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

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)