Canada is eyeing to tap into the ever-growing start-up ecosystem of India, which is considered to be the third-largest globally with around 50,000 such ventures.
Toronto Business Development Centre (TBDC) and City of Brampton have signed a memorandum of understanding (MoU) with CorpGini, a platform that connects start-ups with corporates, to give Indian start-ups access to companies in Canada in the form of business and solutions.
“TBDC and City of Brampton have signed an MoU with CorpGini to globalise thousands of Indian start-ups that are looking for expansion beyond India. Start-ups will gain access to corporates in Canada and a chance to find business from them,” a release said.
The MoU was signed in the presence of Mayor Patrik Brown from City of Brampton, who is in India for a week-long tour to meet start-ups in Mumbai, Bengaluru and Delhi.
Incidentally, TBDC will provide access to a network of key resources that will help accelerate growth for start-ups. These include a mentor network, access to capital through its angel investor network, and a portfolio of support services that are required to help start-ups build and scale.
This assumes significance as the Indian start-up segment is believed to be growing at nearly 15% every year and boasts of more than 30 unicorns (a start-up that has a valuation of more than $1 billion).
Further, Indian start-ups have attracted investment from global marquee investors and some domestic ventures like Paytm, Zomato, Ola, Oyo, Zoho and InMobi among others have even expanded their operations in overseas markets.
“TBDC has been playing a key role in accelerating start-ups in Canada. With this MoU, CorpGini would assist Indian start-ups to establish their presence in Canada,” Mahavir Lunawat, partner, CorpGini, said.
