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Economy and Finance

India now has nearly 27K active tech startups, added 1300 last year

15 Feb 2023 Zinkpot 252
India now has nearly 27K active tech startups, added 1300 last year

Business Standard -  India added over 1,300 active tech startups last year, taking the total tally of active tech startups to 25,000-27,000, a Nasscom report said on Wednesday. India continues to be the third largest tech startup ecosystem globally, after the US and China. Read more

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  •  What are tech startups?  A tech startup is a company whose purpose is to bring technology-based products or services to market. These companies deliver new tech products or services or deliver existing tech products or services in new ways.
  • Startup funding has reached a new high in 2023. In addition to the huge venture capitalists, institutional investors and pension funds are also investing in many new online businesses.
  • The top gainers in the funding deal are the Fintech and Financial Services companies, followed by Retail and Ecommerce companies and EdTech companies. This shows that startups have found the way to stay aloft even after the turbulence due to COVID-19 pandemic in India.
  • Some of the major startups of India are:
    • CRED:  Founded in 2018, CRED is a platform where one can pay their credit card bills and get rewarded for it. The startup is Bangalore-based and provides a range of services like credit and a premium catalogue of products to the customers. The startup believes to incentivise people in order to improve their financial behaviour. According to TechCrunch, CRED is the youngest Indian startup to be valued at around $2.2 billion. 
    •  Vernacular.ai:  This startup is an AI-First SaaS business aiming to become the leading voice automation and AI platform globally. The company provides speech recognition and voice assistance as a service to the banking, food and beverage and hospitality industries. The company is heading to become the world's most appealing voice AI platform with employees having multifunctional expertise.
    •  PharmEasy:  It is an online pharmacy and medical store in India with specialises in OTC products, diagnostic tests and medical instruments. The company was founded in 2015 in Mumbai, Maharashtra and has seen incredible growth since then. It is an online pharmacy with every product one could ever imagine in an offline medical store. This health tech startup had raised a massive $350 million, becoming the first Epharmacy unicorn in India.
    •  Digit Insurance:  It is an insurance company founded in 2016 and claims to simplify insurance products for everyone so that the view of insurance products can change among people. Digit is a Bangalore-based startup which reached its break even in 2020 because of its lower operating costs and excellent business metrics.
    • Groww:  It is in investing platform that allows its customers to invest in stocks, ETFs, Mutual funds, IPOs and more using its platform. The platform works on both mobile applications and the web. The company was founded in 2016 by 4 ex-flipkart employees who noticed how difficult it is to invest in India. Grow is used across India and not just in Metro cities. The company raised $83 million in 2021 entered into the Unicorn Club.
    • Meesho, Nykaa, Udaan, Dream11, Swiggy, Instamojo,Delhivery, etc. are some of the other startups flourishing in India.
  • Almost 1,400 unique startups received funding in 2022, 18% higher than in 2021. Among these, 47% of startups raised their first round in 2022, the report mentioned.
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