In 2022, the valuation of the start-up ecosystem in India was at INR 3 lakh crore as per Piyush Goyal, Union Commerce and Industry Minister. He also mentioned this includes over 80,000 startups in the country that are registered with the industry ministry.
Adding to his statement, Goyal also mentioned that this includes 110 + unicorns and nearly around 75 soonicorns – brands on their way to become unicorns. He also mentioned that ‘we have about a million people directly engaged by them. Must be many million more who are indirectly involved in the entire startup ecosystem.
Nasscom report brings out that:
- India has one of the fastest growing start-up ecosystems and a start-ups ecosystem that is third largest in the world after the US and China.
- Further adding that India holds the second highest number of unicorns in the world with 23 start-ups reaching the 1 billion valuations added in 2022 itself, surpassing China for the second year in a row.
- What is amazing as per the report stats is that close to 1400 start-ups received funding in 2022 and 47% of these startups raised the first round in 2022.
- Early stage and seed-stage investment are seen to have grown between 25-35% in 2022 from 2022
Early Stage was noted at $5.9billion in 2022
Seed Stage was noted at $1.2billion in 2022
Read more: Leading digital investment apps in India
With the growing entrepreneurship landscape in our country and the new emerging technologies growing at a pace we are trying to cope with, the tech start-up landscape has all eyes on it.
- A Nasscom report highlighted that India added over 1300 tech start-ups in 2022 bringing the total active tech startups in the country to between 25,000-27,000.
- Bengaluru and NCR are the leading Indian cities with a large number of tech start-ups finding their base in these cities. They account for close to 50% of start-ups.
- Nasscom report further states that close to 73% of Indian tech start-ups are founded by young entrepreneurs under the age of 36.
With a focused approach on ESG – Environment, social and governance along technology and digitization, here are some of the sunrise sectors in India:
One of India’s leading sectors, Fintech has seen tremendous growth with government support, facilities, and opportunities.
-A fine example of this is how certain RBI generated guidelines have aided the fintech start-ups to become customer-focused in the segment of Buy now pay later (BNPL).
The sector itself has many differentiated offerings that go beyond UPI enabled payment applications, QR generated payments across cities and internationally to Singapore (via PayTM, BhimPay, GPay and more) now to also offering customers opportunities to digitally investment in stocks, mutual funds, insurance and crypto (via Groww, Motilal Oswal, Binance, CoinBase and more).
Fintech sector has seen interest and investment from celebrities to global VC and angel investors like Virat Kohli, Anushka Sharma, Sequoia Capital India, Ribbit Capital, YC Continuity, Tiger Global and more respectively.
Climate tech/ Green tech
Growing need to become carbon neutral and have zero impact products has offered India some leading start-ups in the space of climate tech. These start-ups are focused to bring out solutions which are easy to adapt, use and multiply.
Focus of Climate tech:
– Carbon neutral products/ decarbonising the production and supply chain cycles
– re-imagining future of our mobility and finding solutions based on more electric vehicles
– unlearning and relearning ways of sustainable agriculture and production
– use of technology to stop repetitive tasks and make processes more circular in nature
The growth curve of the climate tech/ green tech space has been on the rise with more and more brands coming with green transportation and EV’s.
According to an article by Your Story,
– In 2021 – 172 Indian based climate tech start-ups raised funds
-In 2022 – 143 Indian based climate tech/ green tech start raised close to $2.2 billion of investment
Another great sign of the growing sector is when government policies and investments are centred around aiding the start-ups in the specific sector to grow.
Also read: What is ChatGPT and why is it trending?
Emerging tech – AI, Blockchain, IoT, Big Data and more
Undoubtedly today one of the most spoken of areas of technology today is the fast growing and evolving nature of AI in our daily lives and work culture. With Open AI’s Chat GPT taking over the world by a storm, conversation in the field of AI, ML, data science and big data are churning new aspects of businesses to rethink their strategies.
Many start-ups are focused on AI and new emerging technologies. Empowering other firms to innovate, disrupt and transform. This is leading firms to scale, gain effective and efficient productivity cycles and solve problems at hand with a large data analysis.
The firms here are offering brands platforms using this technology to find solutions in healthcare sector, fintech, insurance field, green tech to others. They are behind cutting-edge solutions to niche sectors that help brands to modernize, monitor carbon emissions, manage renewable resource usage and more.
Also read: Leading 2023 trends in cybersecurity
Other impactful areas in tech include Sports Tech, Agri Tech, Edu Tech, Health Tech – all four specific niches that are aggressively growing to make an impactful change in the lives of the users overall.
With Indian start-ups raising close to $24 billion in over 1000 investment deals in the year 2022, as per a YourStory article, there is no doubt this is India’s golden entrepreneurship era. The start-ups and their funding are only reflecting to us the following:
– The growth potential of the start-up businesses in India and globally.
– Overall ability to innovate and disrupt the market is mammoth – with a significant international impact.
– Impact in terms of its users impacted to the sector impacted – are both notable and significant.
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