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India’s tech startups have grown from 2,000 in 2014 to 31,000 in 2023, with 1,000 added in 2023 alone.
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Edtech, enterprise tech, and BFSI were among the top sectors for startups in 2023, with 16%, 12%, and 10% growth respectively.
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The government’s Startup India initiative and Fund of Funds for Startups have supported the growth of startups, with over Rs 10,500 crore committed to Alternative Investment Funds.
India’s tech startup ecosystem has witnessed remarkable growth, with the number of startups increasing from 2,000 in 2014 to 31,000 in 2023. This growth can be attributed to various factors, including changes in consumption patterns, increased internet penetration, and government initiatives like Startup India.
The Economy Survey 2024 highlights the growth of startups across sectors like edtech, enterprise tech, BFSI, and healthtech. The COVID-19 pandemic accelerated growth in healthtech and edtech, with increased demand for tele-consulting and remote learning solutions. The government’s Fund of Funds for Startups has also played a crucial role in supporting startup growth, with over Rs 10,500 crore committed to Alternative Investment Funds.
The survey also notes that over 45% of startups emerged from Tier 2 and 3 cities, and more than 47% of DPIIT-recognised startups have at least one woman director. This indicates a positive trend towards inclusivity and diversity in the startup ecosystem.
