EDII Incubated Omspace Rocket & Exploration Secures $3M Pre-Seed Funding to Build India’s Indigenous Small Satellite Launch Vehicle

Omspace Rocket & Exploration Private Limited, an Indian space-tech startup incubated at CrAdLE (Centre for Advancing & Launching Enterprises), Technology Business Incubator at the Entrepreneurship Development Institute of India (EDII), has successfully raised $3 million in a pre-seed funding round. The investment, led by a Family Office and an Angel Investor, marks a significant milestone in Omspace’s journey to develop Infinity One, an indigenous, modular launch vehicle designed for Low Earth Orbit (LEO) satellite missions.

Founded in 2020 by a passionate team of engineers and innovators — Dr Ravindra Raj Binod Mistri, Mr. Maulik Mota, and Ms. Stutika Padamshali, Omspace is headquartered in Ahmedabad, with an international presence in Dubai, UAE. Omspace's flagship innovation, Infinity One, aims to deliver payloads of approximately 350 kg to altitudes of up to 800 km. With an emphasis on fuel efficiency and cost-effectiveness, the launch system seeks to offer reliable launch solution for India’s growing space-tech sector.

The newly raised funds will be utilized to: Finalise and begin test launches of the Infinity One prototype, Expand Omspace’s research & development team, and hire specialised talent Strengthen the company’s manufacturing infrastructure and ground systems. 

CrAdLE, the Technology Business Incubator at the Entrepreneurship Development Institute of India (EDII), plays a pivotal role in nurturing early-stage ventures across sectors, especially in deep-tech and innovation-led domains. Backed by the Department of Science and Technology, Government of India, CrAdLE has been instrumental in guiding Omspace through technical validation, strategic mentoring, and business planning. With its support, Omspace is now accelerating the development and testing of its flagship launch vehicle, Infinity One.

Dr Mistry, Co-Founder of Omspace Rocket & Exploration Private Limited, said, “This funding is a major milestone in our mission to democratise access to space from India. We are deeply thankful to CrAdLE and EDII for believing in our vision and enabling us with the resources, mentorship, and environment to take bold leaps.”

Dr Satya Ranjan Acharya, Director, CrAdLE, EDII, said, “At CrAdLE (Centre for Advancing & Launching Enterprises), we’re proud to support ventures like Omspace Rocket & Exploration that are pushing the boundaries of technology and placing India on the global space-tech map. Their journey reflects the potential of indigenous innovation backed by the right ecosystem.”

As India strengthens its space-tech ecosystem with a vibrant private sector push, startups like Omspace are emerging as key contributors to building indigenous, scalable, and affordable space solutions.

Till date, CrAdLE has supported 135 startups, fostering technology and knowledge-based entrepreneurial ventures in four focus sectors: manufacturing, food processing, renewable energy, and healthcare.

About Entrepreneurship Development Institute of India (EDII)

The Entrepreneurship Development Institute of India (EDII), Ahmedabad, was set up in 1983 as an autonomous and not-for-profit Institute with the support of apex financial institutions - the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd., and State Bank of India (SBI). The Government of Gujarat pledged twenty-three acres of land on which stands the majestic and sprawling EDII Campus. EDII has been recognised as the CENTRE OF EXCELLENCE by the Ministry of Skill Development and Entrepreneurship, Government of India. For more information, visit: www.ediindia.org

About Omspace Rocket and Exploration Pvt. Ltd.

Omspace Rocket and Exploration Pvt. Ltd., an Ahmedabad-based aerospace startup, is revolutionizing access to space by developing cost-effective, reusable launch vehicles for small and nano satellites. With a strong focus on innovation and affordability, Omspace aims to democratize space exploration for emerging markets. Founded by Dr. Ravindra Raj BM along with co-founders Mr. Maulik, Ms. Stutika and Mr. Jayesh, the company recently expanded its international presence through its UAE branch, OSRE FZC. With a first commercial launch planned for January 2028, Omspace is poised to become a key player in the global space-tech ecosystem.

NTPC Signs MoU with EDII-Ahmedabad To Empower Women in the Vicinity of NTPC Noida through Entrepreneurship

NTPC and EDII join hands to empower women through entrepreneurship

Entrepreneurship Development Institute of India (EDII), Ahmedabad, a 'Centre of Excellence' recognised by the Ministry of Skill Development & Entrepreneurship, Government of India, signed a Memorandum of Agreement (MoA) with the CSR Division of National Thermal Power Corporation Limited (NTPC) on Friday.

Under the MoA, EDII will facilitate New Enterprise Creation among the underprivileged women in the vicinity of NTPC Noida. EDII will ensure the setting up of a Cold Compressed Oil Unit for the benefit of underprivileged women. This initiative will be strengthened by appropriate training and handholding to the participating women. NTPC has taken this initiative as a part of its CSR activity of empowering women and making them entrepreneurial and self-sustaining. In all, 30 women from self-help groups will be rendered independent and empowered over one year.

EDII implements several programmes for women entrepreneurship and empowerment as a CSR initiative for various corporate houses such as Accenture, HSBC, TATA Communications, Amazon India, Facebook, ONGC, BAYER, HCL, etc. Thus far, through sensitisation programmes, entrepreneurship competency-building programmes, domain and skill training, networking and marketing exposure, and handholding support, the institute has reached out to more than 39,142 women across the country.

The Entrepreneurship Development Institute of India (EDII), Ahmedabad was set up in 1983 as an autonomous and not-for-profit Institute with support of apex financial institutions - the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The Government of Gujarat pledged twenty-three acres of land on which stands the majestic and sprawling EDII Campus. EDII has been recognized as the CENTRE OF EXCELLENCE by the Ministry of Skill Development and Entrepreneurship, Govt. of India. The Institute has also been listed as the Institute of National Importance by the Education Department, Govt. of Gujarat. For more information visit: www.ediindia.org

National Commission for Women (NCW) & EDII to Organise 100 Entrepreneurship Awareness Programmes (EAPs) for Potential Women Entrepreneurs Across India

The National Commission for Women (NCW) in collaboration with the Entrepreneurship Development Institute of India (EDII) has announced the launch of 100 Entrepreneurship Awareness Programmes (EAPs) for potential women entrepreneurs across the country. The first EAP out of the 100 to be organized across the country, was launched in Ujjain on Friday, by Chief Guest, Shri Mangubhai Patel, Hon’ble Governor of Madhya Pradesh and Guest of Honour, Dr. Munjpara Mahendrabhai, Hon’ble Minister of State, Ministry of Women and Child Development, GoI, in the presence of dignitaries including Smt. Rekha Sharma, Chairperson, NCW; Dr. Sunil Shukla, Director General, EDII; and Smt. Meenakshi Negi, Member Secretary, NCW.

The aim of the one-day EAP is to orient participating women to the benefits of adopting entrepreneurship as a career, learn the finer skills and overcome social, economic, and familial barriers to becoming entrepreneurs. The EAPs are aimed at developing entrepreneurial skills among women so that they could gain knowledge, skills and motivation to build their own businesses.

 

Speaking about the EAP, the Hon’ble Governor of MP, Shri Mangubhai Patel, said, “India is moving ahead with the vision of 'Sabka Saath Sabka Vikas'. Development under women-led leadership is coming up big way and is getting accepted and recognised. Women associated with the Self Help Groups are moving forward significantly. They are showing the confidence of speaking about their success, their enterprises and their future plans. Women have progressed phenomenally under the initiatives implemented by the country under the leadership of Hon'ble Prime Minister of the country. Rural areas have especially progressed with subsidy to women to set up enterprises. Under Pradhan Mantri Kaushal Vikas Yojana, training and development opportunities have opened up for women. I congratulate National Commission for Women and Entrepreneurship Development Institute of India for this extraordinary initiative towards women empowerment through entrepreneurship.”

Emphasizing on the need for a conducive environment for women entrepreneurs, Dr. Munjpara, said, “We have been working towards taking forward India's women-led development agenda by accelerating women's leadership and empowerment in public as well as private sector. Women who are the backbone of our society play a pivotal role in shaping our future. Empowering them is not only our moral responsibility but also a necessary condition for sustainable development. This collaboration between National Commission for Women and Entrepreneurship Development Institute of India will help build capacity of women entrepreneurs and also sensitize relevant stakeholders.”

Smt. Rekha Sharma said, “Women although are a critical part of society, still lag behind when it comes to economic empowerment and independence. Women need to be encouraged to become economically empowered. India has a conducive ecosystem to support women entrepreneurship. Given this, women are getting motivated to set up their MSMEs. Women entrepreneurs extend job opportunities to other women, and that is the need of the hour. Women need to speak about their success, network and step forth. I am sure with the support of Entrepreneurship Development Institute of India (EDII), all of this will be possible. If institutions like EDII handhold us in our endeavour, we will sure succeed.”

Speaking about the collaboration, Dr Sunil Shukla, said, “Over the last ten years, India has noticeably progressed and that has been possible only because the women populace of the country has been encouraged to become financially independent. I am happy to announce that NCW and EDII have collaborated to promote women entrepreneurship. This will strengthen the country immensely.”

About Entrepreneurship Development Institute of India (EDII)

The Entrepreneurship Development Institute of India (EDII), Ahmedabad was set up in 1983 as an autonomous and not-for-profit Institute with support of apex financial institutions - the IDBI Bank Ltd., IFCI Ltd., ICICI Bank Ltd. and State Bank of India (SBI). The Government of Gujarat pledged twenty-three acres of land on which stands the majestic and sprawling EDII Campus. EDII has been recognized as the CENTRE OF EXCELLENCE by the Ministry of Skill Development and Entrepreneurship, Govt. of India. The Institute has also been listed as the Institute of National Importance by the Education Department, Govt. of Gujarat. For more information visit: www.ediindia.org

About National Commission for Women

About National Commission for Women The National Commission for Women (NCW) was set up as statutory body in January 1992 under the National Commission for Women Act, 1990 (Act No.20 of 1990 of Govt. of India) to review the Constitutional and legal safeguards for women; recommend remedial legislative measures, facilitate redress of grievances and advise the Government on all policy matters affecting women. The mission of NCW is to strive towards enabling women to achieve equality and equal participation in all spheres of life by securing her due rights and entitlements through suitable policy formulation, legislative measures, effective enforcement of laws, implementation of schemes/policies and devising strategies for solution of specific problems/situations arising out of discrimination and atrocities against women.

EDII to Create 12,000+ Rural Enterprises in Orissa under Start-up Village Entrepreneurship Programme (SVEP)

Entrepreneurship Development Institute of India (EDII), an acknowledged national resource Institute for Entrepreneurship Education, Research, Training and Institution Building will generated over 12,000 rural enterprises under Start-up Village Entrepreneurship Programme (SVEP) in Orissa (Odisha) over a span of four years.

EDII is the National Resource Organisation for Startup Village Entrepreneurship Program. The Institute is implementing this program in eight blocks of Odisha, has trained and supported around 3,500 enterprises under this project.

SVEP is a sub-scheme of Deendayal Antyodaya Yojana-National Rural Livelihood Mission (DAY-NRLM), Ministry of Rural Development. The main objective of the programme is to stimulate economic growth and reduce poverty & unemployment in the villages by helping start rural enterprises. The eight blocks in Odisha are Ranpur of Nayagarh, Morada of Mayurbhanja, Mahakalapada of Kendrapara, Puri Sadar of Puri, Angul Sadar of Angul, Kuarmunda of Sundergarh, Umerkote of Nabarangpur and Danagadi of Jajpur district. Among the eight blocks the former two blocks Ranpur and Moroda were piloted in the first phase (2016-17) and based on their performance 6 more blocks were added in the later stage (2017-18). This project is being implemented in collaboration with the Odisha Livelihoods Missions (OLM).

Professor Rajesh Gupta, Faculty, EDII and Head-SVEP Programme, said, “Under the long-term vision of SVEP, the Government of India aims to start and support rural enterprises, thereby providing employment opportunity to rural people and help them come out of poverty; while simultaneously resolving the issue of immigration. The entrepreneurs are provided skill training, support in maintaining books of records and credit and market linkages through a cadre of resource persons, these resource persons are village youth who along with the community leaders and community organisations ensure sustained support to the SVEP entrepreneurs at the villages”.

SVEP was approved during 2015-16 and the enterprise formation started in 2017-18. As on 30th November 2018, a total of 30,352 enterprises were formed across 20 States where the scheme is operational. Skill building support is provided to all the entrepreneurs supported under Start-up Village Entrepreneurship Programme through Community Resource Persons for Enterprise Promotion (CRP-EP).

EDII To Create 36,000 Rural Enterprises Under Start-up Village Entrepreneurship Programme

Entrepreneurship Development Institute of India (EDII), an acknowledged national resource Institute for Entrepreneurship Education, Research, Training and Institution Building has boosted rural livelihood and employment in village under Start-up Village Entrepreneurship Programme (SVEP), a sub-scheme of National Rural Livelihood Mission (NRLM), Ministry of Rural Development. The Institute has created over 7,600 rural enterprises under SVEP in last two years. SVEP is dedicated to create sustainable self-employment opportunities for a large number of youth residing in the villages. It also works towards bringing banks and financial institutions closer to the village entrepreneurs.

Selected as National Resource Organisation (NRO), the Institute aims to create around 36,000 rural enterprises by March 31, 2021 under five-year SVEP, which started in 2015-16. The Institute has implemented SVEP in across 42 blocks across states of Gujarat, Madhya Pradesh, Haryana, Jammu & Kashmir, West Bengal, Odisha, Jharkhand, Chhattisgarh, Telangana, Punjab and Uttar Pradesh. The Institute has so far assisted in getting credit linkage to the tune of Rs. 21.2 crore for providing funds to rural enterprises.

Explaining about the scale of the project, Dr. Sunil Shukla, Director, EDII said, “In its first phase of validating the concept, SVEP is expected to support creation and strengthening of about 1.82 lakh village enterprises in 125 Blocks across 24 States in the targeted five years i.e. 2015-16 to 2020-21. This is expected to create employment for about 3.78 lakh persons. EDII’s aim is to create around 36,000 rural enterprises in first phase of 5 years.”

“Micro-enterprises constitute a significant proportion of the existing unregistered enterprises in the country. The purpose of SVEP is to bring majority of these micro-enterprises in the main stream and assist them in funding their business model, which is scalable and can generate rural employment. Through SVEP, these enterprises are provided training and adequate business skills so as to ensure their long-term survival and sustainable employment generation,” he said.

In order to solve problem of credit linkages to rural enterprises and generate rural livelihood, Finance Minister had initiated the idea of SVEP in 2014-15, with project being launched in 2015-16. For 2018-19, the Government has targeted to create 25,000 rural enterprises and provide skilling to 4 lakh trainees under SVEP according to budget documents.

To recall, last month, EDII announced that it will provide entrepreneurship support to over 7,000 youth in 40 aspirational districts (out of total 115 districts identified by Govt. Of India) under the aegis of Department of Science & Technology (DST), National Science & Technology Entrepreneurship Development Board (NSTEDB), Government of India.

In the same month, a report by EDII also revealed that only 5% of the country’s people went on to establish their own business or startups, which is among the lowest rates in the world. Moreover, business discontinuation in India is among the highest in the world at 26.4%, said the EDII report.

About EDII

Entrepreneurship Development Institute of India (EDII) is an acclaimed International Resource Centre facilitating all facets of Entrepreneurship Development. EDII’s mission is to be a catalyst in facilitating emergence of competent first-generation entrepreneurs and transition of existing SMEs into growth-oriented enterprises through entrepreneurship education, training, research and institution-building.

EDII is an autonomous and not-for-profit institute, set up in 1983, and is sponsored by apex financial institutions – the IDBI Bank Ltd, IFCI Ltd, ICICI Bank Ltd and the State Bank of India (SBI). The Government of Gujarat pledged 23 acres of land on which stands the majestic and sprawling EDII campus. To pursue its mission, EDII has helped set up 12 state-level exclusive Entrepreneurship Development Centres and institutes. One of the satisfying achievements, however, was taking entrepreneurship to a large number of schools, colleges, science & technology institutions and management schools in several states by including entrepreneurship inputs in their curricula.

EDII To Create 36,000 Rural Enterprises Under Start-up Village Entrepreneurship Programme

Entrepreneurship Development Institute of India (EDII), an acknowledged national resource Institute for Entrepreneurship Education, Research, Training and Institution Building has boosted rural livelihood and employment in village under Start-up Village Entrepreneurship Programme (SVEP), a sub-scheme of National Rural Livelihood Mission (NRLM), Ministry of Rural Development. The Institute has created over 7,600 rural enterprises under SVEP in last two years. SVEP is dedicated to create sustainable self-employment opportunities for a large number of youth residing in the villages. It also works towards bringing banks and financial institutions closer to the village entrepreneurs.

Selected as National Resource Organisation (NRO), the Institute aims to create around 36,000 rural enterprises by March 31, 2021 under five-year SVEP, which started in 2015-16. The Institute has implemented SVEP in across 42 blocks across states of Gujarat, Madhya Pradesh, Haryana, Jammu & Kashmir, West Bengal, Odisha, Jharkhand, Chhattisgarh, Telangana, Punjab and Uttar Pradesh. The Institute has so far assisted in getting credit linkage to the tune of Rs. 21.2 crore for providing funds to rural enterprises.

Explaining about the scale of the project, Dr. Sunil Shukla, Director, EDII said, “In its first phase of validating the concept, SVEP is expected to support creation and strengthening of about 1.82 lakh village enterprises in 125 Blocks across 24 States in the targeted five years i.e. 2015-16 to 2020-21. This is expected to create employment for about 3.78 lakh persons. EDII’s aim is to create around 36,000 rural enterprises in first phase of 5 years.”

“Micro-enterprises constitute a significant proportion of the existing unregistered enterprises in the country. The purpose of SVEP is to bring majority of these micro-enterprises in the main stream and assist them in funding their business model, which is scalable and can generate rural employment. Through SVEP, these enterprises are provided training and adequate business skills so as to ensure their long-term survival and sustainable employment generation,” he said.

In order to solve problem of credit linkages to rural enterprises and generate rural livelihood, Finance Minister had initiated the idea of SVEP in 2014-15, with project being launched in 2015-16. For 2018-19, the Government has targeted to create 25,000 rural enterprises and provide skilling to 4 lakh trainees under SVEP according to budget documents.

To recall, last month, EDII announced that it will provide entrepreneurship support to over 7,000 youth in 40 aspirational districts (out of total 115 districts identified by Govt. Of India) under the aegis of Department of Science & Technology (DST), National Science & Technology Entrepreneurship Development Board (NSTEDB), Government of India.

In the same month, a report by EDII also revealed that only 5% of the country’s people went on to establish their own business or startups, which is among the lowest rates in the world. Moreover, business discontinuation in India is among the highest in the world at 26.4%, said the EDII report.

About EDII

Entrepreneurship Development Institute of India (EDII) is an acclaimed International Resource Centre facilitating all facets of Entrepreneurship Development. EDII’s mission is to be a catalyst in facilitating emergence of competent first-generation entrepreneurs and transition of existing SMEs into growth-oriented enterprises through entrepreneurship education, training, research and institution-building.

EDII is an autonomous and not-for-profit institute, set up in 1983, and is sponsored by apex financial institutions – the IDBI Bank Ltd, IFCI Ltd, ICICI Bank Ltd and the State Bank of India (SBI). The Government of Gujarat pledged 23 acres of land on which stands the majestic and sprawling EDII campus. To pursue its mission, EDII has helped set up 12 state-level exclusive Entrepreneurship Development Centres and institutes. One of the satisfying achievements, however, was taking entrepreneurship to a large number of schools, colleges, science & technology institutions and management schools in several states by including entrepreneurship inputs in their curricula.

EDII, DST India To Offer Entrepreneurship Support To Over 7,000 Youth in 40 Aspirational Districts

Entrepreneurship Development Institute of India (EDII), an acknowledged national resource Institute for Entrepreneurship Education, Research, Training and Institution Building, will provide entrepreneurship support to over 7,000 youth in 40 aspirational districts (out of total 115 districts identified by Govt. Of India) under the aegis of Department of Science & Technology (DST), National Science & Technology Entrepreneurship Development Board (NSTEDB), Government of India, said a press release sent to IndianWeb2.

Government of India has identified 115 aspirational districts for rapid transformation, sustainable development and growth in the areas of nutrition, education, health, skill development & entrepreneurship amongst others. For promoting science & technology entrepreneurship, EDII has been selected as national resource agency for 40 districts out of total 115 identified by the Government.

Emphasizing on the role of entrepreneurship in sustainable development, Dr. Sunil Shukla, Director, EDII said, “Entrepreneurship has been visualized as one of the strategic development intervention to accelerate the socio-economic development process of underdeveloped areas. For sustainable growth and development, there is a need to inculcate the spirit of entrepreneurship amongst local youth. Through this project, our aim is to mentor a new generation of job creators in the hinterland of India.”

Under the project, entrepreneurship sensitization and development programmes will be organized for potential entrepreneurs of the selected aspirational districts having an urge to set up micro/small innovative business opportunities. In each of 40 districts, 3 such programmes, each with around 60 participants will be conducted over nine-month duration.

“The role of Entrepreneurship sensitization and development programme is set to create awareness among the beneficiaries about the various facets of entrepreneurship so that the discipline gains acceptance of entrepreneurship as a career choice. These programmes aim at providing knowledge and information about the benefits of entrepreneurship and sources of help (financial as well non-financial), incentives and subsidies available from government for different segments of society towards enterprise creation,” said Professor SB Sareen, Project Director and Member Secretary, DST-NIMAT Project, EDII.

EDII has generated employment for over 60,000 persons in Science & Technology field in the last five years. Under Department of Science & Technology (DST)-National Implementing and Monitoring Agency for Training (NIMAT) project, EDII has trained and sensitized over 5 lakh youth towards entrepreneurship from 2013-14 till 2017-18. EDII is the national implementing agency for this project.

EDII is an acclaimed International Resource Centre facilitating all facets of Entrepreneurship Development. EDII’s mission is to be a catalyst in facilitating emergence of competent first-generation entrepreneurs and transition of existing SMEs into growth-oriented enterprises through entrepreneurship education, training, research and institution-building.

EDII is an autonomous and not-for-profit institute, set up in 1983, and is sponsored by apex financial institutions – the IDBI Bank Ltd, IFCI Ltd, ICICI Bank Ltd and the State Bank of India (SBI). The Government of Gujarat pledged 23 acres of land on which stands the majestic and sprawling EDII campus. To pursue its mission, EDII has helped set up 12 state-level exclusive Entrepreneurship Development Centres and institutes. One of the satisfying achievements, however, was taking entrepreneurship to a large number of schools, colleges, science & technology institutions and management schools in several states by including entrepreneurship inputs in their curricula.

'Start-Up India' Fails - Only 5% of Indians 'Startup-ed'; India Has Highest Business Discontinuation Rate

A recent survey report on the situation of entrepreneurship & business in India has put a question mark on the ground-level impact of PM Modi's ambitious Start-up India initiative. The survey found that, 11% of adult population in India is engaged in "early-stage entrepreneurial activities", and only 5% of the country's people go on to establish their own business or startup-ed, which is among the lowest rates in the world.

Moreover, business discontinuation in India is among the highest in the world at 26.4%, says the report.

The Global Entrepreneurship Monitor (GEM) India Report 2016-17 by Ahmedabad-based Entrepreneurship Development Institute of India (EDII) was conducted among 3,400 respondents aged between 18 and 64 years to assess the level of entrepreneurial activity in the country.

The report said that just 4% of the total population accounts for nascent entrepreneurs, who are actively engaged in setting up a business they will own and co-own. Ony 7% are the entrepreneurs who are owner-managers of business which are running for less than 3.5 years. Among the BRICS economies, Brazil has performed well in this survey. The South-American country has the highest rate of established business at 7% and South Africa has the lowest at 3%. Even China has the higher rate of 8%, while it is 5% in both Russia and India, says report.

On total early-stage entrepreneurship (TEA), the report says the early stage ventures are expected to hire 1-5 employees over the next 5 years and only 5% plan to hire more than 5 employees.

Bureaucratic and administrative hurdles lead to business discontinuation in 1.3% of cases. 7% of businesses fail due to financial issues, 6.5% due to personal reasons, 16.9% because of the business turning unprofitable and 58.4% due to other reasons.

All this despite of the fact that exactly a year back industry body FICCI, in its report, suggested that startups in India need government support to lesson the number of failures and revealed that startups success rate is not up to the mark in the country. Perhaps, the government didn't take FICCI seriously.

Going forward with the EDII report, of those engaged in TEA, an enormous 70.9% are in wholesale and retail trade, 12.1% in agriculture, mining, manufacturing and transportation, 9.3% in health, education, government and social service, 4.5% in ICT and finance, and 3.3% in other sectors.

Notably, the above figures show a sharp decrease in early stage entrepreneurial activity in agriculture, which used to be strong in the previous year at 42%.

The Start-Up India campaign has recently completed 2 years of its launch on January 16, 2018. According to the latest report, till date, some 5,350 startups have been recognised in the country with over 40,000 employees working in these startups. Surprisingly, the worst is that the agency that was designated by the Centre to disburse funds to startups has released only Rs 337 crore out of Rs 600 crore to only 75 start-ups in 2 years.

The statistics available on the Startup India official website says that about 99 startups have been funded since the start of this initiative.The official report says that about 8182 startups have got recognition till yet.

Also, few days back we reported that in this year's Asia's startup-friendly countries list, India stands at 8th rank behind China and even Malaysia because of the very fact that it is still the poorest country in Asia with GDP per capita of $1,710, in 2017 and a high unemployment rate.

To recall, in 2016's G20 digital entrepreneurship survey too India was ranked in bottom 10 in group of 20.

Top Image - Newslaundary.com

'Start-Up India' Fails - Only 5% of Indians 'Startup-ed'; India Has Highest Business Discontinuation Rate

A recent survey report on the situation of entrepreneurship & business in India has put a question mark on the ground-level impact of PM Modi's ambitious Start-up India initiative. The survey found that, 11% of adult population in India is engaged in "early-stage entrepreneurial activities", and only 5% of the country's people go on to establish their own business or startup-ed, which is among the lowest rates in the world.

Moreover, business discontinuation in India is among the highest in the world at 26.4%, says the report.

The Global Entrepreneurship Monitor (GEM) India Report 2016-17 by Ahmedabad-based Entrepreneurship Development Institute of India (EDII) was conducted among 3,400 respondents aged between 18 and 64 years to assess the level of entrepreneurial activity in the country.

The report said that just 4% of the total population accounts for nascent entrepreneurs, who are actively engaged in setting up a business they will own and co-own. Ony 7% are the entrepreneurs who are owner-managers of business which are running for less than 3.5 years. Among the BRICS economies, Brazil has performed well in this survey. The South-American country has the highest rate of established business at 7% and South Africa has the lowest at 3%. Even China has the higher rate of 8%, while it is 5% in both Russia and India, says report.

On total early-stage entrepreneurship (TEA), the report says the early stage ventures are expected to hire 1-5 employees over the next 5 years and only 5% plan to hire more than 5 employees.

Bureaucratic and administrative hurdles lead to business discontinuation in 1.3% of cases. 7% of businesses fail due to financial issues, 6.5% due to personal reasons, 16.9% because of the business turning unprofitable and 58.4% due to other reasons.

All this despite of the fact that exactly a year back industry body FICCI, in its report, suggested that startups in India need government support to lesson the number of failures and revealed that startups success rate is not up to the mark in the country. Perhaps, the government didn't take FICCI seriously.

Going forward with the EDII report, of those engaged in TEA, an enormous 70.9% are in wholesale and retail trade, 12.1% in agriculture, mining, manufacturing and transportation, 9.3% in health, education, government and social service, 4.5% in ICT and finance, and 3.3% in other sectors.

Notably, the above figures show a sharp decrease in early stage entrepreneurial activity in agriculture, which used to be strong in the previous year at 42%.

The Start-Up India campaign has recently completed 2 years of its launch on January 16, 2018. According to the latest report, till date, some 5,350 startups have been recognised in the country with over 40,000 employees working in these startups. Surprisingly, the worst is that the agency that was designated by the Centre to disburse funds to startups has released only Rs 337 crore out of Rs 600 crore to only 75 start-ups in 2 years.

The statistics available on the Startup India official website says that about 99 startups have been funded since the start of this initiative.The official report says that about 8182 startups have got recognition till yet.

Also, few days back we reported that in this year's Asia's startup-friendly countries list, India stands at 8th rank behind China and even Malaysia because of the very fact that it is still the poorest country in Asia with GDP per capita of $1,710, in 2017 and a high unemployment rate.

To recall, in 2016's G20 digital entrepreneurship survey too India was ranked in bottom 10 in group of 20.

Top Image - Newslaundary.com

YES Bank Invests Rs 50 Lakh In Antimicrobial Lingerie Startup; To Fund More Startups At EDII

Yes Bank, which has been recognised amongst the Top and Fastest Growing Banks in various Indian Banking League Tables by prestigious media houses and Global Advisory Firms, has recently entered into a tie-up with Entrepreneurship education and incubator, Entrepreneurship Development Institute of India (EDII) so as to provide financial aid to startups being supported by the institution.

In addition to announcing the tie-up, the two parties have also announced the name of the first startup that is being supported by Yes Bank under the initiative. The bank, which has a mission of “Building the Finest Quality Bank of the World in India” by 2020, has decided to provide a whopping Rs 50 lakh loan to EDII supported startup, Green Ideology, under the Credit Guaratee Fund Trust for Micro and Small Enterprises (CGTMSE) programme.

Started four years in 2013, Green Ideology by Abhishek Lodha and Neerja Lakhani has gained fame in the startup market by introducing India to its first ever premium organic antimicrobial lingerie brand ‘Inner Sense’.

The founders were inspired to start 'Inner Sense’ seeing the whole organic movement spreading through India where everyone wanted to live with organically prepared items in order to avoid getting in contact with any harmful chemicals. With Inner Sense, every Indian woman can wear lingerie that is organic, anti-odour andanti-microbial. The lingerie brand also carries a special Inner Sense-Maternity line that resolves to provide fresh colors, prints and styles in super soft nursing bras to relieve moms from boring ones and celebrate motherhood with them.

Gujarat-based Green Ideology had previously been provided a grant of Rs 5 lakh from the Gujarat government to start its operations and launch its product range in the market. This was achieved by the startup by acting through its nodal institute EDII. Now with the Rs 50-lakh debt funding from YES Bank in hand, the startup aspires to scale its business to new heights by increasing its width and depth in products and categories. The lingerie brand, which currently has around 60 styles is selling its products on its own e-commerce portal as well as on all major e-commerce sites in India. It is also selling products in the US, UK, and Malaysia.

Speaking on the association with Yes Bank, Dr. Sunil Shukla, Director, EDII said, "For many years, EDII has been mentoring and supporting start-ups, especially those founded by alumni of our institute. But, our ability to lend to these start-ups was minuscule as we are an educational institute. Now, in association with YES Bank, EDII is in a position to provide debt to more start-ups whom we support in various ways."

Yes Bank, on the other hand, had also recognised the importance of startups for the growth of the Indian economy long ago and started its own YES Head-Startup programme. Speaking on the tie-up with EDII, Rana Kapoor, Managing Director and CEO, YES Bank said, "As an extension of our YES Head-Startup programme, we are pleased to collaborate with EDII to help start-ups scale up and grow rapidly, thereby, creating a multiplier effect on the Indian economy."