In a significant milestone for India’s startup ecosystem, 134 startups supported by the Software Technology Parks of India (STPI) have successfully raised Rs 286 crore in funding from investors, including angels and venture capitalists. This announcement was made by STPI’s Director General, Arvind Kumar, during the STPI Sangam event held recently.
The initiative, launched under the Ministry of Electronics and IT’s Next Generation Incubation Scheme (NGIS), has not only provided early-stage seed capital of Rs 30.87 crore to 136 startups but has also financially incentivized 359 other startups through a stipend amounting to Rs 3.57 crore.
Kumar emphasized that the raised funds stand as a testament to the progress these startups have made. He further highlighted that 44% of the supported startups in the STPI portfolio are led by women entrepreneurs, many of whom hail from Tier-2 and Tier-3 cities. This effort demonstrates STPI’s commitment to fostering diverse and inclusive entrepreneurial growth.
Established in 1992-93, STPI began its journey with a modest revenue of $20 million (approximately Rs 52 crore), specifically designed to aid IT and IT-enabled services (IT-ITes) companies. Over time, the organization has evolved into India’s largest and oldest incubator, and today, the IT-ITes sector’s revenue has surged to over $250 million, with $200 billion generated from exports.
The success of STPI-backed startups marks a pivotal moment in the growth of India’s startup ecosystem, setting the stage for continued innovation and investment.
