India has mushrooming startup ecosystem with whopping 1000 new tech ventures
India, as of now has more than 1000 startups from different sectors like advanced technology, health tech, fintech, edtech, e-commerce etc. reports Nasscom. There is significant growth of 75 percent and 40 percent in the Artificial Intelligence and Analytics field.
More than 1000 startups have been registered in the year 2017, which makes the total to 5,200. According to recent reports by Nasscom, these numbers makes our country, the third-largest startup ecosystem in the world.
Raman Roy, Chairman of Nasscom thinks India is becoming fastest startup and day by day more accelerators, investors, angel group are included in this growth journey. We have witnessed a huge rise in the Business-to-Business B2B startups that emphasizes on like, fintech, e-commerce, health tech and aggregators. With 40 percent of startups in the B2B segment, the overall tech startups funding of B2B’s share is over 30 percent.
The developed cities like Bengaluru, Delhi and Mumbai are already key startup hubs in India. Whereas from tier II and III cities, 20 percent startups have emerged from there.
The key highlights of the report are
- Advanced tech startups like Artificial Intelligence, Analytics, Augmented Reality/ Virtual reality, Blockchain, and Internet of Things are growing at five year CAGR of 30 percent.
- 90 percent of SaaS-based, Enterprise and SMB –focused horizontal startups are also finding huge amount of funding
- Health tech – There are total 320 startups which has seen growth of 28 percent in 2017. The total funding of $160 million in H1-2017. This is up by 129 percent since last year 2016 H1.
- Fintech – The estimation of 360 startups, the reports shows that 31 percent growth in fintech. The sector has funding of$200 million in H1-2017 which is significant growth of 135 percent since H1-2016. 33 percent of fintech funding is for Artificial Intelligence and analytics startups.
- Various investors from non-US countries have increased their startups in India.
- For an average funding of B2B tech startups in 2017 there was increase of 5 percent and whereas for B2C tech startup, the funding saw 10 percent decline.
These startups are trying to solve various challenges in healthcare, education inclusion, financial inclusion, clean energy, agriculture etc. solutions so that India becomes one of the strong developed nation.