The telecom department has started a Shark Tank-style investment program for firms that are focused on cutting edge technologies in an attempt to support India’s tech industry.
The Department of Telecommunications (DoT) is serving as a middleman to connect companies with venture capitalists (VCs), according to a report by ET.
“We want to give MSMEs and startups visibility and funding opportunities so they can grow. If the idea is good, the VCs will provide the requisite support.”
DoT Official
It is said that in a recent meeting, over twenty-five businesses specializing in IoT, cyber security, satellite-based navigation systems, 5G-enabled AI drones, quantum communications, and cyber security presented their ideas to thirteen venture capitalists. In addition to India, the VC was from Uganda and the UK.
The report further stated, “For some startups, funding talks are at an advanced stage and a decision will be taken soon.”
Participating companies in the meeting include Webyfy IoT, which conducts research and development in the Internet of things (IoT) field; Menthosa Solutions, which develops 5G-enabled AI drones; QPIAI India, which counts quantum communication as its primary focus; etc.
The meeting was also attended by venture capitalists from Lets Comply, World Five VC Advisors, SIDBI Venture Capital, Invest India, Amity Innovation Incubator, and IAN Group, among other firms.
The nation’s electronics infrastructure depends on communications, hence the government wants to be self-sufficient in this area.
The government is establishing a telecom technology development fund (TTDF) under the Universal Services Obligation Fund in addition to venture capital (VC) assistance (USOF).
