Startups in India
The startup ecosystem in India is approaching a tipping point. Looking at the overall picture of over $450 Bn of combined valuation, and having created more than 7.5 Lakh jobs, it is clear that the Indian startup ecosystem is growing rapidly. Still, when we look deeper into the ecosystem and start to see the cracks that need filling, we find ourselves in dire need of a way forward.
In the last few years, Indian startups have seen tremendous success. More than $31 Bn has been raised in equity-based funding in Indian tech startups as of end-October 2022. Those that are crowdfunded have raised over $607 Mn till July 2022 with more coming through 2020 and 2021.
The booming Indian economy has created a fertile ground for entrepreneurs to flourish. With the government's drive to roll out 5G and 4G services in the country; Internet connectivity is getting better every day. These developments have given rise to thousands of online companies, including an exponential growth in the number of freelancers or digital agencies offering high-end web development services.
The idea of India as a startup country was great for a few years, but that may not be the case anymore. While India has done a lot to make business easier, it has also made life difficult for startups, big tech companies, and international giants.