“I don’t think money will ever be in short for those startups,” he added.
His comments come at a time when startups are struggling to raise funds amid increased market volatility and macroeconomic concerns. Many Indian startups have also resorted to layoffs in a bid to cut costs.Kant also said that the market for Indian startups is “not just the 1.4 billion people of India, but the next 4-5 billion people of the world entering the middle class”.
“Government should only do policymaking; wealth creation is the private sector’s job. Startups should focus on disruption,” he added.
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ET reported on Friday that the Indian startup ecosystem saw a jump in funding for the period between March 11 and March 17, 2023, compared to last year at the same time, largely due to late-stage investments in omnichannel eyewear company Lenskart and Walmart-owned fintech PhonePe.
A total of $782 million was poured into Indian startups in this week across 25 rounds, a 34% jump compared to the same period last year when startups raised $582 across 66 rounds, according to data provided by market intelligence firm Tracxn.