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Every eight to ten days, an Indian startup becomes a unicorn: PM Modi

by Shailee Mishra

Date & Time: May 15, 2022 8:00 PM

Read Time: 1 minute

On May 13, as part of the MP Startup Conclave in Indore, Prime Minister Narendra Modi virtually launched the Madhya Pradesh Startup Portal.

During the event, the state also unveiled its new startup policy, which was drafted in a record-breaking five months. The Prime Minister stated in his speech that India has nearly 70,000 recognized startups, with one unicorn emerging every eight to ten days.

He also mentioned that state startups could collaborate with the informal sector to bring it up to speed with the formal sector. He cited the Indore-based business-to-business retail platform ShopKirana, which can work with street vendors to bring them online, and the agritech firm Gramophone, which can work with farmers in the state on chemical-free agriculture initiatives.

Chief Minister Shivraj Singh Chouhan said during his speech at the MP Startup Conclave that the state was looking to make stamp duty competitive with that of other states.

He went on to say that in addition to the state Startup Policy, they were working on an electric vehicle policy. Organic farming, solar power companies, and others in the fields of AI (artificial intelligence), auto, pharma, logistics, and warehousing have all seen startups emerge in the state.

Since the state government assumed power on January 26, 2022, startups in the state have received Rs 700 crore in funding.

"Women have founded nearly 43% of all startups,"

For real-time access to startup profiles, the MP Startup Portal will provide single sign-on and API integration with the Startup India Portal. Incubators, investors, mentors, and promotion partners will all be able to manage their profiles through the portal. It will also organize a state innovation challenge and assist startups in connecting with mentors and investors.

The state government selected six beneficiaries for financial assistance as part of the MP Startup Policy and Implementation Scheme 2022. We360.ai, a cloud-based employee monitoring software, and 

Physiocare Healthcare Private Limited were also honoured by the Chief Minister.


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