According to Kant, there is a flush of funds for the well-structured and good projects
Kant also asserted that corporate governance is crucial for sustenance and growth of startups
Earlier he also called for self-governance for the startups to mature into a robust company
India’s G20 Sherpa Amitabh Kant said that there is no shortage of funds for good startups. Addressing the Startup20 Shikhar Summit, Kant said that there is funding spring for the good startups with better plans and goals.
According to an Economic Times report, Kant spoke about the growth of India’s digital infrastructure. The Sherpa added that there has been a rise in the use of biometric ID and digital payments. He noted that India has more than 1 Lakh startups and 108 unicorns.
The report quoted him saying, “Startup innovators start innovating and lose out on good governance. Today’s startup is tomorrow a Fortune 500 company. So the issue of financial propriety and governance is important.”
According to Kant, the culture of good governance across the startups must be made by the startups themselves. “Self regulation is the key from inception to early stage to maturity to IPO,” he added.
While the Indian startups are facing lashes for all the wrong reasons like BYJU’S delaying financial filings, Zilingo and BharatPe involving in disputes, GoMechanic and Mojocare fudging numbers, etc; Kant called for a self-regulatory framework for Indian startups.
Just days back, he addressed an event saying that integrity of the initial funders is crucial for sustenance and growth. For transformation of a startup into a good company in the long run, there is no exception to good governance, Kant asserted.
In May this year, he also advised the Indian startups to build strategies to improve corporate governance and create new benchmarks not only for India but also for other G20 nations. During the speech, he pointed out that though Indian startups are great innovators, they often ignore the importance of good governance and financial management. To grow stronger maturity is mandatory on the part of the startups entrepreneurs, he added.