India remains a key market for VC funding activity in the Asia-Pacific region, standing next to China, and is among the top five global markets in terms of deal volume and value
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As we observe World Entrepreneurs Day, Sumegh Bhatia, Managing Director and CEO of Lighthouse Canton India notes, "Supportive funding and regulations are key to sustaining this vibrant ecosystem"
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As of May 2023, India is home to 108 unicorns with a combined valuation of USD 340.80 billion. The swift emergence of these unicorns, often within a few years of founding, underscores the strength of India’s startup ecosystem and its potential for continued global leadership
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Bollywood actor Akshay Kumar, Ravi Jaipuria and Gaurav Dalmia have also joined FEF
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Experts believe that these changes will encourage more startups to remain local rather than seeking registration outside India in places like the US or Singapore to raise capital. These budget provisions are set to generate a significant positive impact by fostering more domestic capital.
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By eliminating the tax, the government acknowledges the significant contributions of the alternative assets and private capital industry, which play a pivotal role in fostering enterprise creation and innovation
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Prior to the budget, the Department for Promotion of Industry and Internal Trade (DPIIT) had recommended the removal of the angel tax, following consultations with the startup community
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The Union Budget is expected to be finely balanced, maintaining fiscal prudence while addressing key startup priorities, including tax reforms, infrastructure investments and enhanced support for emerging sectors like Cleantech, deeptech, AI and more
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It is a sector-agnostic initiative designed to provide entrepreneurs with all the necessary support for building and scaling their startups. Which includes space, mentorship, training, and funds for proof of concept
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