Approximately 197,000 entities have been registered in the 'startup' category on the BHASKAR platform.
Empowering India's Startup Ecosystem: The BHASKAR Platform and Fund of Funds for Startups
The Indian government is making significant strides in supporting the nation's startup ecosystem. The Fund of Funds for Startups (FFS) has committed a total of Rs 9,994 crore to 141 Alternative Investment Funds (AIFs) as of June 30, 2022. This announcement was made by the Minister of State for Commerce and Industry, Jitin Prasada, in a written reply in the Rajya Sabha.
Meanwhile, the Bharat Startup Knowledge Access Registry (BHASKAR) is a digital platform designed to empower over 1.97 lakh startups across India. This initiative, which is currently in the pilot phase, aims to foster collaboration and growth within the Indian startup ecosystem.
BHASKAR offers unique features such as personalised IDs for various ecosystem stakeholders, microsite integration, peer-to-peer collaboration tools, and a scheme management engine. The personalised IDs enable a streamlined and personalised experience, while the microsite integration offers registered entities customised dashboards to access and manage central and state-level startup support schemes. The peer-to-peer collaboration tools facilitate real-time dialogue, partnerships, knowledge sharing, and access to talent and technology within the startup ecosystem. The scheme management engine enables implementation, monitoring, and delivery of benefits under various government schemes, including Startup India programs.
For outreach, BHASKAR employs proactive measures to ensure inclusivity and broad participation. These measures include conducting outreach and awareness programs in collaboration with State Startup Nodal Agencies and partners, promoting awareness through events, workshops, hackathons, and digital campaigns, providing digital registration assistance especially targeted at first-time entrepreneurs in Tier 2 and Tier 3 cities, and focusing on inclusiveness by supporting early-stage startups, rural entrepreneurs, and women-led startups.
The government is also implementing other flagship schemes under the 'Startup India' initiative, including the Startup India Seed Fund Scheme (SISFS) and the Credit Guarantee Scheme for Startups (CGSS). The SISFS provides financial assistance to seed-stage startups through incubators, with Rs 945 crore approved for 219 selected incubators as of June 30. The FFS, operationalised by the Small Industries Development Bank of India (SIDBI), provides capital to Securities and Exchange Board of India (SEBI)-registered AIFs, which in turn, invest in startups.
As part of these efforts, the government is aiming to understand the requirements and experiences of key user stakeholders, including small and micro-enterprises, through these outreach and awareness measures. The government is conducting outreach and awareness measures for BHASKAR across States and Union Territories, with plans to evolve BHASKAR into a comprehensive, interactive, and live platform to foster collaboration and growth within the Indian startup ecosystem.
These initiatives are part of the broader Startup India ecosystem, which also facilitates easier compliance, regulatory support, funding access, mentorship, and market connectivity for startups nationwide. With the BHASKAR platform and the FFS, the government is building a strong ecosystem for nurturing innovation and fostering a vibrant and diverse entrepreneurial network across India.
The BHASKAR platform, with its unique features and proactive outreach measures, is being designed to foster innovation and collaboration among India's startups, offering a personalized experience, peer-to-peer collaboration tools, and implementation of government schemes. Concurrently, the Fund of Funds for Startups (FFS) is financed by the Indian government to provide capital for business ventures, primarily through the investment in technology-driven startups.
