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The government is open to ideas to make it easier for start-ups that have migrated overseas to return, commerce and industry minister Piyush Goyal said Friday. “We will discuss with the Start-up Advisory Council and take feedback. If any steps are required to make their journey back easier we are open to ideas,’ he told reporters.
The start-up advisory council set up first in 2020 advises the Government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities.
“It is a welcome sign and also very very satisfying that more and more startups come back home and register in India, list in India and grow in India. India will be a preferred destination in the future,” he said.
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Many start-up companies had initially registered abroad for easy access to finance from international funds, enhanced valuations and relaxed regulations in many sectors.
The companies that have either shifted their base back to India or are in the process of doing so include PhonePe, Groww and Pinelabs, online shopping platform Meesho, quick commerce firm Zepto, B2B trade platform Udaan and digital payments firm Razorpay.
The reasons for coming back to India include relatively easy access to capital through a vibrant private equity/venture capital ecosystem, changes in overseas direct investment regulations, and the growing maturity of India’s capital markets. Many are exploring India listing after moving back.
On the complaints by traditional trade regarding the uncompetitive practices adopted by e-commerce and rapidly expanding quick commerce companies, the minister said the government is keeping an eye on them.
Competition Commission of India has taken strict action wherever anti-competitive practices have been witnessed. Investigative action was also undertaken against companies which had broken the rules, Goyal said.
On quick-commerce companies like Blinkit, which is launching a 10-minute ambulance service and medicine delivery, the minister said the company must make sure that they meet the law of the land.
Blinkit on Thursday launched a 10-minute ambulance service in select areas of Gurugram as a pilot project. “As regards Blinkit doing ambulance services or medicines being delivered, my only submission would be that they have to make sure that they meet the law of the land and whatever are the legal requirements should be properly taken care of. No laws of the land should be broken,” Goyal told reporters when asked about the company’s decision.
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