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$4.3bn funds raised by Indian start-ups in 9 months: Nasscom

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Bengaluru, Oct 25 (IANS) Depicting growth in Indian start-up industry, a total of $4.3-billion (Rs 31,476-crore) were raised by the start-ups over a span of 9 months from January to September, IT industry apex body Nasscom said on Thursday.

“The investment in Indian start-ups increased 108 per cent annually from $2-billion from January to September in 2017, to $4.2-billion during the same period in 2018,” Nasscom president Debjani Ghosh told reporters at the 15th edition of Nasscom Product Conclave 2018 being held in this tech hub.

The IT trade body released its report on ‘Indian Start-up Ecosystem — Approaching Escape Velocity’ as part of the two-day conclave, which said a total of 1,200 start-ups were added in 2018 till September.

The number of start-ups in the country grew over the past five years with a total of about 7,200-7,500 as on September, the report said.

The apex body, however, did not share how many start-ups are active and functioning.

A total of eight unicorns, which are start-ups valued at over $1-billion, were added to the start-up ecosystem in the country, the highest number in a calendar year in the start-up history, the report said.

Hospitality firm Oyo, food delivery and restaurant search platform Zomato, food delivery platform Swiggy, business-to-business e-commerce start-up Udaan, educational technology app Byju’s, digital payments app Paytm owned e-commerce platform Paytm Mall, software maker Freshworks and digital insurance aggregator Policybazaar became unicorns this year.

Start-ups in the country have been able to create an estimated 40,000 new jobs over the year, taking the total jobs in the start-up ecosystem to 1.6-1.7 lakh, the report assessed.

Another four to five lakh indirect jobs are also estimated to be created by the start-ups.

“This is the right time for India to become a bigger start-up hub in the world, as it is brimming with innovation and new ideas. We ask the government to open itself as the market and allow start-ups to sell their products to the government which can make a huge difference,” Ghosh stressed.

There was a need for the governments to support start-ups in a big way, especially in a seed-funding stage (early investments until start-ups can generate revenue), she added.

Improving the ease of doing business in the country was also another factor that could aid start-up growth, Ghosh said.

“Enabling structured institutional support for early stage start-ups to tap global markets, aligning state policies to help create sector-specialist start-up hubs and focus on capacity building are some of the areas to be worked on by the industry to accelerate growth in India’s start-up ecosystem,” the report said.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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