The time is ripe for startups to grow in the country with the right eco-system in place, said Hari Menon, CEO and CoFounder of online grocery retailer BigBasket.com, while addressing the 21st Annual Management Convention of the Calicut Management Association (CMA) in Kozhikode.
He heaped praise on the Central Government for promoting favourable conditions for startups in the country. “There is a lot happening in terms of support from the government. I think the state governments are moving slightly slower, but it is just a matter of time that they also start picking up,” he said.
According to Hari Menon, government support, availability of talent and investments are the crucial requirements to ensure exponential growth of the economy surrounding startups. Unlike the conditions which existed in the early 2000s and later during recession, venture capitalists and private equity players in the country enjoy high rates of liquidity, enabling them to confidently support the startup sector, which is currently teeming with talent.
“The investment eco-system in the country is very good. Every sensible business gets funded in no time. All the VCs and private equity players are very well-funded themselves. The liquidity with them is extremely high. It’s just that they are really careful in choosing the investments, but if you could convince them, they will raise money,” Hari Menon added. Prof. S Balasubramaniam, Founder & CEO, Nurtu