IpBlog Leaders
As close to 44 startups from India become "unicorn" startups with a $1 billion valuation, in the first week of 2022, India proves that it is all set to make it big with its startups. Beauty and child care brand Mamaearth and customer analytics service provider Fractal Analytics are the latest to join this list. It is commendable to note that seven more Indian startups, each valued at over $600 million, are also inching close towards the $1 billion mark. These include Ecom Express, Onescore and Jupiter Money, as reported by Jupiter Money.
This feat has been applauded nationwide, and recently, at the inaugural ceremony of the Startup India Innovation Week, Piyush Goyal, noted with pride that the country has around 82 unicorns and more than half of them reached the $1 billion valuation mark in the last year.
Livemint
Goyal also stated that the Indian startup industry has successfully turned a global crisis into an opportunity and with the right effort and support, Indian startups can soon help solve various issues efficiently. He encouraged startups to help extend basic healthcare facilities to remote areas and play a key role in making India self-sufficient. He urged successful startups to reach out to small and rural entrepreneurs and startups, and help them grow and prosper.
The minister also acknowledged the contribution of startups for the rise of India in the global innovation index from 76 in 2014 to 46 in 2021. Optimistic in his belief, Goyal motivated Indian startups saying that "startups should add 75 unicorns in 2022". As the nation cheers and applauds the remarkable contribution of Indian startups, let us revisit the emergence of this now, billion dollar industry in India.
Startup was a word unheard of in India for the longest time and these companies did not gain acceptance overnight. Startups in India were initially not trusted with investment and the risk factor was considered to be extremely high. Thereby, It was not until 2008 that the startup revolution in India took the country by storm and changed the way in which people and investors viewed startups.
To put it simply, startups are companies in the nascent stage of their development, these small idea oriented companies bring effective and new ideas to the table offering simple solutions to complex problems. They also work on developing new ways of doing existing tasks more efficiently and economically.
Startup India Campaign
Realising the extreme potential of these startups, the Prime Minister announced the StartUp India Campaign on 15 August 2015. Under his guidance, the initiative, adopting a three-fold approach planned on focusing on three areas, simplification and handholding, funding support and incentives, and industry-academia partnership and incubation.
This sector was relieved from restrictive state government policies such as License Raj, Land Permissions, Foreign Investment Proposals and Environmental Clearances. It was organised by The Department for Promotion of Industry and Internal Trade. Such steps in the right direction proved to be extremely beneficial for Indian startups, and within a few years, these startups registered immense growth.
Indian Express
Today, as many as 44 Indian startups are competing at the global level. The nation too, relies on these startups to function smoothly each day. In India, top startups like Ola (valuation $7.3 billion), Zomato ($12 billion), BYJUs ($21 billion), Snapdeal ($2.5 billion) and Paytm ($16 billion) have become an indispensable part of every Indian's daily life. With new startups budding each day in every corner of the country, India will hopefully, soon fulfill Goyal's dream of adding 75 unicorns to the global list in 2022.
Like Follow us on :- Twitter | Facebook | Instagram | YouTube
