Commerce and Industry Minister Piyush Goyal on Wednesday, 26 August showcased India's rise as the world's third-largest startup ecosystem — built on nearly 250,000 startups over the past decade — at the India–Japan Startup Roundtable in Tokyo, according to an official statement. The event brought together senior government officials, investors, industry leaders, and founders from both nations to chart the next phase of bilateral innovation cooperation.

Four Pillars of the Proposed Framework

Minister Goyal put forward a structured, forward-looking cooperation framework resting on four pillars. The first is a Japan–India Deep-Tech Capital Corridor, designed to mobilise patient capital for early-stage research and commercialisation. The second is a Two-Way Innovation Bridge linking universities, incubators, R&D institutions, and testing facilities across both countries.

The third pillar focuses on Manufacturing and Technology Integration — combining India's engineering scale and entrepreneurial dynamism with Japan's precision manufacturing and technological depth. The fourth calls for Joint Startup Pitching Platforms to enable regular interaction between Indian founders, Japanese corporations, venture funds, and strategic investors.

India's $1 Billion Deep-Tech Fund Offer

Goyal also flagged the Indian government's proposed second Fund of Funds, valued at approximately $1 billion, with a dedicated focus on deep-tech enterprises. He formally invited Japanese investors to participate in the fund, positioning India as a high-return destination for long-horizon technology capital.

Bilateral Engagement: Numbers That Stand Out

Ambassador Nagma Mohamed Mallick, welcoming participants, noted that the India–Japan Pitching Series has already connected 65 Indian startups with approximately 100 Japanese corporations, facilitating more than 30 business tie-ups. A 222-member Indian business delegation attended the roundtable, signalling the scale of bilateral ambition.

This comes amid a visible shift in India's startup landscape — from internet and software-led businesses toward manufacturing- and technology-intensive enterprises, as noted by venture capital participants at the event.

Japanese Stakeholders and Sectors in Focus

JICA Senior Vice President Shohei Hara underscored the value of a two-way partnership, noting Japan's capacity to contribute technological capabilities while learning from India's ability to convert developmental challenges into scalable business models. JICA also expressed intent to introduce a larger cohort of Japanese startups to the Indian market.

Representatives from around 40 leading Japanese companies participated, including SPARX Group, MUFG Innovation Partners, Mizuho Financial Group, Fujitsu Limited, SBI Investment, Beyond Next Ventures Inc., Kyoto Fusioneering Ltd., and Aerosense Inc., among others. Venture capital investors identified AI, semiconductors, healthcare, space, defence, advanced manufacturing, and deep technology as priority sectors for future India–Japan investment.

Indian startups showcased capabilities spanning aerospace and defence, drones, artificial intelligence, healthcare, prosthetics, robotics, warehouse automation, mobility, and digital health. Several explored Japanese partnerships for technology validation, precision manufacturing, and integration into global supply chains. Industry voices also stressed the need to link MSMEs with startups and global value chains, and to provide plug-and-play infrastructure for companies seeking to manufacture and scale in India.

With a formal framework now proposed and bilateral deal-making already underway, the India–Japan startup corridor appears set to move from aspiration to structured execution in the months ahead.