1. Startups may make 4–5% of GDP in five years: StrideOne
With more than 60,000 registered startups, India’s startup ecosystem has the potential to contribute 4–5% to the gross domestic product (GDP) in the next 3–5 years, said a report by StrideOne.
India has about 61,400 registered startups, making it the world’s third-largest startup ecosystem in the world after US and China, as per the Economic Survey 2021–2022.
This rise of startups has made India the third largest startup ecosystem in the world and has significantly impacted the Indian economy showcasing the ability to contribute approximately 4–5% to the GDP of India,” said Ishpreet Singh Gandhi, co-founder of StrideOne, a tech-enabled non-banking financial company.
2. Shikhar Dhawan announces $75 million global investment sports tech fund
Indian opener Shikhar Dhawan on Saturday became the first Asian sportsperson to launch a venture capitalist fund that will focus on innovation across sports spectrum.
The USD 75 million global investment fund consists of a greenshoe option of USD 25 million, stated the announcement made during the annual Abu Dhabi Global Market Finance Week here.
“I am elated to start a new innings and embark on this journey in the world of venture capital,” Dhawan said in a release.
“All this would not have been possible without the support of my commercial partners and the founding team’s commitment to this fund, in readiness for this week’s announcement and targeted deployment in Q1 2023–24.
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