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THE START-UP SAGA: INDIA'S TRYST WITH INNOVATION OVER THE LAST FIVE YEARS

By P Mohan Chandran


Have you ever considered what fuels the ambition of a nation? What drives a country forward, challenging the status quo, and reimagining its future? As the ancient wisdom of Vidura Neeti reminds us of timeless principles of leadership and character, a modern saga unfolds in India, capturing the essence of innovation, growth, and the spirit of entrepreneurship.


India, a land that once echoed with the profound teachings of ancient scholars, today resonates with the buzz of start-ups. Over the past five years, the Indian start-up landscape has undergone a seismic transformation. In 2018, there were about 50,000 start-ups in India. By 2023, that number had increased to over 86,000. This represents an increase of over 70% in just five years. The latest number of start-ups in India as of April 2023 is 92,000. This means that the number of start-ups in India has increased by over 80% in just five years. But what ignited this metamorphosis? And has this journey truly realized its potential?


It’s evident that the numbers tell a tale of remarkable growth. In just half a decade, India has witnessed an exponential surge in the number of start-ups, with many attaining the coveted 'unicorn' status. According to Tracxn, there were 24 unicorns in India in 2018. As of April 2023, there were 114 unicorns in India. The following is a table showing the number of unicorns in India from 2018 to 2023:

​Year

Number of Unicorns

2018

24

2019

34

2020

47

2021

68

​2022

80

2023 (April)

114

This represents a significant increase in the number of unicorns in India in just five years. These aren't mere statistics; they are a testament to India's burgeoning entrepreneurial spirit, a spirit that refuses to be shackled by convention. The growth of unicorns in India is a reflection of the strong start-up ecosystem in the country. India remains the third-largest star-tup ecosystem in the world, after the United States and China. India has a large and growing market, a pool of talented engineers and entrepreneurs, and a favorable regulatory environment. These factors have made India an attractive destination for start-ups.


Several factors have contributed to this evolution. Policy reforms, government initiatives, and an influx of foreign investments have created a conducive ecosystem for start-ups to thrive. The 'Make in India' campaign, coupled with the proliferation of digital infrastructure, has acted as a catalyst, propelling India to the forefront of the global start-up arena.


Moreover, sectors such as fintech, edtech, healthtech, and e-commerce have seen monumental growth. From digital payment solutions that make transactions a breeze to online learning platforms that democratize education, Indian start-ups are reshaping industries and touching lives.


Yet, amidst the success stories, challenges persist. While funding has flowed generously, many start-ups grapple with sustainability, scalability, and the intricacies of navigating a complex regulatory framework. The pandemic, too, posed unforeseen obstacles, testing the mettle of many enterprises. But as Vidura Neeti teaches us, it is character and resilience that define true leaders and visionaries. And many Indian start-ups, despite adversities, have showcased just that, pivoting their strategies and emerging stronger.


As we stand at this juncture, reflecting upon the past five years, we must also gaze into the future. What lies ahead for the Indian start-up ecosystem? Can India become the global hub of innovation? And more importantly, will the next generation of start-ups draw inspiration from the timeless wisdom of our ancestors, blending innovation with integrity?


The canvas of India's start-up journey is vast and varied. It's a tapestry woven with dreams, challenges, victories, and lessons. As the narrative continues to evolve, one thing remains certain: India's start-up story is not just about businesses. It's about aspirations, audacity, and the audacious belief that the future can be crafted, one innovation at a time.


So, as you ponder over the rise of the Indian start-up realm, ask yourself: Are you ready to be part of this revolution? And more crucially, how will you contribute to scripting the next chapter in India's grand entrepreneurial saga? The future beckons, and it's teeming with possibilities.


Do you believe India can become a 'global hub' of innovation?

  • A. Yes, India has the necessary ecosystem for startups.

  • B. No, there is still a long way to go for India.


© 2023. P Mohan Chandran. All Rights Reserved.

27072023









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