STPI-supported startups raise ₹286 crore in funding

Software Technology Parks of India (STPI) has announced that 134 startups it supports have raised a total of Rs 286 crore from investors. This funding comes as a recognition of their growth and potential in the market. Arvind Kumar, the Director General of STPI, reported that the organization has provided Rs 30.87 crore in early-stage seed capital to 136 startups. Additionally, STPI has financially supported 359 startups with a stipend totaling Rs 3.57 crore. During the STPI Sangam event, Kumar highlighted that 44 percent of the startups in their portfolio are led by women entrepreneurs, many from smaller cities. He emphasized STPI's commitment to refining policies and improving outreach to maximize the potential of the startup ecosystem. STPI is known as the oldest and largest incubator in India. It was established in 1992-93 to support IT companies when the sector was valued at around USD 20 million. Today, the IT industry has expanded significantly, with revenues exceeding USD 250 million, and exports contributing USD 200 billion.