Turning the Tide: 940 startups create nearly 5,000 jobs in J&K
Srinagar, Jan 21: In a significant boost to Jammu and Kashmir's startup ecosystem, the Department of Industrial Policy and Promotion has recognised 942 entities as startups as of October 31, 2024. These startups have collectively generated 4,932 direct jobs within the Union Territory.
Official data obtained by Greater Kashmir reveals that recognised startups in Ladakh have contributed to the creation of 27 direct jobs by the same date.
The funding pattern for startups, has also brought to fore that Alternative Investment Funds (AIFs) have invested Rs 50 crore under the Fund of Funds for Startups (FFS) in startups of J&K.
The funding for start-ups approved under Startup India Seed Fund Scheme (SISFS) is in the tune of Rs 2.05 crore for J&K, reveals the data. However, Ladakh region is yet to witness AIF or SISFS funding for startups so far. In Ladakh, there are 18 entities recognised as startups with DIPP as of October 31, 2024.
In line with the central government's “Standup India” initiative, Jammu and Kashmir's startup policy, approved in February last year, envisages to set up 2,000 startups in the next five years.
J&K Startup Policy 2024-27 focuses on providing a boost to the start-up ecosystem of Jammu and Kashmir.
The trend of startups mushrooming in J&K has reached a new zenith, where creative ideas from this region have found acceptability at the national and international platforms.
Kashmir-based Curve Electric, recently showcased its entrepreneurial spirit on “Shark Tank India Season 4", a coveted platform where entrepreneurs pitch their business ideas with a hope to get funding.
The startup, led by entrepreneurs Sheikh Yameen and Zubair Bhat, presented their innovative e-bike sharing solution, winning admiration from the judges and showcasing the transformative potential of sustainable urban mobility.
As per Yameen, the venture has been founded with a mission to create eco-friendly commuting options, blending modern technology with a commitment to environmental sustainability.
“We have already completed 55,000 rides, 720,000 kms and have saved 145 metric tonnes of carbon emissions. Our pitch (at Shark Tank) not only highlighted the strides we made with partnerships, but also their ambitious plans for collaboration with major institutions and hotel chains,” said Yameen. The company Curve Electric currently operates in Kashmir, but wants to expand operations to several other mountain towns such as Shimla and Mussoorie, he added.
“We have also laid out plans to expand in college campuses across the country, and there are 1,400 such campuses that we can capture,” said the Curve Electric founder.
The entrepreneur said that his startup has devised their own bikes, and ask for no app downloads, no security deposits from their customers. Sharing the experience, Yameen elaborated that Shark Tank India gave his startup a platform to share the mission of revolutionising urban mobility. “Curve Electric’s pitch stood out. The team’s efforts reflect the entrepreneurial energy brewing in the Valley, proving that innovation knows no boundaries,” Yameen further said.
