The expansion of Indian startups from local to global has been a remarkable journey over the last two decades. The Indian startup ecosystem has undergone a significant transformation, with startups now part of a broader business landscape focused on creating impactful solutions, serving as vehicles for socioeconomic development, and centres of innovation.
Startups have also created jobs and provided meaningful career opportunities, contributing to a more robust economy and the growth of cities that host them.
Indian startups are now targeting the global market, and one of the primary factors enabling them to do so is the availability of funding. Over the past decade, India has witnessed a rise in venture capital and private equity investments, with the Indian startup ecosystem receiving a total funding of $25 billion in 2022, despite the tough macroeconomic conditions.
Several factors have contributed to the growth of Indian startups in recent years. The Indian government has launched several initiatives to promote entrepreneurship and the startup culture in the country, including Startup India, Make in India and Digital India. Indian startups have access to a pool of funding from venture capitalists, angel investors, and government programs. India’s growing middle class has led to an increase in demand for products and services, creating a favourable market for startups to grow. India has a large pool of talented and skilled professionals, including engineers, developers, and designers, who are willing to work with startups.
India also has a strong digital infrastructure, with a large internet user base and increasing smartphone penetration, making it easier for startups to reach customers and scale their businesses. India has a supportive ecosystem for startups, with a growing number of incubators, accelerators, and co-working spaces, which provide startups with mentorship, networking opportunities, and access to resources.
Several Indian startups have successfully expanded their presence beyond the domestic market. For example, ride-hailing company Ola Electric has a presence in Australia, New Zealand, and the United Kingdom, and plans to expand further to other countries. Edtech startup BYJU’S has a presence in the United States, United Kingdom, and Australia and is expanding further across Latin America and beyond. Software-as-a-service firm Freshworks has a global footprint, with offices in the United States, Europe, and Australia. Food delivery platform Zomato has expanded to more than 25 countries, including the United States, United Kingdom, and Australia.
Indian startups have demonstrated resilience and innovation, paving the way for a brighter future. As the country continues to strengthen its position as a hub of innovation and entrepreneurship, the startup ecosystem in India is expected to grow by leaps and bounds. The growth of Indian startups is not only transforming the country’s business landscape but also establishing them as major players in the global market.