India-Germany plan for a startup-exchange programme

It might soon get easier for Indian startups to get access to investors from Germany, thanks to an agreement that both the Indian and German governments are planning to sign for a startup exchange programme.

Nirmala Sitharaman, Minister of State for the Ministry of Commerce & Industry, recently met Germany’s Economic Affairs Minister Brigitte Zypries to discuss opportunities for start-up collaboration and knowledge sharing.

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"There are synergies between India's and Germany's startup ecosystems since both countries have a similar set of sectors investing in new ventures," a senior government official told ET.

Both governments are currently under process of penning down a formal agreement, to be signed between Startup India and the German Startups Association, consisting of about 650 startups and 50 partners, including corporate entities and VC firms, and coordinates with the United States, China, India and Israel.

In the interim, three German startups that are working in the field of renewable energy have sought support from Sitharaman for making their debuts in India to work with the government's Startup India initiative.