Indian Startup Ecosystem Report – Commerce Ministry
Despite the global slowdown in tech investments, Indian startups have attracted strong funding, raising a total of $11.3 billion in 2024. This is a 6% increase from the $10.7 billion raised in 2023.
Government-backed policies, an investor-friendly environment, and a focus on fostering innovation have positioned India as a global leader in startups.
According to the “Indian Startup Ecosystem Report” by Startup India, India’s startups have leveraged emerging technologies such as artificial intelligence (AI), blockchain, and IoT to solve local and global problems. This culture of innovation, supported by incubators, accelerators, and robust mentoring networks, has fostered a unique ecosystem that bridges grassroots challenges with cutting-edge solutions.
The Indian government has introduced several initiatives to support and nurture entrepreneurship. The flagship Startup India program, launched in 2016, has been a cornerstone in this effort.
Key points of “Indian Startup Ecosystem Report”
- India has emerged as one of the most vibrant startup ecosystems globally, earning its place as the 3rd largest startup hub.
India has over 100+ unicorns. - As on December 25, 2024, 157,066 startups have been recognized by Department for Promotion of Industry and Internal Trade (DPIIT) and 759,303 users are registered on the portal.
- India has more than 73,000 startups with at least one-woman director.
- This represents nearly half of the 1,57,066 startups supported by the government, showcasing the crucial role women play in driving innovation and economic growth.
- Cities like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR have become epicenters of innovation.
- The Indian startup landscape is shaping the future of innovation and entrepreneurship.
To support this fervour, Government has taken several initiatives to support the startup ecosystem in India.
Initiatives such as the Atal Innovation Mission (AIM) and the National Initiative for Developing and Harnessing Innovations (NIDHI) provide infrastructure and financial support to innovators. Further, the Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) scheme launched in 2021, aims to support 300 software product startups over four years with an outlay of ₹99 crore, providing funding up to ₹40 lakh per startup through accelerators to scale their businesses.
According to the Startup India International Guide, Indian startups are increasingly partnering with global corporations and entering international markets. India’s leadership in affordable technology solutions, such as UPI and Aadhaar-enabled services, is inspiring similar innovations globally. Additionally, India’s unicorns are outpacing global peers in valuation growth, proving that the ecosystem’s foundation is robust and scalable.
Earlier, Bangalore has been listed within the world’s 20 leading startup cities in the 2019 Startup Genome Project ranking. It is also ranked as one of the world’s five fastest growing startup cities.
Indian startups raised Rs 29,247 crore through IPO in 2024, led by Swiggy and Ola Electric.