telecom department is facilitating a Shark Tank India-like funding mechanism for startups, particularly in next-gen technologies, as part of the country's efforts to create domestic technology majors.
As per officials aware of the details, the DoT is acting as a mediator to introduce startups with the venture capitalists (VCs).
«We want to provide exposure and funding opportunities to the MSMEs and startups to scale up. If the idea is good, the VCs will provide the requisite support,» an official privy to the details told ET.
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During a recent meeting, around 25 startups in the field of quantum communications, 5G-enabled AI drones, satellite-based navigation system, cyber security, IoT etc, pitched their ideas in front of 13 VCs, who hail from India, UK and Uganda.
«Talks for funding are at an advanced stage for some startups and a decision will be taken soon,» said an official.
Some of the firms which participated during the meeting with VCs include QPIAI India, which counts quantum communication as its core work area, Menthosa Solutions, which works on 5G-enabled AI drones, Webyfy IoT, which is involved in R&D in the internet of things (IoT) space, among others.
The VCs include Lets Comply, World Five VC Advisors, SIDBI Venture Capital, Invest India, Amity Innovation Incubator, IAN Group, among others.
The government has been trying to become self-sufficient in the field of communications as it is critical to the electronics infrastructure of the country. Apart from providing VC support, the government has