortage for good startups. Speaking at the Startup20 Shikhar Summit, Kant emphasized that there is a funding spring available for startups with strong plans and goals.
Kant also discussed the growth of India’s digital infrastructure, highlighting the increasing use of biometric identity and digital payments. He pointed out that India boasts more than 100,000 startups and 108 unicorns.
The Sherpa emphasized the significance of good governance for startup success. He noted that many startup innovators focus on innovation but overlook governance. Kant believes that startups should prioritize financial propriety and governance, as today’s startups can become tomorrow’s Fortune 500 companies.
In light of recent controversies and disputes involving Indian startups like BYJU’S, Zilingo, BharatPe, GoMechanic, and Mojocare, Kant called for a self-regulatory framework for Indian startups. Upholding integrity among initial funders is crucial for long-term growth and sustainability, according to Kant.
The G20 Sherpa previously advocated for self-governance to help startups mature into robust companies. He stressed the importance of startups adopting a culture of good governance from their inception to early stages, ultimately leading to IPO.
It is essential for the Indian startup ecosystem to prioritize financial propriety and governance to build a strong foundation for the future. By implementing self-regulatory measures and fostering good governance practices, startups can ensure long-term success and attract more funding opportunities.
Kant’s call for startups to embrace self-regulation comes at a time when there is increased scrutiny on the business practices of these ventures. Upholding good governance practices will not only benefit individual startups but also strengthen the overall reputation of the Indian startup landscape.
In conclusion, despite recent challenges faced by Indian startups, there is no funding winter for good startups. Amitabh Kant’s remarks stress the importance of good governance and self-regulation, underscoring the need for startups to prioritize financial propriety throughout their growth journey. By doing so, startups can establish themselves as trustworthy and successful enterprises, attracting more funding and opportunities for growth within India’s thriving startup ecosystem.
