BENGALURU: More than 45% of the recognised start-ups (about 56,000) are emerging out of tier 2/3 cities and more than 47% of the recognised start-ups have at least one woman director, according to the Economic Survey 2023-24 released on Monday.
As of March 31, 2024, there are more than 1.25 lakh start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) spanning across all sectors of the economy, out of which there are over 13,000 start-ups that cover sectors such as Artificial Intelligence (AI), Internet of Things, Robotics, and Nanotechnology.
The number of DPIIT recognised start-ups has increased from over 300 in 2016 to 1,17,254, as of December 31, 2023. These recognised start-ups have created over 12.42 lakh direct jobs creating a significant economic impact.
The survey pointed out that start-ups filed more than 12,000 patent applications from 2016 to March 2024.
As the pandemic fuelled consumer and enterprise demand for technology-backed solutions, the number of technology start-ups in India rose from around 2,000 in 2014 to about 31,000 in 2023.
According to the National Association of Software and Service Companies (NASSCOM), the sector witnessed the inception of roughly 1000 new tech start-ups in 2023. The top sectors for start-ups in 2023 were EdTech (16%), EnterpriseTech (12%), BFSI (10%), Advertising and Marketing (7%) and RetailTech (6%).
The Banking, financial services and insurance (BFSI) sector saw a surge in start-ups starting in 2016, driven by the introduction of the Unified Payments Interface (UPI).
The demand for scalable and efficient cloud solutions led to the growth of Software as a Service (SaaS) start-ups, resulting in 21 unicorns since 2014, the Survey pointed out. Also, the pandemic accelerated growth in sectors such as HealthTech and EdTech, spurred by the increased need for teleconsulting and remote learning solutions.
