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Jun 26, 2022

Deals over Rs. 245 million signed in CNIYEF Nepal StartUp Fest 2022

Foreign Affairs News Desk
Finance Minister Janardan Sharma recognizing entrepreneurs at the CNIYEF Nepal StartUp Fest 2022 in capital on Saturday.
Finance Minister Janardan Sharma recognizing entrepreneurs at the CNIYEF Nepal StartUp Fest 2022 in capital on Saturday.

The Confederation of Nepali Industries Young Entrepreneurs Forum CNIYEF Nepal StartUp Fest 2022 presented by Nabil Bank was held at Hotel Soaltee in Kathmandu on Saturday, June 25.

The economic-jamboree saw an initial investment agreement of Rs. 245 million that has been signed with a successful to reach the final competition at the StartUp Fest 2022.

The CNIYEF had called for investment proposals including projects to participate in the Young Entrepreneur Forum StartUp Fest in which over than 300 project proposals from throughout the country were submitted in Nepal’s largest StartUp Fest.

Among them, the shortlisted projects were given the opportunity to present themselves at the fest.

Later, 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.

Voxkro, Skill Services Private Limited, Tim Beda, Farming, Dark matter Game Production, Digital Age Nepal, Doctors on Call, Team Ventures, Global Equity, Adhyanta Fund Management, Himalayan Capital and Tele venture Partner had signed initial investment agreements in the StartUp Fest.

At the closing ceremony of the StartUp Fest,

Speaking at the closing ceremony, Minister for Finance Janardan Sharma said that the budget has given priority to StartUp.

Minister Sharma also awarded the shortlisted projects.

Earlier in the day, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu had inaugurated the StartUp Fest.

Minister Dilendra Badu at CNIYEF Nepal StartUp Fest 2022.

In his inaugural speech, Minister Badu said, the government has given high priority to cooperation with the private sector for economic prosperity and keen to work with the private sector for economic prosperity encouraging young entrepreneurs.

“The fest was organized with the objective of raising investment for innovative StartUp,” said the President of the CNI Bishnu Kumar Agrawal adding “Young entrepreneurs should not let their innovative thinking die just because of capital.

“We have organized this program to encourage young people with new ideas. We want the environment to be conducive for each project to move forward,” Agrawal said.

He also urged the National Planning Commission to immediately endorse the Grant and Credit Flow Procedure 2078 for the promotion of StartUp enterprises.

Member of Parliament and the President Emirates of the CNI, Binod Chaudhary, as a keynote speaker, urged the youth to move forward with an implementable plan.

As the richest people in the world have succeeded only through continuous efforts, thus he urged “young entrepreneurs to continue their efforts for the successful implementation of their plans that requires patience, dedication, planning and commitment.”

“With your continuous efforts, you can become tomorrow’s Bill Gates, Jack Ma, Binod Chaudhary,” he added.

Consul of the Indian Embassy in Nepal Prasanna Srivastava, President of the CNI Young Entrepreneur Forum Amun Thapa, President of the CNI StartUp Campaign Committee Ayushi KC and others lauded the role and importance of entrepreneurship.

Secretary of National Planning Commission Kewal Prasad Bhandari, Chairman of IME Group Chandra Prasad Dhakal, Managing Director of World Link Dilip Agrawal, Suman Rayamajhi, Swati Rungta, Anuj Sharma, Managing Director of Unilever Nepal Amlan Mukherjee spoke on various aspects of StartUp during the discussion sessions.

Foreign speaker Ms. Poonam Khandewal of the Venture Catalysts and India Angel Investor encouraged the participant youths at the StaurUp Fest to be entrepreneurs.

The StartUp Fest has been organized with the support of the National Planning Commission, Youth and Small Business Self-Employment Fund and the Indian Embassy in Nepal.

The purpose of this program is to promote StartUp in Nepal as a campaign and to encourage innovators to establish innovative business as an important part of the economy.

More than 40 StartUp showcased their products and services at the StartUp Fest 2022.

Various entertainment activities including football, Robo war, live musical concert was also organized in which more than 5,000 youths had participated in the largest StartUp Fest in Nepal.

Platinum Sponsor: Yamaha, World Link 

Gold Sponsors: IMEPay, RMC (Tansen Cement), Everest Gas Sansar, Turkish Airlines, Unilever. Knowledge Partner, Impact Hub, Nepal Private Equity Association, Idea Studio, Anterprerana,

Investment Partner: Global Equity Fund, Team Ventures, Tele Ventures Interpretant, Aadhyanta Fund Management, Himalayan Capital Limited

Media Partner: News 24, The Himalayan Times

Digital Partner: Kazi Studios, Encore

Innovation Partner: Robotics Association Partner

E-commerce Partner:

Legal Partner: Pioneer Law Firm

Logo Sponsor: Century foods, Mahalaxmi Bikas Bank

Hospitality Partner: Hotel Soaltee

Food Delivery Partner: FYMO   

(Based on press release)