India has seen quite a boom in its startup ecosystem in recent years. Thanks to the better availability and accessibility of resources, India witnessed a dramatic rise of eight unicorns in the single year of 2018 from among the start-ups across verticals as against a mere nine in six years from 2011 till 2017, according to IT industry apex body Nasscom.
“The Indian ecosystem is adding about 1,300 start-ups every year but also seeing the demise of at least 300 of them from previous years,” says Nasscom Vice President (Industry Initiatives) K.S. Viswanathan, assessing their survival rate at three to five years.
According to the data released by StartupBlink, India jumped up to the 17th spot among the top 100 startup countries of the world. The ranking was given on a number of parameters on the basis of data obtained from startups, accelerators and co-working spaces registered on its platforms as well as data received from global partners such as Crunchbase and SimilarWeb. The report has taken the startup ecosystems of 1,000 cities and 100 countries into consideration.
StartupBlink also released the global city ranking in which six Indian entries made it to top 100. Bengaluru took a leap of 10 spots from the prior rank of 21 in 2017 to become the 11th topmost startup city, while New Delhi gained five positions to grab the 18th spot. Mumbai stood at 29th rank, while Chennai, Hyderabad and Pune also made it to top 100.
With the top three spots remained deservedly unchanged with the United States, United Kingdom, and Canada respectively, India’s inclusion in the top 20 speaks of the vibrant and booming startup ecosystem it has developed into. The rise in India’s rank can be attributed to a number of factors besides the ones stated by StartupBlink.
Indian startups received $11 Bn of funding through 743 deals in 2018 with the sectors receiving the most funding were: e-commerce, consumer services (hyperlocal) and fintech. Besides this, the dramatical upgrade of its ‘Doing Business’ score by the World Bank, supported by a growing entrepreneurial spirit throughout the country added a positive fuel to the startup fire spreading purposefully through the country. New giants like Dream11 and Byju’s have become the new torchbearers for the Indian Startup ecosystem!
What according to you is the main reason behind India’s inclusion in the top 20?
Do tell us in the comments.