BENGALURU: India’s vibrant start-up ecosystem— the third largest in the world— is well poised to have 95 unicons (with over $1 billion valuation) by 2025, a 3x increase from the current number, with an overall valuation of $390 billion, according to the State’s startup ranking , 2019 report released by the Department of Industry and Internal Trade (DPIIT).
The country’s potential one-billion dollar new-age firms, according to the report, are likely to be in sectors such as e-commerce, software-as-a service(SaaS), fintech, renewable energy, logistics, etc. With the adoption of advanced technology, increasing market capitalisation, the time taken for a start-ups to mature into a unicorn has significantly decreased from 12 years in 2010 to two years in 2015-2019, the report added. Overall, the sector attracted $50 billion funding between 2014-2019.
The report further added that start-ups in the country are increasingly registering with the DPIIT with the
addition of 8,550 such companies during Covid-19 pandemic alone. Currently, every state in India has a start-up registered with the government taking the total number of such new-age firms to 36,550 across 580 districts in the country.
According to the second edition of the State’s startup ranking, 2019, Gujarat and Andaman &Nicobar Island have emerged as the best performers with 100 percentile score whereas Kerala and Karnataka were selected as the top performers. The state-wise performances were evaluated on seven parameters including Institutional Support, Easing Compliances, Relaxation in Public Procurement norms, Incubation support, Seed Funding Support and Venture Funding Support. A total of 22 States and three Union Territories
participated in the exercise.