Zomato's Chief Executive Officer Deepinder Goyal on February 27 said that established businesses should fund startups to help them get bigger, but not with the intention of owning them.
"I think established businesses need to nurture startups. And I don't think we have that kind of culture yet. And larger businesses need to start funding startups not with the intention of owning them, purely with the intention to help them get bigger over time," Goyal said.
The Zomato chief was speaking during an event organised to announce the Startup Mahakumbh event, scheduled to be held in March. Union minister Piyush Goyal, who was also present during the event, termed startups as the backbone of 'New India' and urged entrepreneurs to seize every opportunity as India sets its sights on becoming a $32-trillion economy by 2047.
"I believe startups will be the backbone of a new India. This is our time under the sun, and the sun is rising," Goyal said.
"I hope we don't miss the bus. I hope the message goes loud and clear to all startups not to lose this opportunity," he said adding that the upcoming event will showcase the startup revolution sweeping the country.
The curtain raiser also saw participation from members of the organising committee and stakeholders of the startup ecosystem such as Prashanth Prakash, executive council member of IVCA, Sanjeev Bikhchandani, co-founder and executive vice chairman of Info Edge, Archana Jahagirdar, founding and managing partner of Rukam Capital, Nivruti Rai, MD & CEO, of Invest India, and Sanjay Nayar, senior vice president of ASSOCHAM and founder and chairman of Sorin Investments.
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