DPIIT has signed a pact with boAt to support DPIIT-recognised startups in the D2C and manufacturing sectors
The partnership aims to provide mentoring, resources, and guidance to startups
The DPIIT has been actively forging new partnerships to strengthen India’s startup ecosystem. Earlier this month, it teamed up with Flipkart to support and mentor emerging startups
The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a pact with audio products and smartwatch maker boAt
to support DPIIT-recognised startups in the D2C and manufacturing sectors.
The partnership aims to provide mentoring, resources, and guidance to startups, helping them with prototype development and international expansion.
“This endeavour will be instrumental in equipping our startups with the best expertise and enormous resources to raise the bar of efficiency while contributing to India’s vision of becoming a hub for world-class manufacturing and entrepreneurship,” said Sanjiv, joint secretary of Startup India.
He added that connecting startups with giants like boAt will help achieve the government’s aim of fostering innovation, enhancing product development, and establishing globally competitive brands.
Founded in 2015 by Sameer Mehta and Aman Gupta, boAt sells products such as headphones, smart watches and speakers. It posted a net loss of INR 79.7 Cr in FY24 on an operating revenue of INR 3,117.7 Cr.
Notably, the DPIIT has been actively forging new partnerships to strengthen India’s startup ecosystem. Earlier this month, it teamed up with Flipkart to support and mentor emerging startups.
Amazon also signed an MoU with the DPIIT to invest $120 Mn (around INR 1,018 Cr) in Indian startups via its Smbhav Venture Fund.
Additionally, the DPIIT also joined forces with the B2B ecommerce platform Moglix to offer resources for manufacturing startups. In October, it partnered HCLSoftware to enhance its manufacturing incubation initiative.
The department also signed an MoU with SaaS major Tally Solutions and HDFC Bank to provide mentorship to manufacturing startups. As part of the collaboration, Tally Solutions will offer one-year rental licenses for its Tally Prime software at no cost to the participants, along with opportunities for networking with industry experts and peers.
Recently, the DPIIT said that it recognises 1.57 Lakh startups under the Startup India initiative, as of December 25. These startups have created more than 16 Lakh jobs, it added.
Launched in January 2016, the Startup India initiative aims to build a strong homegrown startup ecosystem while nurturing innovation and encouraging investments. The DPIIT-recognised startups get access to a variety of incentives and sops under schemes like Fund of Funds for Startups (FFS).
