Source | Entrepreneur : By Sanchita Dash
With the Indian government’s required push towards creating a conducive startup environment in the country, the ecosystem has seen a massive overhaul in the past few years. From Startup India, Standup India to the vision of a Digital India, the government has been building the right gateway for Indian start-ups to succeed.
Another initiative that has further boosted the growth of start-ups in India, is the government’s ease of doing business policies. With better taxation policies, easier methods to start up and greater access to loans, start-ups have had a great year.
The NASSCOM report unveiled at the NASSCOM Product Conclave shared insights into how the ecosystem has been evolving constantly and the various sectors that have grown in the last year.
Over 1,000 start-ups added in 2017
According to the report, over 1,000 start-ups have been added to the list of tech start-ups in India, making way for an overall growth of seven per cent. With this, India continues to be the third largest start-up market in India, only after the US and UK. Bengaluru, NCR and Mumbai are still dominating the ecosystem as the major startup hubs in the country. However, according to the report, another major development has been noticed in the Tier II and Tier III cities in India which now account to 20 per cent of start-ups in the country.
With India holding the 60th rank in the global innovation index, the year 2017 also saw non-US investors foraying into India and expanding their investment portfolio.
The mortality rate of start-ups stands at 35 per cent.
Sectors that have Hit the Right Spot
It has been a great year for fintech which revelled in the aftermath of demonetization and was aided by the implementation of GST. Many entrepreneurs predicting the growth of the sector started looking at the various ways in which the elements of fintech could be developed into a successful business model. India stands second in the index of global fintech adoption. The report also states that over 50 per cent of start-ups added in 2017 were in the B2B segment with fintech and healthtech leading the pack.