India-UAE Start-Up Corridor to support 10 startups enter unicorn club by 2025
New Delhi, May 25 (KNN) The India-UAE Start-Up Corridor which will be soon launched in Dubai is to target a minimum of 50 validated start-ups based in India and the UAE over a period of five years with the vision to grow 10 of them into unicorns by 2025.
A unicorn is a start-up valued at more than USD 1 billion, and as of May 6, 2022 India has 100 unicorns.
FICCI LEAD and the Dubai International Financial Centre (DIFC) also recently inked a landmark MoU to launch the ‘India-UAE Start-Up Corridor’.
Around 10 technology-led innovative start-ups from various sectors, including financial services, education and logistics, have been shortlisted for the inauguration of the India-UAE Start-Up Corridor in Dubai.
The objective of the initiative is to enhance and expand the start-up ecosystem between India and the UAE. It will also further the vision of the leadership of both countries under the recently signed Comprehensive Economic Partnership Agreement (CEPA).
Speaking about the agreement, Arif Amiri, CEO of DIFC Authority said, “Indian banks, insurers, law firms and wealth managers have already chosen DIFC as their preferred global financial centre in the region and we are delighted to be working with FICCI LEAD to build a corridor that will attract more Indian start-ups to set up here.”
Ajai Chowdhry, Chairman of FICCI Start-Up Corridor & FICCI Lead said, "This landmark MOU is the beginning of an important partnership on enhancing opportunities in the innovation and entrepreneurship ecosystems between India and the UAE. FICCI remains committed to progressively scaling this India-UAE Start-Up Corridor in collaboration with our partner, DIFC, and help convert at least 10 start-ups into unicorns."
The Start-Up India was launched by Prime Minister Narendra Modi in January 2016 to give impetus to the indigenous ecosystem and encourage innovation and entrepreneurship. (KNN Bureau)