Startup accelerator BharatX will invest USD 15 million (about Rs 122 crore) over the next 18 months in the Indian startup ecosystem, the firm said on Thursday.
A joint venture between India Accelerator and think-tank Council for International Economic Understanding (CIEU), BharatX will invest Rs 1-5 crore in each startup during the first edition of the accelerator programme.
"The number of startups in India rose from 471 in 2016 to 72,993 by June 2022, which is fuelling the Indian tech wave. To build a Swadeshi Startup Ecosystem in India, BharatX announces to inject USD 15 million over the period of 18 months to build and scale nationwide," BharatX said in a statement.
The swadeshi startup ecosystem in India has been developing with the growth of emerging technologies, young talent and infrastructure to support them. And BharatX works as a growth enabler to support that ecosystem, the statement said.
"With India becoming the third largest startup ecosystem in the world, Bharat-specific startups from Tier 2 and Tier 3 cities require different interventions and ecosystems to help build solutions for the next over 800 million people. Bharatx will bridge that gap and enable the next stage of expansion of the startup ecosystem through specialised programmes," BharatX CEO Munish Bhatia said.
BharatX will also facilitate access to leading corporations along with a dialogue with policymakers.
"The aim to accelerate startups and to rejuvenate growth in rural India and smaller towns can truly make a huge economic impact. There is a great potential in rural and smaller towns, which is the 'Real Bharat' to give tough competition to the world, in terms of cost, latent talent and manpower," BharatX Governing board member and Swadeshi Jagran Manch, National co-convenor, Ashwani Mahajan said.