In the 4th edition of a new NASSCOM-Zinnov report titled “Indian Start-up Ecosystem 2018: Approaching Escape Velocity,” India has been ranked the 3rd biggest startup hub in the world!
Multiple factors made India a leader of growth in the tech startup sector. Here are some highlights from the report:
- The number of advanced technology start-ups increased by 50% from 2017, with Data Analytics, Artificial Intelligence and IoT witnessing the fastest adoption.
- The start-up ecosystem is becoming more global – Indian start-ups (both B2B and B2C) are expanding to other markets, and global giants are gravitating towards India.
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More Tier 2/Tier 3 cities are emerging as start-up hubs, and more experienced professionals are taking entrepreneurial route.
Namma Bengaluru is the biggest startup hub
According to the report, Bangalore is now one of the fastest growing tech startup hubs. A total of 1,200 tech-startups were added to the list in 2018, alone! Today, the city boasts of 7,200- 7,700 registered startups.
Bangalore, Delhi-NCR, and Mumbai are the top three cities in India that have seen tremendous growth in Startups.
As per the report by NASSCOM, overall investments have seen 100% growth from $2 billion in 2017 to $4.2 million in 2018. This only goes to prove the projected growth of the startup ecosystem in the city.
While the startup culture allows for a fast-paced and on-the-go life, it has done much more than just come up with effective solutions. Startups have accounted for over 40,000 direct jobs in 2018. This brings it to a total of over 1,60,000-1,70,000 jobs in total. This indicates the direct impact on job creation and employment generation.
Some key drivers of growth in Startup growth and expansion were:
- Growth in investor sentiment.
- Local market success.
- Optimism in the growth of revenue.
- Valuation increase.
- Aspirations of becoming a global company.
Great time to start up!
The report highlighted several pointers that show a favorable time to start your own business. More reasons for you to start your own business!
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2 comments
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Its very proud news for Indians. Indians are in the path of becoming the leader in the globe. And the credits go to Indian entrepreneurs. Read the story of Indian Startup on fusion.