Piyush Goyal Unveils PRABHAAV Factbook and Startup Challenge

India celebrated the 9th Foundation Day of Startup India in New Delhi, marking a significant step in the country’s journey toward becoming a global leader in innovation and entrepreneurship. Union Minister of Commerce & Industry, Shri Piyush Goyal, launched several initiatives, including the PRABHAAV Factbook and the Bharat Startup Challenge, underscoring the transformative impact of startups on India’s economic and social development. The event highlighted India’s progress in nurturing a dynamic startup ecosystem, supporting women entrepreneurs, and fostering startups in Tier II and Tier III cities.

Key Highlights

• Role of Funding Instruments: The Fund of Funds for Startups (FFS), managed by SIDBI, has been crucial in attracting private capital, especially in smaller cities. Overall, startups have received ₹13 trillion in government funding.
• Key Launches:
  • PRABHAAV Factbook: A detailed overview of India’s startup ecosystem from 2016 to 2024, showcasing regional contributions and growth.
  • Bharat Startup Challenge: Features 75 challenges across sectors such as renewable energy, blockchain, agritech, and semiconductors, offering opportunities for procurement, cash prizes, mentorship, and networking.
  • Startup Ecosystem Growth: India has grown to become the world’s third-largest startup ecosystem, with 1,59,157 startups as of January 2025, up from just 500 in 2016. In 2024, 76 IPOs were launched, and startups have created 17.2 lakh direct jobs.
  • Private Equity (PE) and Venture Capital (VC): Collaborations with PE/VC firms have accelerated startup growth, bringing in global expertise and networks to help startups progress from concept to execution.
  • Focus on Women Entrepreneurs: Women represent 43% of India’s STEM graduates. The Women Entrepreneurship Platform supports women-led startups with resources and opportunities.
  • Upcoming Events: The second edition of Startup Mahakumbh, starting in April, will feature 2,500 startups and showcase India’s vibrant entrepreneurial ecosystem globally.
  • Broader Contributions of Startups: Beyond driving economic growth, startups are tackling critical issues such as sustainability, renewable energy, healthcare, and digital transformation.
  • Future Vision: As India enters the "Amrit Kaal" (the next 25 years of development), startups are envisioned as key drivers in creating a self-reliant, inclusive, and globally competitive nation.