KATHMANDU, OCTOBER 16

The Confederation of Nepalese Industries Young Entrepreneurs Forum (CNIYEF) has revealed plans for the second edition of the Nepal Start-up Fest, scheduled to take place on December 23.

The CNIYEF has also initiated the application process for participation in the fest and recently inked investment agreements with 11 companies to support start-up enterprises.

These 11 companies, including NMB Capital, Himalayan, Global Equity, Team Ventures, Tele Ventures, Neoteric, Lotus Holding, NIBL Ace Capital, Avasar, Reliable, and Adhyanta, have collectively committed around Rs 25 billion for investment in start-ups and other sectors.

Under a special programme, the first batch of start-up companies from Growth X Everest, a venture established under the leadership of the Confederation of Nepalese Industries (CNI), CNIYEF, and Team Ventures, were introduced.

Eight start-up companies, namely Bihe Nepal, Doctors on Call, FocusOne, Karkhana, Veda, Delish Dairies, Seven Multi-Teaching, and Wiseyak Solutions received six months of training. Subsequently, these start-ups presented their innovative ideas to the aforementioned 11 investment companies, and the 11 companies are expected to announce their investments in these startups in the near future.

Rajesh Kumar Agrawal, president of CNI, expressed optimism about Nepal's burgeoning start-up ecosystem, emphasising the potential for start-ups to drive economic and social transformations.

He reiterated the commitment of the forum to fully support startups in overcoming challenges.

Announcing the second edition of Nepal Start-up Fest, Anurag Goyal, chairman of CNIYEF, reiterated their dedication to fostering youth-led start-ups in the country.

The event also featured the participation and encouragement of key figures, including Toya Narayan Gyawali, secretary of the National Planning Commission, Ramesh Hamal, chairman of the Securities Board of Nepal, and Jeevlal Bhusal, joint secretary at the Ministry of Industry, Commerce, and Supply. They all voiced their support for the startup community.

A version of this article appears in the print on October 17, 2023, of The Himalayan Times