Global pandemics led to a transformation of the digital economy and increased adoption of technology by society.The Indian startup scene grew and produced a record number of unicorns thanks to the crackdowns on China’s tech sector, as well as large private capital pools.
According to Inc42 data, India currently has 82 unicorns and a total investment of more than $38.4 Billion (from 2014 until December 4, 2021).
According to Hurun Research Institute, India was the third-largest startup ecosystem worldwide in 2015.
According to PwC India, Indian startup fundings reached record levels in the third quarter of this year.There were 347 transactions worth $10.9 billion, which was a record amount, and it was the largest quarterly period since 2009.
India’s unicorns currently have a value of more than $168 Billion
In the last two years, India’s startup community has seen its peak.The two seminal events that served as distinct markers of this were the IPOs of food delivery platform Zomato headed by Deepinder Goyal and software-as-a-service (SaaS) provider Freshworks run by Girish Mathrubootham.
Startups were also a valuable asset and a key factor in the success of India’s startup ecosystem.The sector was able to attract capital and interest from more investors including retail.
This is evident in PolicyBazaar and Nykaa subscriptions, which are testament to it,” Sijo KuruvillaGeorge, executive director, Alliance of Digital India Foundation (ADIF), said IANS.
K.R.K.R.
The IPO market in India is also booming and many unicorns plan to IPO in India as well.Some of the initial challenges in direct taxation for startups have been addressed by government.But, success in startups and growth depends not only on markets, but also the policies of government,” Sekar stated.
He added that India should relax its regulatory requirements and be more appealing to startups for investment.
In 2022, SaaS-based EVs and Blockchain startups could bring more momentum to the ecosystem.
Kushal Nahata is the CEO of SaaS startup FarEye and co-founder.He said that the companies have adopted technologies such as SaaS solutions to provide the necessary agility and speed in order to meet the changing demands of customers.
SaaS is also a popular category among investors, as there’s a large amount of capital available.Nahata said that this, along with the epidemic-driven rise in ecommerce and rapid shifting of businesses online has led to an explosion in the Indian startup ecosystem.
India now has 13 SaaS unicorns and between seven and nine companies with over $100 million in annual recurring revenue (ARR).The investments in Indian SaaS companies rose to $4.5 billion in 2021 — an increase of 170 per cent from 2020, according to management consulting firm Bain & Company.
“Our aim is to empower businesses to provide Amazon Prime-like delivery experience and redefine how products are delivered across diverse logistics networks,” said Nahata.
Niraj Singh, Founder and CEO of used car retailing platform Spinny that has become the youngest unicorn, said the pace of growth is at an all-time high with innovation and technology leading the way to find solutions for every problem and every smart idea is invested in today.
“This has grown significantly in the last couple of years, especially during the pandemic as, people seek better options to meet their needs and value purpose and quality service.There is a sea of opportunities with the ongoing momentum in the startup ecosystem in India,” Singh told IANS.
Although massively under-penetrated when compared to the US and China, online penetration of food services market, especially e-grocery, in India is set to grow two times by 2025 with the right tailwinds — it is likely to clock a gross merchandise value (GMV) of $13 billion, according to RedSeer.
Shan Kadavil, CEO and Co-founder, FreshToHome, told IANS that in the sub-segment of e-grocery, they have seen a huge shift in consumer behaviour who trust brands that give hygienic, direct from the source food products free of chemicals.
“Our business growth of nearly 5x in the last two years is a testimony to how the startup ecosystem has fared in India in the recent years,” he said.
“The pandemic was a watershed moment in accelerating the shift towards online purchase habits and digitisation across all industries in India,” he added.
Kunal Shah, Founder of CRED, said that for the next round of growth, one needs to work towards driving the participation of women in the workforce.
“The GDP expansion and building a robust startup ecosystem is much harder when half the population doesn’t work.To make this happen, we need to introduce interventions across education, opportunities, and social/financial support for women to join the workforce,” Shah emphasised.
(Nishant Arora can be reached at nishant.a@ians.in)
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