Taking a cue from foreign investors, family offices are looking to invest in India's nascent deeptech startups, according to Union Minister, Piyush Goyal.
In an interaction with Outlook Business, Goyal said, “A lot of Indian family offices have started looking at the deep-tech sector as they are seeing good returns"
Taking a cue from foreign investors, family offices are looking to invest in India's nascent deeptech startups, according to Union Minister, Piyush Goyal.
In an interaction with Outlook Business, Goyal said, “A lot of Indian family offices have started looking at the deep-tech sector. They are seeing good returns.”
Over the past few years family offices of wealthy business promoters in India such as Premji Invest, Catamaran and Claypond have taken to investments in the country's technology and startup sector
On asking should India consider leveraging its pension fund to build a supportive ecosystem for tech sovereignty, the Union Minister said, “I think pension funds or insurance capital is best left to them to decide how to deploy. That money belongs to employees. And the government would not like to micromanage or direct how that money should be utilised or invested.”
According to a news report by Outlook Business, family offices have gained prominence in India lately, thanks to the increasing number of ultra-high-net-worth individuals (UHNIs). These entities bring patient capital to new age businesses and bridge the gap between entrepreneurial ambition and financial backing. To note, family offices accounted for $9.6 billion of the $23.7 billion VC investments in Indian start-ups in 2022.
As per a report, Reportedly, nearly 15 % of the capital invested in Indian start-ups came from domestic sources in 2023, and the rest came from foreign investors.
Goyal stated that he has been actively engaging with major corporations, particularly through the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI), and their members to have a dedicated startup committee.
The Union Minister assured that the government will never micromanage, the decision to invest will have to be an independent decision of these business entities.