TiE Global Summit likely to see Rs 100 crore investment in startups

Bengaluru: From the venture capital firms (VCs) attending the The IndUS Entrepreneurs (TiE) Global Summit next week in Karnataka, several VCs have committed $1 million each for investing into the shortlisted startups.

The total investment is targeted to be Rs 100 crore in the next one year, said Madan Padaki, President of TiE Bangalore and Chair of TGS24, in a press briefing on Thursday. This sum is apart from the prize money of Rs 4-4.5 crore.

Some of the VCs who have made the commitment are Athera Venture Partners, Prime Venture, IIFL Fintech Fund, and Elev8. One hundred startups have been selected out of over 1300 applications from around the world for further mentorship and to be connected with funds, family offices, and angel investors.

While no policies will be announced at the summit, insights from the event will inform the framework of the central government’s upcoming startup policy, along with that of several states, it was said in the briefing.

One point which is decided by the central government is that none of the startup ecosystem financing happening to incubators will happen without at least some of it being directed towards seed funding, which is a very important part of the startup policy.

Sanjeev Gupta, CEO of Karnataka Digital Economy Decision, termed next week’s summit as “TGS 2.0”, as it has surpassed international participation more than any other TiE summit in India.

TiE already has four chapters in Karnataka with a fifth coming shortly, added Gupta. He said, “We are the largest player in terms of TiE global presence when we say Karnataka. No other state has more than two.”

As per the TiE Bengaluru team, the need of the hour is to connect investors to startups.

At the summit, Software Technology Park of India (STPI) will launch a new programme with the same purpose called Sayuj, said Sanjay Tyagi, Jurisdictional Director, STPI Bengaluru.