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.
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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