Startups

Indian startups target Gitex to raise funds – News

Read more at www.khaleejtimes.com

The UAE has maintained its top position in India’s electronics exports during 2019-20.

Indian startups are increasingly shifting their focus away from Singapore and the US to Dubai and using the ongoing Gitex Technology Week to raise funds.

They believe that there is funding available in the market here for startups that can help them grow to the next level.

A large number of startups from India are taking part in the Gitex Technology Week, which opened its doors at the Dubai World Trade Centre on Sunday. The exhibition will run till December 10.

“We have been coming to the Gitex for the past four years. With Dubai being hub for new companies, it makes sense for companies like us to come here and exhibit our innovations. There is a lot of push even in the Indian ecosystem – from the likes of Assocham India – to make Dubai as a hub,” said Piyus Kanti, CEO of Mumbai-based Cloudstrats Technologies.

Earlier, he said, focus for the Indian companies was more towards Singapore and the US. But slowly, they are moving to Dubai due to availability of funds here.

Karishma S, co-founder of Chennai-based Xoog Edlearn Pvt Ltd, said they are looking for a local partner or a tie-up with a school in the UAE. “We are in a pre-seed stage and plan to raise funds. We are also looking for suitable people with whom we can connect… In these difficult times, Gitex is the first major event happening live and it is a wonderful opportunity for all the Indian startups who are in India and struggling to way a find up,” she said.

Xoog Edlearn is a talent discovery and enrichment platform for kids, targeting education sector in the UAE.

According to Electronics & Computer Software Export Promotion Council (ESC), India’s apex trade promotion organization mandated to promote country’s electronics, telecom and IT exports to global markets, the UAE has maintained its top position in India’s electronics exports during 2019-20. Export of electronics goods to UAE has increased from $1.442 billion estimated in 2018-19 to $2.44 billion in 2019-20, registering a growth of 69 per cent. Telecom equipment mainly mobile phones is the largest item of export to UAE during 2018-19 and 2019-20.

Khagesh Desai, chief marketing officer of Melzo, a web-based virtual reality platform, said connecting to the right people in India is a major challenge for the startups.

“The Indian market has also a good potential for new startups but there are huge markets outside of India as well. We are also looking at raising more capital at Gitex and also keen to set up an office here in Dubai,” Desai said during an interview on the first day of the Gitex Technology Week.

BuzzArk, also a Chennai-based startup which builds customized virtual reality and augmented reality simulations, is also showcasing its innovations at the five-day exhibition.

“We are pre-seed startup and have been incubated by IIT Madras, India. We are looking to raise funds in the range of $300,000 to $500,000 for the Series A,” said Ragul Puhazhendi, founder and director of BuzzArk. [email protected]


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