MeitY Start-Up Hub, Razorpay Join Hands to Boost India's Deeptech Sector

MeitY Start-Up Hub has partnered with fintech unicorn Razorpay to empower the next wave of deeptech and emerging tech start-ups across the country. In short, the tie-up will focus on start-ups operating in various sectors like artificial intelligence (AI), blockchain, robotics, and IoT.

These start-ups will get access to Razorpay’s platform, Razorpay Rize’. In addition, they will also get Y Combinator application support, mentorship from Razorpay experts, and access to its payment & banking services.

“As India advances toward becoming a global innovation powerhouse, it is critical that out start-ups grow with both agility and integrity. Our partnership with Razorpay will play a pivotal role in shaping this journey by empowering founders, especially in tier 2 and 3 cities, where access to capital, mentorship, and digital infrastructure is rapidly evolving,” said MeitY Start-up Hub CEO Panneerselvam Madanagopal.

Rize will shortlist a cohort of start-ups every quarter, which will gain access to its community with peer networks, mentorship with experts from Razorpay, a verified founder directory, and invitation-only masterclasses focused on navigating the early stages of building and scaling a start-up.

The cohort will also receive exclusive credits across Razorpay’s product suite, including its payment gateway, business banking platform, and payroll management solution, providing them with the financial infrastructure to scale from day one.

This partnership came after Union Minister Piyush Goyal made some fiery critical comments on Indian start-up ecosystem. He drew a sharp comparison between Indian and Chinese businesses, while giving a wake-up call to entrepreneurs to change their perspective.

“Are we happy about being delivery girls and boys? Food delivery apps are turning unemployed youth into cheap labour so the rich can get their meals without moving out of the house. Kids of billionaires are making fancy ice cream/cookies and calling it a start-up,” said Goyal while addressing the event on April 3.

He also expressed his disappointed over Indian start-ups being acquired by foreign players, emphasising that new ventures should focus on preparing the nation for the future. “When I come to know that a bright idea of a young start-up got sold to a foreign company for Rs 25 lakh or Rs 50 lakh, I feel sad about it,” the minister added.