As London remains a gravitational force for Startups and Fintech industry, a number of Indian companies are visiting the ongoing London Tech Week. With the changing time, more experienced professionals are taking an entrepreneurial route. There is a growing hunger for innovation and expansion in the youth of the world. Passionate entrepreneurs are more than eager to tap the existing potential through Startups. They set eyes to a suitable ecosystem for growth and investment.In that context, the good news is that India has been ranked the 3rd biggest startup hub in the world. In October 2018, NASSCOM-Zinnov launched its 4th report titled “Indian Start-up Ecosystem 2018: Approaching Escape Velocity." As per the report, while USA and China hold 1st and 2nd positions ahead of India, UK and Germany follow at 4th and 5th places respectively.
This is encouraging news for the investors and innovators who aspire to expand in the Indian market. India provides an advantage of 1.3 billion people's laboratory for innovations and a market for new and established Startups. Even Google CEO Sundar Pichai recently remarked that the scale of the Indian market is allowing Google to develop new products.
Various factors are positively playing their roles to make India a global startup hub. These include: growth in investor sentiment, local market success, optimism in the growth of revenue, valuation increase and aspirations of becoming a global company.It is also interesting to note that the size and scale of Indian Startups are on an upward trajectory. Resultantly, Indian startups (both B2B and B2C) are expanding to other markets, and at the same time, global giants are attracted towards India.
Bangalore, Delhi-NCR, and Mumbai are the top three cities in India registering tremendous growth in Startups. But at the same time, more of Tier 2/Tier 3 cities are emerging as startup hubs. Bangalore is the fastest growing tech startup hub with a total of 1,200 tech-startups added to its list in 2018 alone. In total, the city boasts of 7200-7700 registered startups. Startups have accounted for over 40,000 direct jobs in 2018, bringing it to a total number of over 1,60,000-1,70,000 jobs creation in India.
(Expressed opinions are personal).
