Risk-Averse India Embraces Silicon Valley-Style Start-Ups
In a sprawling wholesale market of timber, glass and marble, businessman Amit Gupta supervises workers loading sheets of glass on trucks for builders across India – his family business for five decades.
As plumes of sawdust float up, Gupta says he wants to play a role in the new economy. For the past year, he’s been reading newspaper stories about the booming start-up culture, with millions flowing in from venture capitalists and nerdy graduates of India’s tech universities becoming millionaires overnight.
About $6.5 billion has been invested into start-ups this year, up from $2.2 billion last year, according to the National Association of Software and Services Companies, an industry group. Three to four tech start-ups are born every day in India, it says.
Gupta’s family has for years invested in land. But this year they decided to take $700,000 and invest in start-ups.
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