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Elevate-VIII showcases startup ideas to global investors

The India Pavilion at Expo 2020 Dubai with its India Innovation hub initiative has been instrumental in strengthening Indian startup ecosystem and facilitating Indian startups to network with their global counterparts.

Indian innovation is on a fast paced growth trajectory and is world’s third largest startup ecosystem today with over 61,000 startups, said Dr Aman Puri, Consul-General of India in Dubai, at the recently held eighth edition of the ‘Elevate’ series.

Dr Puri said: “Amid Covid-19 pandemic, 2021 was an exceptional year that saw rise of over 40 unicorns. The UAE is a global hub for entrepreneurs and global businesses, and with its futuristic vision has emerged as a prominent proponent of innovation and talent. With about 3.3 millions Indians in the UAE who are deeply committed to the growth and development of the UAE, India and the UAE stand as natural partners to co-create unicorns, soonicorns in both the countries, and contribute to the capacity of the world in impacting the lives of millions of people positively.”

Indian Prime Minister Narendra Modi has called this decade as the ‘techade of India’. A dedicated ‘National Startup Day’ was recently announced to celebrate and acknowledge the startup landscape in India.

The India Pavilion at Expo 2020 Dubai with its India Innovation hub initiative has been instrumental in strengthening Indian startup ecosystem and facilitating Indian startups to network with their global counterparts. Elevate pitching series organised by the India Innovation hub provides an opportunity for these startups to access investors, venture capitalist and financial institutions in the UAE and expand its businesses.

“We are associating with key stakeholders in propelling the innovation drive within the UAE such as Dubai Silicon Oasis, Dubai Technology Entrepreneur Campus, and TiE Dubai to facilitate innovators and investments to forge successful partnerships. India Innovation Hub’s joint initiative with DSO supported by EaseMyTrip and HSBC will bring in some of India’s best innovators and startups during Expo 2020 Dubai,” added Dr Puri.

Recently, India-UAE VC Fund of $150 million was also launched at the India Pavilion with a purpose to support and develop early-stage startups in India and the UAE into viable global ventures and making them attain the unicorn level.

Fourteen startups across diverse sectors presented a range of top-notch innovative business ideas to global investors at the eighth edition of the ‘Elevate’ series held recently. Founders of these startups showcased their scalable business solutions across key sectors including healthcare, medical devices, agriculture, medtech and life sciences and made a strong pitch at the popular pitching series.

The event was attended by Dr Aman Puri, Consul-General of India in Dubai and Deputy Commissioner General of India at Expo 2020 Dubai along with leading investors including Neelesh Bhatnagar, managing director, NB Ventures, Prashant K. Gulati, President, TiE Dubai, Kamal Vachani, group director, Al Maya Group, Suresh B Kapadia, CEO, Arkin Ventures, Neelivethil Rajeev, MD (ME & SAARC), ESPA Group and Sanjit Advani, vice-president Operations at Blossom Trading.

Vachani said: “India is committed to nurture the entreprenurial wave which has paved huge disruption among key sectors and this was evident at ‘Elevate’ series. We witnessed some interesting startup pitches which are promising and require right funding and mentoring.”

Elevate pitching series is one of the key initiatives by India Pavilion at the Expo 2020 Dubai to showcase the best offerings of Indian startups to a global audience. With the 8th Elevate session, as many as 130 startups have been given a pedestal to promote their offerings. The Elevate series has been pivotal in showcasing innovative solutions across different sectors and states from India. The initiative aims to display unconventional solutions created by 500 startups over the course of five months at the Innovation Hub bus stationed outside the India Pavilion. The objective is to facilitate innovators and startups to get adequate exposure and attract B2B connects at the global stage. The series is gaining momentum and has also given a platform to startups from the UAE to present their ideas to global investors. The next Elevate session is scheduled tomorrow.

“Most of the UAE VCs have a mandate to invest in Mena starups only. Few of them have extended it to Pakistan and Turkey. Beyond VC fraternity, few family offices, corporate VCs or sovereign funds fetch good deals from India to invest because of its burgeoning startup ecosystem. Their mandates is typically to invest in global startups. Other than that Abu Dhabi based Government holding company ADQ via Alpha Wave Incubation has the India and South East Asia focused fund. Announcement of $150 million India-UAE VC fund at India Pavilion, Expo2020 Dubai is a great initiative to fuel growth of startups in both countries,” said Swethal Kumar, CEO of Startupscale360.

— sandhya@khaleejtimes.com