MeitY Startup Hub Investor Connect Programme To Provide Funding Opportunities To Startups In Mumbai

The MeitY Startup Hub (MSH) is organising its ‘Investor Connect Programme’ at SINE, IIT Bombay on April 19, 2024. The event, a part of a nationwide series, is being held to empower emerging startups by connecting them with investors. 

The event, supported by Society for Innovation and Entrepreneurship (SINE), IIT Bombay and powered by Inc42, is the fourth in the series. The previous events were held in Jaipur, Ahmedabad and Delhi NCR, in that order. 

It is pertinent to note that Maharashtra has 1.2K+ funded startups, which have cumulatively raised  $23 Bn+. About 23% of the funded startups in the country are from Maharashtra. 

The event will provide a platform to pan-India startups to connect with potential investors, showcase their ideas and receive constructive feedback for sharpening their pitches and business models.  

While cities such as Mumbai draw substantial investment, obtaining funding proves challenging for numerous startups, particularly those in their early stages. This Investor Connect programme will connect startups from across Maharashtra with incubation centres like Sandip TBI, Venture Center in Pune, Zone Startups and STPI-supported CoE MOTION, AIC-Pinnacle and SINE, IIT Bombay. 

Ten startups will get a platform to pitch ideas directly to potential investors, including Rishiraj Kalita (AVP, Huddle Ventures), Rhea Sthalekar (VP, Capria Ventures), Rahul Singhvi (principal – investments, Artha Venture Funds) and Kanchi Daiya (regional head – west India, IAN), We Founder Circle, Vaillant Capital Partners, Ankur Capital, Piper Serica Fund, ah! Ventures and 100X.VC. It will increase the chances of these startups securing funding and fueling growth. 

Mumbai — India’s Third-Highest Funded Startup Hub

As a result of the efforts made by state governments over the years, about 22% of unicorns in India are from Maharashtra. Going ahead, the Maharashtra government plans to create dedicated startup zones with all necessary facilities under one roof. These zones will offer data centres, coworking spaces, housing and high-speed internet. 

Within Maharashtra, Mumbai has emerged as a startup hub. The state capital is the third-most funded startup hub in the country. 

In 2023, Mumbai saw two mega deals. While Mumbai-based quick commerce unicorn Zepto raised $231.25 Mn across two deals last year, B2B digital lending startup Mintifi raised $110 Mn (INR 902 Cr) in its Series D funding round, led by Premji Invest. 

It is fitting that the Investor Connect programme is being held at SINE, IIT Bombay. Established in 2004, SINE is an umbrella organisation at IIT Bombay for fostering entrepreneurship and nurturing technology startups. It provides ‘Start to Scale’ support to technology startups and innovators. Over the years, it has built capabilities to support startups with robust intellectual property (IP).

In addition to IIT Bombay, SINE is also supported by various ministries of the Indian government, including the Ministry of Electronics and Information Technology (MeitY), the Department of Science and Technology (DST), and the Biotechnology Industry Research Assistance Council (BIRAC) under the Department of Biotechnology (DBT), Ministry of Power, and Ministry of Defence. The DST has selected SINE as a ‘Centre of Excellence’ to provide scale-up support. Meanwhile, SINE is also backed by corporate partners. 

Initiatives such as the Investor Connect programme by MSH help investors discover the startups solving unique problems. The programme is all set to catalyse the startup culture in India and help build an inclusive ecosystem for innovation and entrepreneurship in the world’s third-largest startup ecosystem.