ChrysCapital's $5 Billion Investment in Indian Startups
Arunkumar K.
CTO @ Sennovate | Pioneering AI Cybersecurity Solutions | Former CISO in Web3 & Crypto | Experienced with Bolstering defences for State & National Governments
Welcome to "Swadesi Startups Speaks," the podcast dedicated to the pulse of India's vibrant startup ecosystem. In this episode, we dive into the latest developments and trends shaping the Indian startup landscape. From groundbreaking initiatives to inspiring success stories and pivotal challenges, we bring you the inside scoop on what's driving India's entrepreneurial spirit. So, tune in as we explore the fascinating world of Indian startups and the innovative minds behind them.
India is set to host the Startup India Innovation Week 2024 from January 10th to 18th, an event organized by the DPIIT to celebrate the Indian Startup Ecosystem. The week includes the Startup Seminar in Gujarat, the National Startup Awards 2023, and the 4th edition of the States' Startup Ranking Framework. Events nationwide will feature workshops, mentorship sessions, and panel discussions. Virtual AMA sessions and mentorship on starting up are planned to engage the startup community. The initiative aligns with the Prime Minister's vision to boost startups, innovation, and entrepreneurship in India.
Startup India, since its 2016 launch, has fostered 1.14 lakh startups, creating over 12 lakh jobs. Phase II, launching on January 16, 2024, will focus on deep-tech startups, offering enhanced policies, collaboration, and support in areas like AI, quantum computing, and semiconductors. With over 3000 deep-tech firms, India is the world's third-largest startup ecosystem. The government plans to introduce more stable policies, improve valuation norms, and increase research collaborations in this phase.
India's top 10 robotics startups are revolutionizing various sectors with innovative solutions. Genrobotics Medical & Mobility combats manual scavenging with its Bandicoot robot. Ati Motors develops autonomous robots for cargo transport in factories and warehouses. Addverb specializes in robots for sorting and storing products. Svaya Robotics focuses on industrial and collaborative robots, including India's first quadruped robot and exoskeleton. Niqo Robotics introduces AI-powered agri-tech solutions. Gridbots Technologies creates robots for diverse industries, while SGBI INC - Sastra Global Business Innovations builds robotic arms for testing electronic devices. EyeROV (IROV TECHNOLOGIES PRIVATE LIMITED) offers marine robotic solutions, and Miko creates AI-powered robots for children's interactive companionship. Mukunda Foods Pvt. Ltd. ventures into kitchen automation with their bots. These startups exemplify India's growing prowess in the robotics field.
Nasdaq has engaged in discussions with Indian authorities regarding the possibility of allowing Indian companies to list directly on foreign stock exchanges. Currently, Indian companies are restricted from directly listing their shares on overseas markets, but there has been increasing demand from global investors and top Indian startups for a change in this policy. This move could open up new opportunities for Indian businesses in international markets.
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On January 16, the DPIIT (Department for Promotion of Industry and Internal Trade) will announce the 2022 ranking of Indian states and union territories based on their initiatives to support startups. This exercise evaluates the actions taken by states and UTs to enhance their startup ecosystems and encourages them to learn from each other's best practices. The ranking, part of a periodic capacity-building exercise, helps to identify and adopt effective strategies, highlight policy interventions, and foster competitiveness among states. Gujarat and Karnataka were previously recognized as top performers in the 2022 ranking. The ranking is based on various criteria, including institutional support, innovation fostering, market access, incubation, and funding support. This initiative aligns with the government's efforts to nurture startups, as evidenced by the significant growth in registered startups since the launch of the Startup India initiative in 2016. Additionally, the DPIIT is organizing Startup India Innovation Week 2024 to bring together stakeholders in the startup ecosystem.
Aquaconnect and StartupTN have signed an MoU to support aquaculture startups in Tamil Nadu. They launched The Fish Tank, a challenge for startups and students to innovate in aquaculture, covering the entire value chain. The top ten candidates will enter an incubation program, with two winners receiving 1 lakh rupees each and a chance to work with Aquaconnect. The initiative aims to make Tamil Nadu a hub for seafood-focused startups and contribute to the state's blue economy.
Mintifi , a B2B supply chain financing firm, faced 20 rejections before successfully raising $120 million in funding. Co-founder Anup Agarwal, a former investment banker, struggled initially to secure venture capital for the startup he founded with Ankit Mehta and Sanjoy Shome in 2017. Despite a strong background in finance and an impressive growth trajectory, Mintifi found it challenging to attract investors due to market saturation and skepticism. However, the company's unique business model, focusing on funding large corporates with a proven track record and offering supply chain financing across distribution networks, eventually garnered investor interest. Mintifi's assets under management grew significantly, and the company posted substantial profits, leading to a valuation increase from $150 million to $450 million. Despite the success, Agarwal remains cautious and focused on building a sustainable business.
ChrysCapital , established in 1999, has launched nine India-focused funds, totaling a $5 billion corpus. Over two decades, the firm has generated $6.5 billion in returns with over 80 exits. Initially, ChrysCapital invested in sectors like enterprise tech, financial services, healthcare, consumer, and manufacturing. Since the mid-1980s, private equity in India has evolved, with financial institutions like ICICI and IFCI initially providing seed funding, particularly in technology. The focus has shifted towards growth and late-stage deals in sectors like healthcare, real estate, BFSI, pharma, and biotech.
Suchana Seth, CEO of The Mindful AI Lab, was arrested in Karnataka, India, for the alleged murder of her 4-year-old son. The child's body was found in a suitcase as Seth returned from Goa. The motive is unclear, but Seth mentioned strained relations with her husband during police interrogation. She had checked into a Goa hotel with her son and left alone in a taxi. The hotel staff found blood stains and alerted the police, who then discovered the body in the taxi. A murder case has been registered, and Seth is in custody for investigation.
Thank you for joining us on "Swadesi Startups Speaks." Today's episode has taken us on a journey through the dynamic and diverse world of Indian startups, giving us a glimpse into the innovative spirit and resilience that define India's entrepreneurs. We hope these stories inspire you and provide insights into the ever-changing landscape of Indian business. Stay tuned for more episodes where we continue to uncover the fascinating stories of startups across India. Until next time, keep supporting and celebrating the entrepreneurial spirit