Union Minister of Commerce and Industry, Piyush Goyal, launched the 'PRABHAAV Factbook' and the 'Bharat Startup Grand Challenge' on Thursday while celebrating nine years of Startup India in New Delhi. The event also marked the curtain-raiser for the second edition of the Startup Mahakumbh. Goyal revealed that 2,500 startups would participate in the Startup Mahakumbh, starting in April.
"The success of the Startup India mission must be attributed to funding instruments like the Fund of Funds for Startups (FFS), administered by the Small Industries Development Bank of India (SIDBI) and financed by the Government of India," the Union Minister said at the event.
Posting about the celebration on X, the Minister stated that the occasion "celebrated the relentless efforts of our entrepreneurs, who have left no stone unturned in redefining India's global standing in innovation and enterprise."
According to an official statement from the Ministry of Commerce and Industry, Goyal also highlighted the crucial role of private equity (PE) and venture capital (VC) in supporting startup growth. "Our collaboration with PE and VC firms has been instrumental in supporting innovation and accelerating the journey of startups from ideation to execution. This partnership has not only provided funding but also brought in global expertise and networks, helping our startups compete on an international level," he said.
India's startup ecosystem has seen significant growth. In 2024, the country witnessed 76 initial public offerings (IPOs) and became the world's third-largest startup ecosystem, with 1,59,157 startups as of 15 January 2025. This marks a dramatic rise from around 500 startups in 2016.
According to the Minister, this ecosystem has generated 17.2 lakh direct jobs, and startups have received ₹13 trillion in government funding.
The scheme has acted as a transformative tool, mobilising private capital to support startups, particularly in Tier II and Tier III cities, enabling them to scale operations and make significant economic contributions. Goyal also said that the startup movement would gain further momentum with increased private funding in the future.
Through the BHASKAR platform, the government aims to connect startups with mentorship, financial instruments, and resources while fostering collaboration across the nation.
The broader impact of startups extends beyond economic contributions, Goyal noted. "Startups are not merely businesses; they are agents of change. They have addressed some of the most pressing challenges of our time—whether in sustainability, renewable energy, healthcare, or digital transformation. Through their innovation and resilience, they are shaping a better future for all of us," he added.
He reaffirmed the government's commitment to accelerating the growth of India's startup ecosystem and supporting entrepreneurs in areas such as digitech, health tech, fintech, big data, artificial intelligence, and data analytics.
India is entering the Amrit Kaal with strong macroeconomic fundamentals, Goyal emphasised. "The next 25 years will be a defining period for India. Our startups will play a crucial role in realising the vision of a self-reliant, inclusive, and globally competitive India. The government is fully committed to providing all necessary support—whether through policy initiatives, infrastructure, or access to capital—to ensure their success," he said.
Goyal further highlighted that India produces the highest number of STEM graduates globally, with 43% being women. He pointed out that women are at the core of India's growth story, citing initiatives such as the Women Entrepreneurship Platform, which empowers women-led startups by providing resources and opportunities to thrive.
Speaking about the Startup Mahakumbh initiative, the Minister said, "It is appropriate that the largest startup event should be in India, as it represents a confluence of ideas, talent, and opportunities. This event will showcase the unfolding story of Bharat to the world."
The Department for Promotion of Industry and Internal Trade (DPIIT) also launched the PRABHAAV Factbook (Powering a Resilient and Agile Bharat for the Advancement of Visionary Startups). According to the DPIIT, PRABHAAV serves as the ultimate guide to India's thriving startup ecosystem and its growth story from 2016 to 2024.
The Bharat Startup Challenge aims to tackle 75 challenges across various sectors. It invites thinkers to solve business challenges in areas such as renewable energy, blockchain, smart manufacturing, agritech, semiconductors, and social commerce. The challenge offers startups procurement opportunities, cash prizes, funding, mentorship, networking, and capacity-building initiatives.
Union Minister of State for Commerce and Industry Jitin Prasada, DPIIT Secretary Amardeep Bhatia, Additional Secretary and CEO of GeM L. Satya Srinivas, Additional Secretary and Financial Advisor of DPIIT Arti Bhatnagar, DPIIT Joint Secretary Sanjiv, DPIIT Director Sumeet K. Jarangal, SIDBI CMD Manoj Mittal, Accel Founding Partner Prashant Prakash, Info Edge India Founder Sanjeev Bikhchandani, ASSOCHAM President Sanjay Nayar, and Rukam Capital Managing Partner Archana Jahagirdar were also present at the event.
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