NASSCOM, the frontline institution for promotion of startups in the country has reported that India has the third largest startup base in the world after USA and UK.
The report titled ‘Startup India – Momentous Rise of the Indian Startup Ecosystem’ along was brought by NASSCOM along with research firm Zinnov. According to the report, nearly 1200 tech firms were started n 2015 alone. Most of the new ventures are in ecommerce and consumer businesses. The report finds that nearly 72% of the promoters are less than 35 years old.
The report also brings out geographical distribution of the startup landscape. Banguluru with an IT base emerges as the leading hub of startups. Bangaluru along with Delhi and Mumbai hosts 65% of the start ups in the country.
The report says that the rapid expansion of startups in the country is due to the availability of risk capital. Already, angel funds, Venture capital funds and corporate entities are providing seed money to India’s start up ventures.
Startups are rocking the world economy over the last few years with the help of the internet. Many countries have designed digital or internet economy policies to promote the emergence of the new generation business. The startup revolution that started in the Silicon Valley has spread to China, UK and other countries. Several digital corporate like Amazon and Alibaba were the product of the revolution.
NASSCOM’s 10000 startup initiative was a pioneering venture in promoting startup culture in the country.