• UP government and SIDBI expressed support for promoting the startup culture in UP, including the establishment of over 60 incubators and Centers of Excellence in the past two years. Financial support and infrastructure development were provided to support the growth of the ecosystem.

Noida/Kanpur 20th February 2024: The Government of Uttar Pradesh (GoUP), the Small Industries Development Bank of India (SIDBI) in association with Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur & StartinUP unveiled an ambitious plan to transform Uttar Pradesh into a leading startup hub in India over the next 25 years at an event titled “Amrit Kaal for Uttar Pradesh Startups – Roadmap for Next 25 years”. The event was organised as an in-person interaction with the leading Fund Managers & Startups with the officials of GoUP, to promote the startup culture and nurture the ecosystem in UP through Venture Capital Funding.

The event was graced by key government officials including Shri D. S. Mishra (IAS), Chief Secretary, GoUP and Shri S Ramann (IA&AS), CMD, SIDBI as chief guests. Shri Anil Kumar Sagar, (IAS), Principal Secretary, GoUP, Shri Alok Kumar, (IAS), Principal Secretary, Planning GoUP, Dr. Lokesh M, (IAS), CEO, Noida Authority and Shri Ravi Ranjan, (IAS), Managing Director UP Electronics Corporation Limited (UPLC) in presence of other senior officials of GoUP and over 50 top venture capitalists participated to discuss policies and initiatives to rapidly grow the state’s startup ecosystem.

Shri S P Singh, Chief General Manager, SIDBI, while welcoming the participants & dignitaries, appreciated the proactive policies and support measures taken by the Government of Uttar Pradesh to boost the startup ecosystem in the state. The established incubation platforms and centres of excellence provide critical handholding support to nurture innovative startups. SIDBI stands ready to provide further impetus through the UP Startup Fund of ₹1000 crore set up under the UP IT and Startup Policy 2017. We are committed to working closely with the government and all stakeholders to drive a vibrant startup culture across Uttar Pradesh.

Prof Ankush Sharma, Professor In-charge, Start-up Incubation and Innovation Centre, IIT Kanpur, & Dr Nikhil Agarwal, CEO, AI CoE & FIRST, IIT Kanpur, presented on the topic “Amrit-Kal for UP Startups: Roadmap for next 25 years”, outlining strategies for capitalizing on the current momentum in the state's startup ecosystem.

Shri Alok Kumar, IAS, Principal Secretary, Planning GoUP, highlighted the achievements of the GoUP in the promotion of the Startup culture and how they established more than 60 incubators and Centre of Excellence (COE) in the past two years.

Shri Anil Kumar Sagar, IAS, Principal Secretary, GoUP, highlighted initiatives like StartinUP and skill development centers across major cities of Uttar Pradesh. These efforts have fostered an environment conducive to nurturing innovative ideas, with well-equipped startup incubators ready to support any concept into a viable enterprise.

Shri S. Ramann, Chairman and Managing Director, SIDBI said, "The Government of India's ₹10,000 crore Fund of Funds commitment catalysed over ₹55,000 crore in global capital flows into India's startups, with SIDBI having disbursed funds to the tune of ₹4,300 crore already. This has resulted in about ₹17,000 crore getting invested into around 1,000 startups - demonstrating how alternative investment funds have become the preferred route for risk capital, enabling startups to pursue innovative solutions at scale. With the Securities and Exchange Board of India (SEBI) mandating dematerialization of Alternative Investment Funds (AIF) units, India's secondary market for private investments is set to grow exponentially."

Commenting on this, Prof. Ankush Sharma, Professor In-charge, Start-up Incubation and Innovation Centre, IIT Kanpur, said, "SIIC IIT Kanpur remains committed to enabling Uttar Pradesh’s aspirations to become India’s next leading startup hub through our robust incubation support. We will boost efforts to nurture passionate entrepreneurs across UP through mentoring and easier access to early stage capital. By empowering innovators to develop solutions made in UP for India and the world, we aim to play a seminal role in job creation and equitable development, thereby contributing to the ‘Startup India’ mission."

Startup founders and venture capitalists, including Lal10, Getwork, University Living, SVAS Fund, IAN Fund, Alkemi, Blume Venture, and Chiratae Venture, discussed Uttar Pradesh's potential as a startup hub in comparison with Karnataka and Maharashtra. They shared insights and suggestions for enhancing the startup ecosystem and mobilizing venture capital funds in the state.

Shri Durga Shanker Mishra, IAS, Chief Secretary, GoUP in his remarks as chief guest announced that together with developing the area near the Jewar airport, the Government is also working on a major plan to develop the Bundelkhand area on the model of Noida by setting up Bundelkhand Industrial Development Authority. He assured that the request from various quarters for setting up of RoC at Noida will be addressed with utmost priority by the Government. The government is also working to operationalise 21 airports in Uttar Pradesh and 12 new universities. These measures are being taken to encourage reverse migration of talent in Uttar Pradesh. To address issues being faced by AIFs and Startups, a dedicated single window system will be setup. He also highlighted the importance of collaboration of educational institutes in UP on the lines of the USA.

Shri Ravi Ranjan, IAS, Managing Director of UPLC, gave the vote of thanks and assured the participants that GoUP will proactively resolve problems faced by startups and AIFs going forward. The vision and roadmap presented lays the foundation for Uttar Pradesh to build a thriving innovation ecosystem over the next 25 years with the active involvement of all stakeholders.

About SIIC, IIT Kanpur:

The Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur is one of the oldest and most established incubators in India. It was founded in 2000, during a time when the entrepreneurial ecosystem in the country was still in its infancy. Over the past two decades, the incubation ecosystem at IIT Kanpur has grown and flourished, providing support and guidance to those looking to turn their ideas into successful and meaningful business models. The combination of domain expertise and top-notch infrastructure has led to tremendous social impact and technological advancement over the years.

About UP Startup Fund: The UP Startup Fund was established under the "UP IT & Startup policy 2017" with an initial corpus of ₹1000 Crore. It aims to create a world-class startup ecosystem in the state by developing robust infrastructure and providing a conducive policy environment. This fund is in the form of a Fund of Funds, which means that it does not directly invest in startup companies. Rather, it participates in SEBI-approved funds. The mission of the UP Startup Fund is to promote a culture of innovation and entrepreneurship at the grassroots level, leading to employment generation and the introduction of emerging technologies in niche sectors. This will contribute to the state's economy and empower the youth. The UP Startup Fund is the very first state fund to be operationalized in India.

About SIDBI: Since its formation in 1990, when the risk capital and venture capital ecosystem for innovative enterprises and startups was nearly non-existent in the country, SIDBI has been making a positive impact on the lives of citizens across various strata of society through its integrated, innovative, and inclusive approach. Over the last three decades, SIDBI has taken several pioneering steps to support the building up of the startup ecosystem, including providing support out of its own balance sheet. It has supported the creation of several schemes on its own before emerging as a key partner of the Government of India and several State Governments for managing their vision in the Startup space through Fund of Funds interventions. Apart from FFS, it also manages ASPIRE Fund of Funds of the Ministry of MSME, with a focus on Agro and Rural enterprises, and a state-focused Fund of Funds for Uttar Pradesh and Odisha.