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How Convergence of Technology Pinned Seven-Fold Startup Business Growth in India?

Start up IndiaThe latest report on India’s start-up ecosystem has said an explosion of the Internet, higher literacy rates and greater exposure to outside working has fuelled sector-based innovation and, hence, start-ups originating in IT, artificial intelligence, IoT, finance, healthcare, biotechnology, education, agriculture, and logistics, amongst others.

These believed transformations have helped the startups in India to reach 50,000 from 7000 in a decade, according to a latest KPMG report.

The report on the Indian startup ecosystem, suggests that the number of startups has taken a steep rise in the past decade (2008-2018), which is a seven-fold increase from the previous figure.

“To this effect, we are seeing the emergence of multiple start-up hubs within the country, including Mumbai, and other metropolitan cities,” KPMG said in the report.

It added that the country has witnessed significant growth in the number of start-ups in tier-II and III cities such as Jaipur, Kochi, Ahmedabad and Pune.

Of the 14,565-odd start-ups approved under the country’s ‘Start-up India’ initiative in 2018, the highest number is from Maharashtra. Globally, Mumbai was ranked seventh in terms of growth in VC deals secured in 2015–2017, as compared to the 2010–2012 period.

“To this effect, we are seeing the emergence of multiple start-up hubs within the country, including Mumbai, and other metropolitan cities,” KPMG said in the report.

It added that the country has witnessed significant growth in the number of start-ups in tier-II and III cities such as Jaipur, Kochi, Ahmedabad and Pune.

Of the 14,565-odd start-ups approved under the country’s ‘Start-up India’ initiative in 2018, the highest number is from Maharashtra. Globally, Mumbai was ranked seventh in terms of growth in VC deals secured in 2015–2017, as compared to the 2010–2012 period.

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Niloy Banerjee

A generic movie-buff, passionate and professional with print journalism, serving editorial verticals on Technical and B2B segments, crude rover and writer on business happenings, spare time playing physical and digital forms of games; a love with philosophy is perennial as trying to archive pebbles from the ocean of literature. Lastly, a connoisseur in making and eating palatable cuisines.

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