Indian startups shine
Over 1,000 startups have been added in India so far this year, making the nation the third biggest global hub for entrepreneurship
bengaluru — India added about 1,000 technology startups in 2017, retaining its position as the third largest hub for entrepreneurship, IT apex body Nasscom said on Thursday.
“About 1,000 tech startups were registered this year [2017], taking their total to 5,200 and making India the world’s third largest startup ecosystem,” said Nasscom chairman Raman Roy at an event. Releasing a joint report on the Indian startup ecosystem, Roy said despite tough competition, India retained its momentum as a vibrant landscape for startups.
“Bengaluru, Delhi/NCR and Mumbai retained their position as the key startup hubs, with 20 per cent of the startups emerging from tier 2 and tier 3 cities across the country,” Roy said.
Among the verticals, health- tech, fintech and e-commerce have seen a rapid rise in the B2B (business-to-business) segment.
“The Indian IT industry is renowned for pioneering innovation and the startups arena is no different. Our country is one of the fastest growing startup landscapes, with the participation of every major accelerator, investor and angel group from the world over,” Roy said.
Roy said the Indian landscape was brimming with innovative ideas, which need guidance to accelerate, scale up and funding.
“With 40 per cent of startups in the B2B segment, its share in the tech startup funding is 30 per cent, thanks to corporates, which are supporting them with 50 collaboration programmes, 20 accelerators and 40 investors,” said Roy.
The fintech startup base is about 360, indicating 31 per cent annual growth, with $200 million funding in the first half of this year.
“Sub-segments like digital payments and lending are maturing, while wealth management and in- surance-tech emerging as growth areas. Implementation of advanced technology is also becoming prominent, with 33 per cent fintech funding towards advanced tech- nologies like artificial intelligence and analytics,” said Roy.
Similarly, health-based technology startups are 320, with 28 per cent annual growth and attracted $160 million funding in the AprilSeptember period.
“With 60 per cent startups, the B2C [business-to-customer] segment is focused on creating innovative business models and taking the vertical approach, securing about 70 per cent funding in the year’s first half,” said Roy.