SoftBank, Tiger Global, Naspers may join govt's startup council: Report
The three companies have so far invested a combined $18-20 billion in India.
January 30, 2020 / 11:51 AM IST
Marquee investors such as SoftBank, Tiger Global and Naspers may join the government's National Startup Advisory Council (NSAC), according to a report by The Economic Times.
The Council will comprise 44 members, including investors, entrepreneurs, and lawmakers and government officials, the report said.
Paytm and OYO are among Japanese conglomerate SoftBank’s major investments in India. Food delivery company Swiggy is backed by Naspers. Tiger Global has previously invested in companies such as Flipkart and Ola.
The three companies have so far invested a combined $18-20 billion in India, the report said.
Moneycontrol could not independently verify the story.
SoftBank and Tiger Global declined to comment when approached by The Economic Times. Naspers has not yet responded to a request for comment.
The startup advisory council will be run by the commerce ministry’s Department for Promotion of Industry and Internal Trade (DPIIT), the report said. The council will be headed by Commerce Minister Piyush Goyal.
“Startups are very important for economic development and we’ve seen tremendous progress in the community in India,” Guruprasad Mohapatra, Secretary - DPIIT, told the paper.
“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 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.