India’s startup ecosystem, which is considered as one of the fastest startup ecosystem in the world, has added another feather to its cap. From the year 2010 to now, the Indian technology startups landscape has seen a phenomenal growth towards creation of innovative startups. It now houses 4,750 tech startups — the highest number in the world after the United States and Britain as per Nasscom Report
Start up Stories and India
Success stories like Flipkart, Big Basket, Ola etc. have been responsible for making India the third largest base of technology startups in the world. Also number of startups that have been funded this year has increased by 8%, though the overall funding has come down by 20-30%.
“One of the reasons for the funding to have come down could be that investors are funding in tranches based on milestones. But it’s a very positive sign that more startups are getting funded,“ said Ravi Gururaj, chairman, Nasscom Product Council.
India is currently home to 10 unicorn companies making them the poster boys of the country’s startup ecosystem. From e-commerce biggies Flipkart, Snapdeal and ShopClues to restaurant aggregator Zomato, mobile adtech firm InMobi, analytics company Mu Sigma, classified ads platform Quickr, cab aggregator Ola, digital payments company Paytm, and messaging app Hike, these 10 are the members of the elite group of unicorn companies in India and almost all of them have founders from one of the IITs.
According to industry experts, India is now seeing the emergence of a new generation of youngsters who are brave enough to capitalize on the hard-won financial security of their parents’ and venture out of the mundane 9 to 5 job routine and try their luck in the risky tech startup business.
According to software industry association Nasscom, by the year 2020, India could see between 200,000 and 250,000 people working in tech startups, which is nearly double the current number.
Role of Incubators
Not only is India bettering its performance every year, but it is also giving a tough competition to tech startups all around the globe. Whether it is robotics, mobile apps, self-driving tech or smart kitchens, India is competing shoulder to shoulder with all tech innovations all around the world, and is in fact in some spaces, much ahead others. This result is also with the various activities taken by government and other private players in form of different incubators, as we’ve seen various incubators performing for the increase and improvement in performance of the start ups from Nasscom in Pune, RiiDL, Incubator by DaiTY, Digital Student Incubator SV.CO , and some of the latest examples are Satoshi Studios and NITI Aayog
According to experts, even US President Donald Trump’s latest crackdown on immigration — including the proposed restructure of the H-1B working visas, which are often used by global tech firms to recruit foreign skilled workforce — might work in favour of India’s tech startups as the talent instead of heading out to fulfil their dreams will look to do the same on their local soil.