Founders of homegrown startups like Byju’s, Cred, Urban Company and BharatPe have written to Prime Minister Narendra Modi, urging the federal government to permit direct abroad itemizing of Indian corporations.
In the letter, the founders stated the present incapacity of unlisted corporations to faucet international markets to lift capital is “an impediment to the growth ambitions of Indian start-ups as their access to wider global pools of capital is blocked”.
“As a outcome, most Indian start-ups don’t have a level-playing subject with their counterparts in different international start-up hubs.
“It is also a factor resulting in the migration of start-ups outside India, or flipping as we term it, with many of them moving their base overseas,” the letter added. The letter was signed by Rebel Food’s Jaydeep Barman, Byju’s founder Byju Raveendran, Cred’s Kunal Shah, Urban Company’s Abhiraj Singh Bhal, and Matrix Partners India MD Vikram Vaidyanathan, amongst others.
With PTI inputes
