DPIIT, SIDBI organise 'Online Pitching Event' to facilitate funds for startups

New Delhi, Nov 20 (KNN) Small Industries Development Bank of India (SIDBI) and Department for Promotion of Industry and Internal Trade (DPIIT) have facilitated funding for startups by organising Online Pitching Event for finalists of National startup Awards.

DPIIT under the Ministry of Commerce and Industry had recently announced the winners of the first ever National startup Awards on October 6, 2020.

These awards have recognised outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact.

''The awards measured the success of a startup not only by the financial gains for investors but also by the contribution to the social good,'' an official statement said on Thursday.

In continuation of the above initiative, SIDBI, along with DPIIT, is organizing a series of Online Pitching Events for all the startups selected for the National Startup Awards, including finalists.

''The pitching events would be providing a platform to these promising startups for sharing their ideas and vision to the Alternative Investment Funds (AIFs),'' it added.

The first of these events was held on November 19, 2020 preceded by a plenary session. The plenary session was graced by Anil Agrawal, Joint Secretary, DPIIT and attended by senior officials of DPIIT & SIDBI, top officials of 77 AIFs as well as over 190 finalists of National Startup Awards.

In his keynote address, Agrawal said that the startups selected for the National Startup Awards, including finalists, had gone through a robust process of screening and evaluation and as such present an enviable set of candidates for AIFs to engage with. While wishing AIFs and startups a fruitful and long lasting relationship, Agrawal asserted that the government would continue to facilitate the startups’ growth aspirations under various tracks of startup India Mission.

Manoj Mittal, DMD, SIDBI, highlighted SIDBI’s efforts in achieving operational excellence in implementing the Fund of Funds Scheme. Given the push fr0m the government on both the supply side and demand side of the startup ecosystem, he stressed the need for enough intermediaries to supply capital made available by the government or other investors.