Global startups now on Indo-French relations radar

344–India’s first marketplace for over-stock, unboxed, refurbished, and pre-owned products–has been invited by the French President for a dinner in honor of Indian Prime Minister Narendra Modi at Palais de l’Élysée, the President’s official residence.  Typically the reserve of established business leaders and policy-makers, opening up of such prestigious events to global startups signals a change in governmental attitude toward innovative businesses.

Speaking on the occasion Mr. Alex Souter, Managing Director, said, “I am glad that Overcart has been invited by the French Government to attend such a prestigious event. I anticipate that the two sides will make substantive progress with PM Modi’s visit that will benefit entrepreneurs like us put our energies together for path breaking ventures. France and India have traditionally enjoyed warm bilateral relations at the policy-level–this visit will further encourage exchange of knowledge and ideas between the two countries at the grassroots level.”Interestingly, Mr. Souter has been a regular feature in the expat-French startup community and has been featured in mainstream journals such as La Tribune in the country.

The Small and Medium Enterprises (SMEs) in India have seen exponential growth over the last decade. According to the latest reports by the SMB Chamber of Commerce and the Ministry of Micro, Small and Medium Enterprises, India currently has more than 48 million SMEs. SuchSMEs contribute more than 45% of India’s industrial output and 40% of the country’s total exports. However, fund-focused SMEs face a variety of challenges in raising money. Enabling entrepreneurs and companies to scale up their businesses in markets such as France will help mitigate the challenge significantly.