India may rope in global investors such as SoftBank, Tiger Global, and Naspers as members of its proposed National Startup Advisory Council (NSAC) while HDFC plans to invest about $14 million in technology startups every year.
SoftBank, Tiger Global may join Startup Advisory Council
The Indian government may rope in global investors such as SoftBank, Tiger Global, and Naspers as members of its proposed National Startup Advisory Council (NSAC) as these investors have been actively supporting the country’s startup ecosystem, The Economic Times reported.
NSAC, which will act as an overarching body for the country’s digital ecosystem, comes under the commerce ministry’s Department for Promotion of Industry and Internal Trade (DPIIT). It will comprise 44 members, representing entrepreneurs, investors, policymakers, and government officials, the report added.
The DPIIT has begun talks with top global investors and asset managers. SoftBank, Tiger Global and Naspers are yet to confirm their participation. The three companies have so far invested a combined $18-20 billion in India, the report added.
HDFC plans to invest $14m in tech startups
Mortgage finance company HDFC plans to invest about $14 million (up to Rs100 crore) in technology startups every year, the company’s chairman Deepak Parekh said at an event earlier this week.
The largest mortgage lender will create a dedicated team understanding the startup ecosystem and to take charge of the investments, PTI reported.
He said just like the idea to branch out into universal banking, the board was reluctant to support the idea of investing in startups as well. He, however, believed that there was a need to invest in ideas of the future in the tech space.