Pradeep Udhas, Office Managing Partner KPMG, Devendra Fadnavis, Hon'ble CM Maharashtra and Atul Nishar, President TiE Mumbai
Pradeep Udhas, Office Managing Partner KPMG, Devendra Fadnavis, Hon'ble CM Maharashtra and Atul Nishar, President TiE Mumbai

Maharashtra - the future start-up capital of India

ANI | Updated: Jun 04, 2019 14:27 IST

Mumbai (Maharashtra) [India] June 04(ANI/NewsVoir): Indian start-up ecosystem has undergone a tectonic shift over the past decade. The numbers of start-ups have grown seven folds from around 7000 in 2008 to around 50,000 by end - 2018.
Chief Minister of Maharashtra, Devendra Fadnavis,TiE Mumbai and KPMG-India recently released two research and recommendation report titled "Maharashtra and the exciting growth of its start-up ecosystem" and "Pune 2.0 - The start-up Hub."
India has the 3rd largest start-up base globally while Mumbai ranked 7th in terms of growth in VC deals secured in 2015-2017. The report states Pune, Nagpur, Nashik and Aurangabad as emerging start-up hubs in Maharashtra. The total funding raised by Start-up s in Mumbai and Pune between January 2014 and September 2018 is INR 377 Billion.
Several government initiatives have been in place to drive this start-up growth in the region - Maharashtra State Innovative start-up Policy 2018, Fintech Policy 2018 and Maharashtra State Innovation Society. Few challenges like high real estate prices, limited availability of tech talent and transportation infrastructure issues were also highlighted in the report. The enablers and drivers for start-up growth are attributed to a Supportive ecosystem (investors, incubators, etc), huge customer base and the geographic advantage of the region.
The report also provided key recommendations for the region, namely skill development and training, policy support and private participation, job creation, infrastructure development and social and employment incentives.
"In an attempt to nurture entrepreneurship and build an economy that promotes new ideas, the Departments of Skill Development and entrepreneurship launched the Maharashtra State Innovative start-up Policy 2018 to drive innovation and provide an enabling environment for start-ups", said Devendra Fadnavis, Chief Minister of Maharashtra.
He congratulated TiE Mumbai and KPMG for championing the entrepreneurship cause and that his government will provide full support to make Maharashtra the #1 destination for start-ups.
"At TiE Mumbai, we have a clear goal to make Mumbai the start-up capital of India. Mumbai has the 3rd largest start-up base in India and has ranked 1st in terms of number of start-up registrations in 2018 in India. With strong support from the Government and our thrust in setting up incubation centers, conducting accelerator programs and active mentoring, am sure we will achieve numero uno position in all other parameters", said Atul Nishar, President, TiE Mumbai.
"The Maharashtra government is working towards implementing various initiatives, designed to promote an environment of innovation and entrepreneurship in the state", explained Pradeep Udhas, Office Managing Partner, West, at KPMG in India.
Pune start-up Landscape
Marked by a slew of new launches, early stage investing, acquisitions, mentoring and more Pune is rapidly emerging as one of the country's prime start-up epicenters. There are 3200 active Start-up s in Pune as of 2018, with 2 per cent of India's tech start-up s based out of Pune. Large fresh and experienced talent pool, presence of strong IT and ITeS industry and proximity to Mumbai are some key advantages of Pune.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)