Kathmandu, June 26
A preliminary agreement has been reached
for the investment of Rs. 245 in various startup businesses at the CNIYEF Nepal
StartUp Fest 2022 organised by the Young Entrepreneurs' Forum of the
Confederation of Nepalese Industries (CNI) the other day in Kathmandu.
An initial investment agreement has been
signed with the successful startup that reached the final of the competition.
The YEF had called for investment proposals including projects to participate
in the Startup Fest.
The fest had received more than 300 project
proposals from across the country. Among them, the shortlisted projects were
given the opportunity to present themselves at the fest. After the presentation
in the presence of Secretary of the Ministry of Communications, Information and
Technology, Dr. Baikuntha Aryal, the investors have reached a preliminary
agreement to invest equity in the projects.
Startups with initial investment agreements
include VoxCrow, Skill Services Private Limited, Team Veda, Kheti, Darkmatter
Game Production, Digital Age Nepal, and Doctors on Call.
Team Ventures, Global Equity Fund, Adhyanta
Fund Management, Himalayan Capital and Televenture Partners have signed
agreements with those startups.
At the closing ceremony of the Startup
Fest, Finance Minister Janardan Sharma presented awards to the shortlisted
projects. He also said that the budget has given priority to the startups.
Earlier, Minister for Industry, Commerce
and Supplies Dilendra Prasad Badu had said that the government has given high
priority to cooperation with the private sector for economic prosperity. He
said that the government was ready to encourage young entrepreneurs.
The Startup Fest was organised with the
support from the National Planning Commission, Youth and Small Business
Self-Employment Fund and the Indian Embassy in Nepal.
More than 40 startups had showcased their
products and services at the Startup Fest.
Published in The Rising Nepal daily on 27 June 2022.
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