UP Startup Fund: Invests ₹1 Crore to Support Innovative Business Ventures

To encourage creative company ideas and strengthen the startup ecosystem, the Uttar Pradesh government has contributed Rs 1,000 crore to the UP Startup Fund.

Eight of India’s 108 unicorns—Paytm, Paytm Mall, India Mart, Moglix, Pine Labs, Innovaccer, InfoEdge, and Physics Wallah—are based in Uttar Pradesh. 

In order to support companies, the state has also established a network of more than 60 incubators.

An upper-level government source stated, “Aims are being made to support startups in cutting-edge fields, like artificial intelligence (AI), drones, med-tech, blockchain, 5G, 6G, quantum computing, additive manufacturing, space tech, etc.”

In addition, the state is promoting minicorns and soonicorns.

Whereas soonicorn, also known as soon-to-be unicorn, is a business with significant growth potential and the potential to become a unicorn, unicorn is a privately owned company valued at more than $1 billion.

There are now two soonicorn businesses operating in the state: Class Plus and InShorts.

The official states, the “Minicorns,” are another part of the startup ecosystem in the state. This demonstrates the wide spectrum of businesses that are thriving under the policy framework of the Yogi Adityanath government”.

The state asserts that it has already surpassed its goal of 10,000 businesses by 2025.

A KPMG analysis states that UP has the nation’s fourth-largest startup ecosystem.

Every one of the state’s 75 districts has a startup, with 49% of them coming from Tier-II and Tier-III cities. Over 100,000 new jobs have been made possible in the state by the ecosystem.

Additionally, agri-tech businesses are growing in the state, creating jobs and opening doors for socioeconomic advancement.

In the meantime, the UP Council of Science & Technology (CST) has launched a campaign to recognise creative ideas from students and offer startup funding to chosen ones.

Narendra Bhooshan, Principal Secretary for Science and Technology, stated that the CST would assist students in commercializing their inventions. The CST recently declared that it will fund 109 research proposals with Rs 14 crore.