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5% of India’s startups (around 56,000) are now based in Tier 2 and 3 cities.
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The number of DPIIT-recognised startups has grown from 300 in 2016 to over 1.25 lakh by March 2024.
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More than 47% of recognised startups have at least one woman director, and over 12,000 patent applications have been filed since 2016.
The Economic Survey 2023-24 has revealed that Tier 2 and 3 cities are emerging as startup hubs, with 45% of India’s startups (around 56,000) based in these cities. This growth is a significant indicator of the startup ecosystem’s expansion beyond metropolitan areas.
The survey also highlights the growth of DPIIT-recognised startups, which have increased from 300 in 2016 to over 1.25 lakh by March 2024. Additionally, more than 47% of recognised startups have at least one woman director, and over 12,000 patent applications have been filed since 2016.
The Fund of Funds for Startups (FFS) has played a crucial role in supporting the startup ecosystem, with over Rs 10,500 crore committed to Alternative Investment Funds. These funds have invested over Rs 18,000 crore in startups by the end of FY24.
