Indian Startups Will Create 50 Lakh New Jobs; Rs 30,000 Crore Funding Received By Tech Startups In 2019!
The National Association of Software and Services Companies or NASSCOM, which is India’s most powerful lobby of IT and Tech companies, have released their annual reports on Indian startups.
And there is intense optimism and hope.
India is still World’s 3rd biggest startup eco-system, and Indian startups will generate more than 50 lakh jobs by 2025.
Here are the details..
Indian Startups Receive Rs 30,000 Crore Of Funding
Compared to $4.2 billion of collective funding received by Indian startups in 2018, total of $4.4 billion of funding was received by 450 Indian startups in 2019.
Although this is a marginal jump of 5% of the total amount of funding, it still makes us World’s 3rd largest startup ecosystem, only behind USA and China.
At the same time, the total number of tech startups are increasing: from 7,700-8,200 in 2018, the total number of tech startups have now increased to 8,900-9,300 in 2019.
1300 new startups were created in the first 9 months of 2019.
While there were 17 Unicorns or startups with valuation of more than $1 billion in 2018, there are now 24 Unicorns startups in India, in 2019.
The report stated, “Funding saw a huge spike at the early stages (series A, B) as well, with $1.6 billion being recorded at 70% year-on-year growth..”
Indian Startups Will Generate 50 Lakh Jobs By 2025
NASSCOM president Debjani Ghosh informed that by 2025, Indian startups will generate 50 lakh new jobs.
While the startup ecosystem will generate 11 lakh direct jobs, 39 lakh indirect jobs will be generated, across India.
Prominent among the job-creators will be Unicorns, as by 2025, there will be 100+ Unicorns, whose combined valuation will be approximately $400 billion.
As of now, the 24 Unicorns in India have created 60,000 direct jobs, and 1.3-1.8 lakh indirect jobs. In case there are 100 Unicorns by 2025, they will generate more than 12 lakh direct jobs alone, pushing total job creation to 50 lakh.
While Byju’s Swiggy, Udaan were among the prominent Unicorns created in 2018, in 2019, new Unicorns which were formed are Ola Electric, BigBasket, Dream11.