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Sunday, July 21, 2024

Are startups the new success mantra for Indian economy?

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During the course of the last few years, Indian tech companies and startups have witnessed strong growth, and with the pandemic and lockdowns, the companies have also accelerated the adoption of digital services, which is now transforming the Indian business sector. With the rapid digitalization of the business sphere, India is seeing the rise and expansion of tech conglomerates like Jio and TATA, which offer their services across all the major realms like healthcare, education, tour and travel, electronics, financial services, IT, metal and defense, automobile, F&B and grocery, and fashion and lifestyle.

Not only tech companies, but a revolution has set in across the startup ecosystem in India as well, which is developing at a rapid pace, so much so that Indians are now creating unicorn companies globally. In the USA, there are 4.2 million Indians and there are more than 90 unicorn companies in the USA with Indian-origin founders. Some of the notable US’s startups with Indian-origin founders are Clubhouse, Plume, Bloom Energy, Wayfair, etc.

As per 3One4 Capital’s new report- India- A Startups Nation, Indians dominate the list of non-US born unicorn founders in the USA. While 56 percent of the unicorn founders of the USA are US-born, this also means that 44 percent are not! And if we look at the top 10 countries for the founders who are not US-born, India tops the list with 90 founders, followed by Israel with 52 founders, Canada with 42 founders, UK, 31 founders, China, 27 founders, Germany, 18 founders, France, 17 founders, Russia, 14 founders, Taiwan, 12 founders, and Ukraine with 12 founders.

It is also noteworthy that after the USA and China, India is the third top startup ecosystem for value creation. While there are more than 1312 unicorns globally, with a cumulative valuation of US$ 4.2 trillion, the most are in the USA (865), followed by China (224), with India at the third spot (108), followed by the UK (66), and Israel with 42 unicorns.

In India, the market making policy via challenge grants, India Stack as the digital infrastructure, and the regulatory policies in place are providing a robust foundation to enable innovative solutions to India’s hard problems, offering commercial viability, a far-reaching consumer impact, and reinforcing experimentation. At the current stage, therefore, India is optimizing to problem solvers, and startups will hence be the force multiplier to catapult the country into a US$ 10 trillion economy.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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