India is almost at the cusp of being a superpower, especially when it comes to establishing startups. With research and innovation showing no signs of slowing down, and an ironclad economy that is able to withstand global recessions, India is among the most lucrative ecosystems for startups to prosper. Hundreds of MNCs from various industries are setting up their R&D hubs in cities like Delhi, Bengaluru, Mumbai, Hyderabad and many more.
India is adding unicorns to its startup world at a steady pace. A government report by Invest India states that India is home to 88 unicorns with a total valuation of $295.99 billion. Out of the total number of unicorns, 44 unicorns with a total valuation of $94.37 billion were born in 2021, and 7 unicorns with a total valuation of $9.12 billion were born in 2022.
A stable government, ease of doing business and the availability of abundant capital and workforce has consistently attracted scores of venture capitalists and entrepreneurs to take advantage of the flourishing economy and promising opportunities. When it comes to workforce, India has a healthy mix of quality and cost. With plenty of Fortune 500 companies in its portfolio, the country is also home to some of the most successful CEOs, engineers, scientists and mathematicians.
The ease of doing business is further boosted by “The 2022 Global Entrepreneurship Monitor” reports, rating India among the top-five easiest places to start a business. India also produces more than 25% of the world’s engineers and has a rich BPO and IT industry that accounted for 60 per cent of the world’s offshoring markets at its peak.
The “Make in India” initiative has also seen close to $1 billion being invested in venture capital by the Indian government in the tech industry. India is currently the world’s third-largest startup ecosystem, today generating more than $6 billion in annual revenue from over 13,000 tech startups.
The Bottom Line
The only way is up for the startup industry in India with heavy investments, promising initiatives, a young and skilled workforce and the ease of doing business in an environment that has world-class technology and infrastructure. “Startup India” has also seen the emergence and rapid growth of Blockchain, Artificial Intelligence (AI), Fintech and Big Data with significant investments at early stages to accelerate their growth. Moreover, lucrative employment opportunities and career progression attract and motivate budding entrepreneurs to innovate and set out on the path to become unicorns.
