Ahmedabad: The Startup Conclave 2023, a precursor event to the Vibrant Gujarat Global Summit (VGGS) 2024, witnessed a successful outcome for 20 early-stage startups from Gujarat, who secured Rs 53.3 crore in funding from various investors.
The event was organized by iHub Gujarat, the state government-funded startup incubator, and aimed to facilitate the exchange of ideas and opportunities between startups and investors.
The event received 343 applications from startups across the country, out of which 54 were shortlisted for the final pitch session. The startups were required to present their MVP (Minimum Viable Products) or market-ready products and services to the potential investors, who included 52 investing entities such as Inflection Point Ventures, Unicorn India Ventures, IvyCap Ventures, Indian Angel Network, GVFL Ltd, India Accelerator, TiE Angels, JITO Angels, and Campus Fund among others.
The shortlisted startups at the Gujarat Startup Conclave 2023 also received mentorship and feedback from the investors and experts. Nine startups from Haryana, six from Uttar Pradesh, four from Delhi, and two from Maharashtra also received funding.
Startup Conclave 2023: iHub Gujarat signs MoU with 60 Leading VCs
Hiranmay Mahanta, CEO of iHub Gujarat, said that getting funding at the right time was a major challenge for startups, and thus they have signed MoUs with 60 leading venture funds as investment partners. They will scout potential investable startups from Gujarat and groom them to become scalable startups, he said.
The Startup Conclave 2023 was part of the run-up to the 10th edition of VGGS 2024, which will be held in January next year. The conclave was attended by the representatives of unicorns, venture capitalists and leading businessmen from across the country.
A roundtable meeting was also held in Gandhinagar on December 6 in presence of Union ministers Dharmendra Pradhan and Rajeev Chandrasekhar and Gujarat Chief Minister Bhupendra Patel. The meeting focused on regulatory reforms, tax incentives, and enhancing the startup ecosystem in terms of compliance, to provide a more flexible and conducive environment for startups.
