India adds 1000 tech startups in 2017
The startup ecosystem is truly emerging and evolving in India. The country has added over 1,000
Nasscom Startup Report 2017 talks highly of the emerging ecosystem in the country. The ecosystem is flooded with innovative ideas, the young entrepreneurs are driven to work on the innovative ideas solving the real-world problems. India has a number of startups in fintech, healthcare and e-commerce sectors.
Cities like Bengaluru, Delhi, and Mumbai are one of the most happening startup hubs in the country. The report also highlights that startup landscape is expanding to the tier II and III cities. Over 20% of the startups are emerging from these cities. There is 40% increase in the number of incubators and accelerators in India.
The addition of 1,000 takes the total number of startups to 5,000. The ecosystem has 40% of startups in the B2B segment with 30% having received funding. India is witnessing a rapid rise in the B2B sectors like healthcare, e-commerce solutions, and fintech. 30% of the startups in the B2B segment have raised the investment.
Fintech is the current hot sector to start the company. The total number of fintech startup base is 360, indicating 31% year on year growth. The first half of 2017 recorded over $200 million funding. The same period last year recorded the negative numbers in terms of funding. The funding had started drying up in 2016 but this year has recorded 135% growth in the total funding raised by startups.
Startups in the healthcare vertical have created a significant impact in India. Healthcare startups have recorded 28% annual growth with the total estimated funding of $160 million received in the first half of 2017. Indian startup ecosystem has a total of 320 startups in the healthcare sector.
The report estimates more innovative business models and high growth in the B2C segment in the later months of 2017. Experts believe that investments will follow startups coming from tier II and III cities in the near future.
- Rajat Kabade