Sinha calls startups to explore biz opportunities in drones

Sinha calls startups to explore biz opportunities in drones

Union Minister of State for Civil Aviation Jayant Sinha on Tuesday said drones offer around $100 billion opportunity to startups globally and they should explore it.

He said startups should come up with ideas in electric vehicles, FinTech and drones.

Talking about drones, he said, "The cost of transportation could be around Rs 4 per km and this could be used to travel short distance, say 20 to 40 km, the amount that you spend for auto rickshaws," the minister said.

Speaking at the NSE Tech Conclave 2017 held here, he said there are huge opportunities in these areas, and that there is no shortage of capital to fund startups. "What they need is mentorship," he said.

NSE MD and CEO Vikram Limaye said stock exchanges can not only address startup funding requirements across phases, but also enable more mature companies to unlock value and scale their businesses. Indian companies, including SMEs, have raised $10.6 billion (around Rs 69,000 crore) through the IPO route so far this year.

The amount raised has seen a massive increase over last year, when 83 companies raised $3.8 billion, according to an EY Report. Yet, many Indian startups do not think of public markets as an option to raise funds or to give their investors an exit.  The conclave was held to help Indian entrepreneurs unlock value through public markets.

"There are approximately 1,400 VC, PE or institutional-backed companies in India. Funds have invested in most of these companies five to seven years ago. The companies have a growth story to tell and their investors too are actively considering exits," adding companies raised over Rs 67,000 crore this year.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry