STPI Startups Raise Rs 286 Cr Funding

New Delhi, Mar 22 (PTI) State-run STPI-supported 134 startups have raised Rs 286 crore in funding from investors, a top official of the organisation said.

While speaking at an event, Software Technology Parks of India (STPI) Director General Arvind Kumar said the organisation, formed under the Next Generation Incubation Scheme (NGIS) of the Ministry of Electronics and IT, has given early-stage seed capital of Rs 30.87 crore to 136 startups and financially incentivised 359 others through a stipend amount of Rs 3.57 crore.

"Amongst these supported startups, 134 have also been able to raise external funding from an investor community comprising angels and venture capitalists of about Rs 286 crore, which is not only a validation of their business but also the testament of the progress made by these startups," Kumar said during the STPI Sangam event on Friday.

"I am proud to share that 44 per cent of STPI's startup portfolio consists of women entrepreneurs, many of whom come from Tier-2 and Tier-3 cities. We are not just honouring startup success stories today; we are also reflecting on how we can improve, refine our policies, expand our outreach, and ensure that our startup ecosystem reaches its full potential," Kumar said.

STPI is the oldest and biggest known incubator in the country.

It was started to facilitate and support businesses of IT-ITes companies when the revenue was USD 20 million (about Rs 52 crore) in 1992-93.

Today, the revenue of the IT-ITes sector has crossed USD 250 million, of which USD 200 billion is from exports.