BHASKAR – a Step Towards Transforming the Startup Landscape in India

The Department for Promotion of Industry and Internal Trade (‘DPIIT’) has launched the Bharat Startup Knowledge Access Registry (‘BHASKAR’) Portal[i], which aims to enhance growth, collaboration, and cross-border opportunities within India’s startup ecosystem.

As a one-stop solution provider, BHASKAR offers stakeholders a wide range of services, including startups, investors, mentors, service providers, and government bodies. By creating personalised BHASKAR IDs for each stakeholder, the platform facilitates easier interaction, improves searchability, and promotes faster discoverability of opportunities.

Key Initiatives

1. Network: The BHASKAR platform's network function provides a curated space for stakeholders, including mentors, investors, and accelerators. Users can filter their network by industry, sector, stage, state, or city where the startup founder or business is based.

2.  Support: Startups can access a variety of support services through the BHASKAR portal to accelerate their growth. The support services include:

• MAARG Mentorship - A one-stop initiative designed to connect startup founders with experts from diverse sectors, geographies, and business functions.

• SEED Fund Scheme - Supports startups at their seed stage for proof of concept, product trials, and prototype development through incubators across India. DPIIT-recognised startups can apply within two years of incorporation.

• Pro Bono Services - In collaboration with various organisations, the platform offers free services, including cloud services, management software, legal, financial, and business support, to ease the financial burden of startups in their early stages.

• Idea Bank – Focuses on providing viable ideas to entrepreneurs, making India a more conducive environment for setting up startups.

• Online Courses - In collaboration with various organisations, the platform provides 79 free online courses, designed to develop both soft and technical skills, such as ‘Introduction to Managerial Accounting’, ‘Exploring Conversational Artificial Intelligence’, and ‘Becoming a Financial Analyst’.

• Online blogs - Startup India offers an extensive repository of informative articles to help startup entrepreneurs with the daily challenges they might face.

• Startup India Kit - A comprehensive guide listing incentives startups can leverage to enhance market reach, funding, legal standing, and tax benefits.

3.  Global Impact: BHASKAR will support India's domestic startup ecosystem and promote India’s global brand as an innovation hub. The platform will facilitate cross-border collaborations between startups and investors, making global partnerships more accessible.

Our Analysis

BHASKAR has the potential to transform India’s startup ecosystem by consolidating a wide range of support mechanisms into a single platform. The initiative empowers first-time entrepreneurs by offering the necessary tools and guidance to overcome challenges and build successful ventures. BHASKAR’s emphasis on networking, mentorship, and global collaboration positions it as a key driver in India’s emergence as a global leader in entrepreneurship and innovation.

End Note

[i] Press Release ID: 2055243 dated 15.09.2024.

Authored by Rosy Gupta, Advocate at Metalegal Advocates. The views expressed are personal and do not constitute legal opinions.