Outlook Business Desk
The Startup Maha Rathi challenge is part of the 2nd edition of Startup MahaKumbh, an event led by the Federation of Indian Chambers of Commerce & Industry (FICCI) and supported by government departments like the National Startup Advisory Council, Department for Promotion of Industry and Internal Trade (DPIIT), and Startup India. This initiative seeks to empower startups across India by offering Rs 30 crore in funding, mentorship from industry experts, and networking opportunities with global investors.
The Startup Maha Rathi challenge focuses on 11 key sectors, like AI & DeepTech, biotechnology & healthcare, gaming & sports, fintech, incubators & accelerators, mobility, AgriTech, B2B & precision manufacturing, D2C, climate tech, and Defence & SpaceTech. DPIIT in collaboration with Avaana Capital, LetsVenture, Karnataka Digital Economy Mission (KDEM), IVCA, HDFC, and others, has launched the challenge.
Startup Mahakumbh unites India’s entire start-up ecosystem, including founders, investors, incubators, accelerators, and industry leaders from various sectors. The event last year saw over 48,581 business visitors who interacted with 1,306 exhibitors, including top start-ups, soonicorns, and unicorns from 26+ states and 14+ countries. The event also featured 300+ incubators and accelerators, as well as 200+ prominent angel investors, VCs, and family offices.
Selected start-ups will receive sector-specific mentorship from top industry experts, funding opportunities through pitches to over 300 investors, including VCs, angel investors, and family offices, and national visibility and networking opportunities at the Grand Jury event. Additionally, non-selected startups will also benefit from a 3-month mentorship with TiE chapters, providing them with valuable support and guidance.
The challenge opened for applications on February 26, with a deadline of March 7. Startups shortlisted after the initial screening will present virtually before a jury panel between March 15 and 25. To qualify, start-ups must be DPIIT-recognised, in their early or growth stages, and registered as a Private Limited Company, LLP, or Partnership Firm in India.
The selection process includes virtual jury presentations from March 15-25, followed by a live pitching finale from April 3-5, at Bharat Mandapam, New Delhi.
Start-ups advancing to the grand jury round will receive a minimum grant of Rs 1 lakh. The top two start-ups in each sector will be awarded Rs 10 lakh each, while the next five will receive Rs 5 lakh each. Additionally, another five start-ups per sector will secure Rs 3 lakh each.
Launching the challenge on March 1, Union Minister Piyush Goyal said that the Startup Maha Rathi initiative is a crucial step towards achieving 'Viksit Bharat 2047' by providing financial support and mentorship to drive innovation and entrepreneurship. DPIIT Secretary Amardeep Singh Bhatia emphasised the initiative's role in fostering a robust startup ecosystem and nurturing the next generation of disruptive entrepreneurs.