Yesterday saw 12 new Indian ventures getting Rs 85cr in funding in the Capital city, New Delhi. Pitch@Rahstrapati Bhavan, a startup event organised by the Presidential Residence on March 7, 2017 in partnership with Industry body, Confederation of Indian Industry (CII) was responsible for making this possible.
The programme, which was a part of the third Festival of Innovation (FOIN), aimed to provide a platform to both investors and startups to come together and talks business. The event saw a number of innovators and startups selling their innovative ideas/services/products to some selected members of the venture capital and angel investing community to rake in funding.
For the uninitiated, FOIN is a week-long annual event, launched in 2015 by the Indian President to recognise, respect and reward grassroots innovations and foster a supportive ecosystem. The 2017 kickstarted on March 4, 2017.
In total, the Pitch@Rahstrapati Bhavan startup event saw the participation of 31 startups, 9 innovators and 12 venture capitalists (VCs). Some of the important names which graced the event were Rajiv Pratap Rudy, Minister of State for Skill Development and Entrepreneurship, NITI Aayog CEO Amitabh Kant and Infosys co-founder S Gopalakrishnan.
Towards the end of the event, VCs and investors had exchanged funding agreement/ MoUs to the tune of Rs 85 crore($12.75 Mn) with 12 Indian startups working in the areas of fintech, e-commerce, automobile, healthcare, medical devices, human resource management, life sciences, and unorganised retail in the presence of the President of India, Pranab Mukherjee.
According to CII, the ultimate goal of the programme is to nurture India’s entrepreneurial ecosystem and create ample opportunities for its vast young population, to generate wealth and find gainful employment.
The Pitch@Rahstrapati Bhavan startup event saw India’s Rashtrapati Bhavan positioning itself as one of the key promoters of the burgeoning Indian startup ecosystem and extending a helping hand in establishing a dialogue between investors and Indian startups and assisting the latter in finding adequate funding and effective mentorship.