“It’s A Great Time To Be An Investor And An Entrepreneur In India”
The startup ecosystem in India has been oozing positivity in our nation by being the important engine for growth and job generation, and due to vast commercial potential for startups, India is often described as the poster child of emerging markets.
Five years since the launch of the Start-Up India initiative by Prime Minister Narendra Modi, India is witnessing a golden chapter in the history of Indian entrepreneurship. Very recently in a press conference PM Narendra Modi also called startups "backbone" of new India, and declared Jan 16 as 'National Startup Day.’
“Startups are going to be the backbone of new India. When India completes 100 years of independence, startups will have an important role,” Modi said. “Country's innovators are making the country proud globally," he added. Alongside, Vikram Gupta, founder and MD, Ivycap Ventures also claimed,” it’s a great time to be an investor and an entrepreneur in India.
The Purplle backer has recently announced the first close of its Fund 3 at ₹1,608 crores ($214 mn). Of which Two-thirds of the Fund 3 has been raised from its existing investors.
Now talking about how one of the biggest venture capitalists will utilise this raise, Gupta stated,” We will continue to focus on investing into series A, where our focus lies largely. We will strictly focus on funding or investing in about 20-25 companies with the fund we have just raised of 1608 cr in our third series where 70 per cent came in from existing investors. Our investment in funding shall lie in the range of five to seven million dollars.
