India to become 2nd biggest startup ecosystem in the world

According to industry body Nasscom, some 800 new tech startups have already setup their shops in India this fiscal year. It also added that if the growth keeps taking by this pace, the country will become the second largest startup ecosystem after the United States in a period of next two years.

Startups in India are growing at a phenomenal rate. The growth rate is much faster than Israel and Britain, which are currently ranked between India and numero uno US.

"We expect that within the next couple of years, we will have the second biggest start-up ecosystem in the world,” said R Chandrashekhar, President, Nasscom in a statement to PTI.

India saw some 800 new companies setting up their business in the year 2014. This took the total number of India based startups to a whopping 3,100.

According to Chandrashekhar, there’s a huge difference between the startup scene here in India and the one outside. He even pointed out that domestic companies cater to both opportunities within the country as well as outside the country.

Such domestic companies have been successful in receiving funding of over 2.3 billion US dollars since the year 2010. Currently, over 70 venture capital and private equity funds are active in this segment.

In addition to all this, some 62 angels were active in the year 2014. Apart from all this, there are over 80 startup accelerators and incubators operating in India at present, according to Nasscom.

According to Chandrashekhar, India will have a large number of super successful small companies, as against the global trend of having a small number of mega successful companies that command high valuations.

These new emerging startups are engaged in fields such as healthcare, wearable technologies, advertising, big data and analytics, education, augmented reality, hardware and cloud computing.

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