India-UAE Venture Capital Fund
India and UAE have together created 150 million USD fund to support the startups. The fund will help to create ten unicorns within 2025. Unicorns are startups whose value is more than 1 billion USD. The fund was launched at the EXPO 2020 held in Dubai.
About the fund
- The fund will act as a catalyst in developing the startups. It will be of great help to startups that are in their early stages of development.
- The fund will support at least fifty startups in both countries.
- NASSCOM is the Indian representative of the fund.
- India and UAE signed a MoU to raise the fund.
How will the fund help the youth in the countries?
The startup ecosystem has huge employment opportunities for the youths. They pave way for the youths to bring out their entrepreneurship potential. However, lack of capital is the main hindrance in realising their potential. The fund will help the startups to beat this obstacle.
Startups in India
There are more than 60,000 startups in India. The startups have grown largely during the pandemic in India. In 2020, the Indian startups raised 11.5 billion USD. It increased to 42 billion USD in 2021. In 2021 alone, the number of startups that acquired the unicorn tag were 46. This has increased the overall number to 90. The new unicorns are Mamaearth, Acko, Global Bees, Cred, Share Chat, Spinny, Meesho and others. Today India is the third largest in terms of Unicorns. China has more than 301 unicorns. US has more than 487 unicorns.
Startups in UAE
UAE is just emerging in startups. The UAE government is creating ways to increase startup business in the country. Import and export duties are exempted. UAE is a good start to connect with the middle east. UAE allows easy entry to employees and their families. Thus, now UAE is seen as a promising option for the startups.
Category: International / World Current Affairs
|View All E-Books: Recent Release|