Considering the growing importance of India as an attractive business destination for Singapore-based companies, IE Singapore has signed a MOU with Indian co-working space provider 91springboard to help companies gain a foothold in the business space and develop strong networking opportunities in India.
91springboard in its capacity, will not only help these companies meet their infrastructural requirements but also help them with the initial registration processes, concerns during establishment and several other teething problems. Most importantly, however, it will provide these companies with a sense of community, which becomes all the more essential for foreign ventures looking to find their feet in a new country.
IE is a statutory board under the Ministry of Trade and Industry of the Singapore Government that catalyzes the overseas growth of Singapore-based companies and promotes international trade.
India is one of the fastest growing economies in the world with a projected fourfold growth in consumption by 2025. Companies from Singapore, specifically SMEs, are increasingly vying to be a part of the country’s ripe business ecosphere. However, the challenges faced by foreign businesses during their first in-market forays are huge as there is a lack of understanding of the prevalent market. 91springboard aims to reduce the entry barriers and provide Singapore-based companies a hassle-free, effective and cost-efficient approach to enter India and set up a strong initial in-market presence.
In July 2017, Singapore-based venture capital firm, Prestellar Ventures, launched a $100M venture capital fund, to partner with passionate entrepreneurs and disruptive startups across the South Asia region-more specifically India, Sri Lanka, Bangladesh and Nepal, in the Hospitality, Consumer, Financial Services, Rural Product and Services sectors. The fund typically invests in ‘Pre-Series A’ deals with a cheque size of approximately $2-3 million. Recently it backed a Noida-based student housing startup startup, Placio with an investment size of $2 million in a Pre-Series A funding round.
Also, last year in August, Singapore’s Midas Investments Consulting Pte Ltd had launched a $150 million Midas Global Media Opportunities fund to invest in a diversified portfolio of Media and Entertainment related projects, assets and ventures across geographies like India and China. The fund will also invest in selective Media and Entertainment related opportunities across Europe, Australia, Canada and the United States.