‘Never dream of becoming something, if you dream— dream of doing something.’ These words of Prime Minister Narendra Modi have become the inspiration for the entire startup evolution, revolution and solutions in India, placing the country among the top countries on the list of the global startup ecosystem. Five Indian cities have figured in Blink’s Startup Ecosystem Report 2022 with Bengaluru being ranked eighth globally with strongest startup ecosystem in India. Also known as India’s Silicon Valley, Bengaluru has solidified its position in the top 10 global cities by increasing its ranking by two spots this year.
The other cities prominently figured in the ‘Startup Ecosystem Report 2022’, released by Israel-based organization Starup-Blink, are- New Delhi at 13th, Mumbai at 17th, Pune at 90th, Hyderabad at 97th, Chennai at 102nd, Jaipur at 212 and Ahmedabd at 223rd. India, Japan and South Korea have been ranked 4th, 5th and 6th respectively in Asia-Pacific, signaling a competitive environment in India for startups.
StartupBlink ranks the startup ecosystems of top 1000 cities and 100 countries of the globe which works on a methodology by taking into account majorly three parameters- quality of startups, quantity of startups and business environment.
As per the report, Bengaluru is also the third-highest ranked ecosystem in Asia-Pacific after Beijing and Shanghai. India’s Silicon Valley is now well-positioned to overtake Shanghai in the Asia-Pacific region as the second highest ranked city.
New Delhi is also not much below Bengaluru and has been ranked fourth in the Asia-Pacific, increasing its position to 13th globally, however the gaps between Bengaluru and New Delhi have increased significantly in 2022. This year, two new cities from India have entered the list of top 100 cities with Pune at 90th and Hyderabad at 97th. The report suggests that the 2nd tier cities in India, have also seen a healthy growth in their startup ecosystem.
Singapore tops the ranks in Asia-Pacific
Singapore ranks top on the list of startup ecosystem in Asia-Pacific region with a total scrore of 23.408, followed by Australia, China, India and then Japan. India has moved up one place since 2021. Other countries in the top ten list in the Asia-Pacific region are South Korea, Taiwan, New Zealand, Indonesia and Malaysia.
Top 10 cities on the ranking
Globally, top 10 cities on the ranking, are San Francisco Bay, New York, London, Los Angeles Area, Boston Area, Beijing, Shanghai, Bangalore, Tel Aviv Area and Paris.
100 unicorns
Indian startups also include 100 unicorns, being spread across 56 diversified sectors like IT services, finance technology, hardware technology, enterprise software, artificial intelligence, nanotechnology, space, agriculture and others.
Startup India
The startup policy of the Government of India has given a big boost to the startup culture in the country with the number of startups growing at fast pace. According to Commerce and Industry Minister Piyush Goyal, the number of recognised startups has increased from 726 in 2016-17 to 65,861 as on March 14 this fiscal.
Action Plan
Startup India is a Government of India flagship initiative to build Startups and nurture innovation and entrepreneurship. The government’s Action Plan is helping accelerate the growth of startups throughout the country in tier 1, 2 and 3 cities, including semi-urban and rural areas. It also promotes entrepreneurship among SCs/STs and women communities.
Unicorns in India worth USD 330 billion
The number of unicorns in India has reached the 100-mark. A unicorn means a startup of at least one biliion dollar. The total valuation of the unicorns in India is USD 330 billion, that is over rupees 25 lakh crore. Out of the total unicorns, 44 unicorns were formed only last year. The average annual growth rate of Indian unicorns is more than that of the US, the UK and many other countries.
Flipkart – the most valuable unicorn
A report by Orios Venture Partners suggests, in 2021, Indian startups raised 42 billion dollar up from 11.5 billion dollar in the previous year. Flipkart was the most valuable unicorn (37.6 billion dollar after raising 3.6 billion dollar in July 2021). India has seen four decacorns (companies with a valuation of USD 10 billion and above). So far, Flipkart, Paytm, Byju’s and Oyo Rooms are decacorns. Zomato has the highest market capitalisation with approximately 14.8 billion dollar among the listed Indian startups, followed by Nykaa with approximately 13.5 billion dollar and Freshworks with approximately 6.9 billion dollar. The report also named 13 female unicorn founders like Falguni Nayar (Nykaa), Gazal Kalra (Rivigo), Ruchi Kalra (OfBusiness), Divya Gokulnath (Byju’s), Ghazal Alagh (MamaEarth) and Saritha Katikaneni (Zenoti), among others.
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