As we approach the end of 2017, we are likely to see a lot of articles on the number of startups added in each region and country.The chairman of Indian trade association NASSCOM Raman Roy was recently quoted saying “About 1,000 tech start-ups were registered this year (2017), taking their total to 5,200 and making India the world’s third largest start-up ecosystem.”
Releasing a joint report on the ‘Indian Start-up Ecosystem – Traversing the maturity cycle’, at the ninth annual edition of Nasscom Product Conclave, Mr. Roy said India retained its momentum as a vibrant landscape for startups. Citing a Nasscom report compiled with consulting and advisory firm Zinnov, Roy added
“Bengaluru, Delhi/NCR and Mumbai retained their position as the key start-up hubs, with 20 percent of the start-ups emerging from tier-2 and tier-3 cities across the country. The Indian IT industry is renowned for pioneering innovation and the start-up’s arena is no different. Our country is one of the fastest growing start-up landscapes, with the participation of every major accelerator, investor and angel group from the world over”
“Sub-segments like digital payments and lending are maturing, while wealth management and insurance-tech emerging as growth areas. Implementation of advanced technology are also becoming prominent, with 33 percent fintech funding towards advanced technologies like Artificial Intelligence (AI) and analytics,” said Roy. Similarly, health-based technology start-ups are 320, with 28 percent annual growth and attracted $160-million funding in the April-September period, which is an increase of 129 percent in the same period of 2016.