Paytm Founder Lauds Government for Fostering Start-up Ecosystem at JIIF Innovation Conclave
New Delhi, [India], July 6, 2024: Vijay Shekhar Sharma, the founder of Paytm, lauded the current government for creating a favorable environment for Indian start-ups to launch, grow, and succeed. Speaking at the JITO Incubation and Innovation Foundation (JIIF)’s Innovation Conclave, Sharma highlighted the significant strides made under Prime Minister Narendra Modi’s leadership.
“Under Prime Minister Narendra Modi’s leadership, now is the opportune moment for startups to launch and thrive. The current environment offers unprecedented opportunities, with the government consistently recognizing and rewarding the entrepreneurial spirit of India’s youth. The startup ecosystem is flourishing at an extraordinary pace, placing the country on a robust development roadmap to 2047. Over the past few decades, India has established a strong reputation in IT services and software sectors. Today, we are witnessing an unparalleled surge in startup and innovation culture,” Sharma stated.
India’s startup ecosystem, now the third-largest globally, is realizing the dreams of countless entrepreneurs and introducing innovative business practices. Sharma emphasized the government’s encouragement of startups to explore new areas like artificial intelligence (AI) and to develop ideas that simplify and revolutionize everyday life.
The JIIF Innovation Conclave, themed “Ideas to Impact: Cultivating Innovation and Entrepreneurship,” featured prominent figures such as Vijay Shekhar Sharma (Paytm), Aadit Palicha (Zepto), and Sanjeev Bikhchandani (Infoedge). The event attracted over 300 angel investors, 100 startups, 30 unicorns, and numerous international investors, offering a unique platform for entrepreneurs to engage with investors and industry experts.
Bajrang Bothra, Chairman of JITO’s North Zone, welcomed attendees by emphasizing the theme’s focus on nurturing startups as job creators and fast-growing businesses. “Our theme, Ideas to Impact, highlights our commitment to nurturing startups as job creators and fast-growing businesses. We educate our investors through master classes and empower our community with knowledge. Startups offer multiple returns on investment and opportunities to mentor Jain founders, creating a synergy of growth and contribution,” Bothra said.
The conclave provided a dynamic environment for startups, investors, and industry experts to foster connections, collaboration, and innovation. Rajat Mehta, Chairman of JIIF, highlighted the significant achievements of the foundation. “Today, we celebrate not just our success but also the success of our nation. India is on its way to becoming the startup capital of the world. JIIF has created a community of 730 angel and tech investors, incubated 35+ companies, and deployed over 208 crore rupees through 323 pitches. Our JITO Shark Angels platform has funded 45 startups with commitments exceeding 85 crore rupees. We are proud of our achievements and look forward to expanding our horizons further,” Mehta stated.
JIIF continues its tradition of fostering innovation and entrepreneurship, making a strong impact at events like Startup Maha Kumbh ’24 and the JITO Dubai International Summit 2024, where significant investments were committed to startups.
JIIF is India’s leading incubator and angel network, dedicated to promoting innovation and supporting entrepreneurial ventures. Through mentorship, funding, and strategic initiatives, JIIF aims to cultivate a thriving ecosystem for startups, driving progress and shaping the future of successful businesses. As a subsidiary of the Jain International Trade Organization (JITO), JIIF has invested over Rs 200 crore in 80 companies, incubated over 25 Jain entrepreneurs, and significantly contributed to the growth of the startup ecosystem. With a network of over 100 mentors and ecosystem partners, JIIF has reviewed more than 7,000 startup applications, funded over 90 companies, and facilitated 10 successful exits.
