ICAI aims to connect startups, MSMEs with investors through ScaleUp India Summit
Mumbai, June 27
The Institute of Chartered Accountants of India is working to connect startups and MSMEs with investors, bankers and mentors through its ScaleUp India initiative, with the aim of helping entrepreneurs transform innovative ideas into sustainable businesses, CA. Prasanna Kumar D, President, ICAI said on Saturday.
Speaking to IANS on the sidelines of the ICAI ScaleUp India Summit 2026 here, Kumar said many young entrepreneurs have promising business ideas but often lack the guidance and support required to launch and scale their ventures.
"The objective of the summit is to bring together startups, investors, bankers, mentors, incubators and chartered accountants on a common platform so that entrepreneurs receive the right guidance at every stage of their business journey," he said.
Kumar said the summit received 106 applications from startups seeking funding. After evaluation by an expert panel, 12 startups were shortlisted to present their business models before investors, bankers and mentors.
"If investors find the proposals viable, they can invest in these startups after completing the necessary due diligence, helping them scale their businesses," he told IANS.
Highlighting the growing innovation ecosystem in the country, Kumar said more than 5,000 startups in India have already secured patents, with several developing products that have the potential to compete in global markets.
"Many Indian startups are built on indigenous innovation. Such innovations can not only strengthen the 'Make in India' and 'Made in India' initiatives but also boost the country's exports," he said.
Meanwhile, ICAI Central Council member CA. Gyan Chandra Misra told IANS that around 3,500 participants attended the two-day summit, which focused on guiding startups and MSMEs on business formation, fundraising, bank financing and government support schemes.
Organised by ICAI's Committee on MSME and Startup, the summit featured technical sessions and panel discussions on startup innovation, venture capital, cybersecurity, SME IPOs, MSME financing and digital marketplaces, bringing together policymakers, industry leaders, investors and financial institutions.
— IANS
Reader Comments
Great initiative but I hope they focus on real mentorship, not just funding pitches. Many startups get funding but fail because they lack operational guidance. Also, 12 startups from 106 applications seems too selective. Hope future editions are more inclusive, especially for first-time entrepreneurs who need hand-holding.
As someone working in the startup space in Bengaluru, I can say the biggest hurdle for Indian startups is navigating regulatory red tape. If ICAI can demystify compliance and tax structures for early-stage founders, that alone would be a game-changer. 3500 attendees is impressive for a second edition!
Finally, chartered accountants are stepping out of their traditional roles! This kind of convergence between finance professionals and entrepreneurs is what 'New India' needs. The patent statistic is encouraging - 5000 startups with patents shows our innovation potential is real. Just need more platforms like this to convert ideas into global products.
Interesting to see ICAI taking such an active role. I've worked with MSMEs in Gujarat and the main issue is access to formal banking channels. Many small businesses run on informal credit. If this summit can help MSMEs formalize and access bank financing, it could transform lakhs of small businesses. Hope they follow up with practical workshops post-summit.
Good to see this kind of effort, but scale matters! 12 startups shortlisted out of 106 - that's just 11%. For a country with lakhs of startups, we need district-level events, not just Mumbai summits. Also, cyber security sessions for startups? Great call - most founders don't realize how vulnerable they are.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.