Mon, Feb 27, 2017 | updated 09:57 AM IST

India likely to double its startup base by 2020, says Nasscom-zinnov start-up report

Updated: Oct 26, 2016 13:46 IST

New Delhi [India], Oct 26 (ANI): Amidst the popular belief of the Indian startup ecosystem's slowdown, India continues to harbor the third largest start-up base, marginally behind the UK as per the NASSCOM-ZINNOV start-up report titled "Indian Start-up Ecosystem Maturing - 2016".

The report further states that the ecosystem is poised to grow by an impressive 2.2X to reach more than 10,500 start-ups by the year 2020.

The report was launched on the side-lines of NASSCOM Product Conclave 2016 in Bengaluru today in the presence of CP Gurnani, Chairman, NASSCOM; R Chandrashekhar, President, NASSCOM, Ravi Gururaj, Chairman, NASSCOM Product Council and Pari Natarajan, CEO, Zinnov.

Some of the notable findings of the report include; continued growth in the number of startups in 2016, with Bengaluru, NCR, and Mumbai continue to lead as the major start-up hub for the nation. In terms of vertical growth, investors are looking at domain like health-tech, fin-tech, and edu-tech.

With a total funding of approximately USD four billion, close to 650 start-ups were funded signifying an aware and healthy growth of the ecosystem.

"Technology start-ups are creating a new identity for India and its technological prowess. They are defining the way the world operates making life better and easier for people and businesses alike. Our start-up report is a testimony to the potential of the start-up landscape and the scope of growth and opportunity that India presents," said President NASSCOM, R. Chandrashekhar.

"The start-up landscape is undergoing great churn with fast-paced changes happening across the board. Owing to focused funding and a growing need of scaling up capabilities, Indian entrepreneurs will continue to attract global attention due to a perfect mix of talent, technology, traction and transactions," said Chairman NASSCOM Product Council, Ravi Gururaj.

Further, according to the report the number of tech start-ups in India is expected to grow by 10-12 percent to over 4,750 start-ups by the end of 2016. Interestingly over 1400 new startups have emerged in 2016 denoting that that the ecosystem is becoming prudent with both investors and start-up founders focusing on profitability and optimizing the overall spend.

The report highlights the significant rise in number of accelerators to improve startups' outcomes and provide them with a support that they require. With impetus from Government and Corporate, there is a 40 percent increase in the number of active incubators and accelerators in 2016 with over 140 active incubators, helping entrepreneurs experiment with new ideas by offering them functional expertise and resources.

Unbound by the fear of failure or downturns, a new breed of 'young' entrepreneurs is unleashing an incredible wave of start-up movement in the country.

The report reveals an increased interest from student entrepreneurs this year. A remarkable growth of 25 percent has been witnessed in 2016 with 350+ start-ups founded by young students. Median age of start-up founders has reduced marginally from 32 years in 2015 to 31 years in 2016.

Talking about investments, the report states that investors are increasingly looking at opportunities in start-ups in areas other than online retailing. The sentiments are high for ventures in verticals like Fintech, Healthtech, Edutech, data analytics, B2B commerce and artificial intelligence. (ANI)

New Delhi [India], Feb. 26 (ANI): North India Sotheby's International Realty organised its first ever Global Luxury Realty Conclave in association with the Confederation of Indian Industry (CII) yesterday.

Full Story >>

New Delhi [India], Feb 25 (ANI): India Inc's salary hikes in 2017 are projected to be at an eight-year low as per a survey by Aon Hewitt, which noted that the average pay hikes will be 9.5 percent across industries.

Full Story >>

New Delhi [India], Feb 25 (ANI): Talking about the performance of the Bharat Interface for Money (BHIM) app of the government, Niti Aayog CEO Amitabh Kant said that the app has successfully recorded 17 million downloads so far, which is a world record in itself.

Full Story >>

New Delhi [India], Feb. 25 (ANI): Expressing concern over a lukewarm response on allowing small and medium scale shop-keepers to remain open for all seven days, ASSOCHAM persisted to the Centre to persuade states to approve and adopt the Shops and Establishments Bill draft, in order to promote retail trade in the country.

Full Story >>

New Delhi [India], Feb 25 (ANI-NewsVoir): PHD Chamber organized a unique first of its kind PHD Golf Tourism Conclave and Golf Tournament 2017 on February 24-25, 2017 in Pune with a focus on making India a favored Golfing Destination in the world.

Full Story >>

New Delhi [India], Feb. 25 (ANI): A few months ahead of the incorporation of the much-awaited Goods and Services Tax (GST), Chief Economic Advisor Arvind Subramanian revealed that internal trade has drastically improved; this being a boon to the country's progress in the wake of GST.

Full Story >>

New Delhi [India], Feb. 25 (ANI): According to a survey conducted by online citizen-engaging platform LocalCircles, over 90 percent participants have stated that the Maximum Retail Price (MRP) of medical instruments, particularly stents and orthopaedic implants, should be printed on the device itself. Additionally, citizens have demanded that all such medical devices must be brought under Packaged Commodity Rules at the earliest

Full Story >>

New Delhi [India], Feb 24 (ANI): Enforcement Directorate on Friday issued show cause notice dated February 16, 2017 to CC Thampi and his three companies including Holiday City Centre, Holiday Properties, and Holiday Bekal Resorts Pvt. Ltd respectively for contravention of provisions of section 6 (3) (b), 6(3)(e), 6(3)(f), 6(3)(i) read with Section 47(3) and Section 6(6) of Foreign Exchange Management Act,1999 for the aggregate amount of Rs. 288 crore.

Full Story >>

New Delhi [India], Feb 24 (ANI-BusinessWireIndia): As the saying goes, "there are no free lunches in the world" yet here is an organisation that proposes to do just that for you. The story of a social initiative in Odisha that aims to encourage and motivate digital transformation of an entire nation.

Full Story >>

London [United Kingdom], Feb.24 (ANI): The third Indo-UK Thought Leadership Awards took place on February 22. Awards were presented to individuals from India and the UK who have been contributing to strengthening bilateral relations between India and the UK.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Businesses in Mexico, China and India are increasingly turning to technology to power successful growth, reveals new global research by Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth.

Full Story >>

New Delhi [India], Feb 24 (ANI-NewsVoir): MAX the country's largest International fashion brand, recently launched the third edition of MAX Design Awards. After receiving tremendous response from across, over the last two years, MAX is geared up for its third edition to provide a platform for fashion designing students to unleash their creativity and connect with the world of fashion.

Full Story >>

New Delhi [India], Feb 24 (ANI): Despite an increase in the job market in the first half of 2017, finding the right talent will prove difficult for recruiters due to an on-going talent crunch. This sentiment has emerged from Naukri's Hiring Outlook survey 2017 a half yearly survey conducted to gauge the hiring sentiment across companies and industries.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Online fashion portal, Jabong, announced its exclusive partnership with the leading iconic headwear brand New Era, available for men, women and kids.

Full Story >>

New Delhi [India], Feb. 24 (ANI-NewsVoir): Three members from the Internet of Things group at Next Tech Lab, SRM University won the Industrial IoT-AR/VR Make-a-thon organised by the IESA Vision Summit 2017.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Online holiday portal, Travkart.com, announced the hiring of financial advisory firm, Global CFO, which provides virtual CFO and fund-raising services to companies.

Full Story >>

New Delhi [India], Feb. 24 (ANI): Following the successful solar implementation at Cochin International Airport, Ganges Internationale Private Limited (GIPL), a multifaceted technology company, bagged its second project to install 11MW module mounting structures, thus enabling Cochin airport to be the world's first 'Green Airport'.

Full Story >>

New Delhi [India], Feb. 24 (ANI): India-based Software-as-a-Service (SaaS) player, Djubo, launched an app facilitating property management system for hotels, titled Djubo Cloud PMS.

Full Story >>

New Delhi [India], Feb.23 (ANI): The government, in consultation with the Reserve Bank of India(RBI), has decided to issue Sovereign Gold Bonds 2016-17-Series IV.

Full Story >>

New Delhi [India], Feb.23 (ANI): The Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax (GST) to inform the taxpayers of the latest updates on GST among others.

Full Story >>