Softbank, Tiger Global and Naspers may get on board of startup council
By MYBRANDBOOK
According to a new report, investors such as SoftBank, Tiger Global and Naspers may join the government's National Startup Advisory Council (NSAC). The Council will comprise of 44 members, including investors, entrepreneurs, and lawmakers and government officials, the report said.
The startup advisory council will be run by the commerce ministry’s Department for Promotion of Industry and Internal Trade (DPIIT) and will be headed by Commerce Minister Piyush Goyal.
While Paytm and OYO are among SoftBank’s major investments in India, food delivery company Swiggy is backed by Naspers and Tiger Global has previously invested in companies such as Flipkart and Ola.
The report further said that the three companies have so far invested a combined $18-20 billion in India.
“Startups are very important for economic development and we’ve seen tremendous progress in the community in India,” Guruprasad Mohapatra, Secretary – DPIIT said. “This (Startup Advisory Council) is a more organised way of interacting with them to take note of their concerns and act upon them to whatever extent possible.”
The DPIIT has begun discussions with global investors and asset managers who have invested large amounts of money in India, the report added.
The remaining list of investors and entrepreneurs that will be part of the council is expected to be announced in February after the Budget presentation and Delhi Assembly Election.
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