Startup20 to Create Global Collaboration, Raise Funding, Says Indian Startup Leaders

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Sayantan Mondal, Apoorva Bajj

Sep 20, 2023 — 5 min read

Startup20 to Create Global Collaboration, Raise Funding, Says Indian Startup Leaders

The Startup20 initiative of G20 nations aims to create a global narrative, shape G20 policy, and provide a platform for startups to connect and showcase their innovations. The G20 targets to raise $1 trillion by 2030 in the global startup ecosystem.

The G20's Startup20 initiative is an official engagement group established under the Indian presidency of the G20 2023. It is the first-of-its-kind engagement group for startups and aims to act as the voice of the global startup ecosystem, bringing together varied stakeholders on a common platform. It aims to create a global narrative, shape G20 policy, and provide a platform for startups to connect and showcase their innovations.

G20's Startup20 Initiative Sets Ambitious $1 Trillion Investment Target by 2030, Igniting Global Collaboration
Indian Entrepreneurs Embrace Startup20 Initiative, Paving the Way for Innovation and Global Impact

G20's Startup20 Initiative Sets Ambitious $1 Trillion Investment Target by 2030, Igniting Global Collaboration

G20, home to more than 8,50,00 startups and over 1,500 unicorns, now has become the world’s new economic trailblazer. For Indian startups and entrepreneurs, the Startup20 initiative is a significant step forward on the global stage. Following the recently concluded G20 Summit, business leaders and entrepreneurs are eyeing global collaboration to facilitate growth, enhance funding opportunities, and break into newer markets.

The New Delhi Declaration has announced a dauntless target of generating $1 trillion in G20’s investment in the global startup ecosystem by 2030. The Startup-20 Communique, developed by India in collaboration with representatives from other G20 countries, explicitly points out that there is minimal alignment concerning policy frameworks, regulatory histories, and market development levels among the group.

While talking to ANI, Prince Fahad Bin Mansour Al-Saud of Saudi Arabia said, “We have signed an MoU that bridges both startup ecosystems and entrepreneurship and investors…we are part of this MoU to initiate a joint fund between Saudi and India to invest into startups in both countries and I believe that this is just the beginning, and this is the foundation for what is coming.”

Indian Entrepreneurs Embrace Startup20 Initiative, Paving the Way for Innovation and Global Impact

India, once termed as the world’s BPO, is now being transformed into the center of innovation. StartupTalky spoke with startup founders and entrepreneurs to analyze the benefits of the New Delhi Declaration for Indian startups. With the rapid digitalization across all sectors, Bhavik Vasa, Founder and CEO, of GetVantage believes that there could not be a better time to launch a new brand, business, or startup than in India right now. He mentioned that the market dynamics are playing out favorably for startups and small businesses.

Mr.Dev Arora, Co-founder & CEO of Alt Mobility, said, "This will ideally lead to a far higher degree of understanding, respect, and commitment on the part of every G20 government in every G20 nation to focus on startups. As is well known, India boasts the third-largest startup ecosystem in the world. Over the past seven or eight years, the Indian government has placed a strong emphasis on the startup sector, in contrast to the majority of G20 nations."

Deep Bajaj, Co-founder and CEO, of Sirona Private Hygiene Limited, said, “I am inspired by the remarkable potential and innovation that the G20’s Startup20 initiative represents. These startups are not just shaping the future of industries; they are crafting the narrative of progress and transformation on a global scale. Together, we stand at the intersection of entrepreneurship and impact, where the power of innovation converges with the commitment to make a meaningful difference in the world. Let us harness this collective energy and creativity to redefine the future of our industries and pave the way for a more sustainable and inclusive world."

Mr. Nageen Kommu, CEO, of Digitap, mentioned that this Startup20 initiative is an opportunity to unfold themselves in the international market. However, he also believes that the Indian fintech ecosystem is well ahead of a lot of countries in terms of innovations, especially from the West. “You are now seeing a lot of startups mushrooming around the account aggregator ecosystem which is one of the flagship initiatives of the Indian government,” he added.

Mr. Kommu said, “Now we are seeing countries like UAE and France adopting our UPI ecosystem. So, we have that edge in terms of some of the technology and some of the innovations that we have gotten about, especially around the digital infrastructure like Aadhaar, UPI, and account aggregators. It will help us, the Indian startups, to take these initiatives outside our country and then start internationalizing them,”

He also said that there is a huge potential around the lendingtech industry as well. “While Western markets possess the digital infrastructure to support underwriting, there remains a substantial need for LOS and LMS solutions of the kind that Indian companies have developed at scale to serve a vast customer base within India,” Mr. Kommu added.

Amitabh Kant explains India’s contribution to G20 - ‘Startup 20’

Mr. Rohit Boda, Group Managing Director, J B Boda Group and Founder, R B Ventures shared that this recognition not only encourages governments to cultivate environments conducive to start-ups but also underscores the significant contribution start-ups make to GDP growth and job creation.

Mr. Boda said, “The Start-up 20 initiative encourages an innovation culture by promoting collaboration among start-ups, academia, and industry. It can also help to address some of the global challenges that we face today, such as climate change and poverty. By supporting startups that are developing innovative solutions to these challenges, this initiative can help to create a better future for all.” “As we engage with initiatives like Start-up 20, we contribute to a brighter, more innovative, and prosperous global economy that benefits us all, whether as investors seeking returns or as start-up founders driving transformative change,’ he added.

Ms. Zaiba Sarang, Co-founder, of iThink Logistics mentioned that this initiative catalyzes enhancing their global logistics solutions through strategic collaborations and partnerships. It also provides a framework for sustainable growth, rather than mere expansion.

Pramod Kathuria, Founder and CEO, of Easiloan, praises the Startup20 initiative and believes that it would help in attracting talent and cross-border technologies and would broaden market access, providing a more conducive environment for startups.

Mr. Kathuria also said, “The Startup20 initiative is a pivotal development for Indian startups, as it secures their inclusion in the Leader's Declaration. This strategic move aims to remove obstacles, simplify access to capital, and decrease regulatory burdens. The policy framework will not only benefit India but also strengthen the startup ecosystems throughout the G20 nations.”

As we embrace initiatives like Startup20, we contribute to a brighter, more innovative, and prosperous global economy. Whether as investors seeking returns or as startup founders driving transformative change, the Startup20 initiative paves the way for a future where entrepreneurship and impact converge, shaping a more sustainable and inclusive world for all.