NEW DELHI — The Department for Promotion of Industry and Internal Trade (DPIIT) on Saturday said it has partnered with Stride Ventures, a leading venture debt firm, to boost the growth of startups in the country and widen their global footprint.
Stride Ventures will curate dedicated programmes and collaborate on engagements like the 'Bharat Grand Challenge' to promote entrepreneurship, innovation and investment.
According to DPIIT, which is under the Ministry of Commerce and Industry, the collaboration will be instrumental in creating enormous opportunities for startups by integrating financial support with strategic mentorship and market access.
“The collaboration with DPIIT adds new momentum to our mission of empowering entrepreneurs to 'Make in India' and create impactful, globally resonant solutions,” said Ishpreet Singh Gandhi, Founder and Managing Partner of Stride Ventures.
“This partnership, coupled with our billion-dollar commitment to nurturing startups, reaffirms our resolve to strengthen India's startup ecosystem. Together, we aim to unlock immense potential and deliver transformative impact at a global scale,” he added.
Stride Ventures will focus on identifying startups with high-growth potential, offering funding, market access and policy support.
Startups from tier 2 and 3 cities will receive targeted guidance, mentorship and access to a global mentor network to support their scaling journey.
Additionally, the initiative will create awareness about diverse fundraising instruments, including venture debt, to enable startups to cherish their growth aspirations, said the VC firm.
The endeavour aligns with the ‘Make in India’ and ‘Make for the World’ strategies, targeting sectors such as manufacturing, consumer, B2B and cleantech.
Nearly 157,066 startups have been recognised by DPIIT to date and 759,303 users are registered on the portal (as on December 25). The country now has more than 73,000 startups with at least one-woman director that have been recognised under the ‘Startup India Initiative’, according to latest government data.