“The number of start-ups is growing significantly in the country, with 10 percent being added every year,” said Sanjeev Malhotra, the CEO of Nasscom Centre of Excellence for Internet of Things (IoT) and artificial intelligence (AI).
A survey says, most of the unicorn startups these days are in service sectors, India alone has achieved a record of 44 startups attaining unicorn status just in 2021. Further, take a round off by tallying up 83 identical firms in our country.
A survey conducted in 2021-22 shows that India has increased from only 733 startups in 2016-2017 to about 14,000 startups in 2021-2022, which has made India the third largest startup ecosystem in the world after the US and China. A large number of firms have innovative environments and technology, innovators, and enterprises, comprising startups and mainly the government, have grown exceptionally over the last six years or so.
Mr. Malhotra said, “Most startups are on the application side. At the same time, a lot of work has been done in software-aided services. There has been significant growth in the number of companies and funding organizations that are attributing this to this cause.”
“But there is a need to build start-ups in core research areas”, he added.
The country is the most influential center for excellence in innovative environments and technology, innovators, enterprises, and mainly the government. Malhotra said that in the whole world, India has the third-largest environment for startups.
Unicorns are startup companies that are held privately and have a value of over $1 billion in terms of business.
Mr. Malhotra said the funding pattern in India is getting healthier, which makes it easier for India to increase the production of more unicorns. He added that the NASSCOM (National Association of Software and Service Companies) has been assigned the necessary ecosystem for the nurturing of startups.
In January, Indian startups bagged over 130 deals, which brought the record investment deal up to $3.5 billion, which makes it an interannual high amid a downturn in global markets and signaling sustained investor interest.
A survey shows the number of startups in the space sector has increased from 11 in 2019 to 47 in 2021. This has shown immense growth in the space sector in India from 2021-to 2022. Bengaluru was the startup capital of India, but according to a survey recently, Delhi has replaced Bengaluru. Between April of 2019 – December of 2021, over 5000 startups have been recognized in Delhi, while Bengaluru has added 4,514 startups that have been recognized. In the midst of these, Maharashtra has the highest recognized startups at 11,308.