India adds 7 unicorns in 2019: Nasscom report

Photo for representation.

Bucking the slowdown in multiple sectors of the economy, India has seen the emergence of seven unicorns and added more than 1300 startups this year. This has taken the number of unicorns in the country to 24, the third-largest in the world. This is among the key findings of a Nasscom report on the Indian Tech Start-up Ecosystem – Leading Tech in the 20s that was released on Tuesday. 

The latest unicorns from India are BigBasket, Delhivery, Rivigo, Dream 11, Druva, Ola Electric, Icertis.

The report states that over 1,300 start-ups were added in 2019, reinforcing India's position as the third-largest start-up ecosystem and taking the total number of tech start-ups to 8,900 to 9,300 compared with 7,700 to 8,200 in the year-ago period.

Debjani Ghosh, President, Nasscom said in a statement, “The Indian start-up ecosystem has come a long way in providing a level playing field for innovators to flourish by strengthening capabilities and fostering co-creation. The next wave of growth will be at the junction of convergence of technologies, where different sectors will embrace digital to re-define their operations."

The report says that investments in start-ups touched the $4.4 billion mark for the January- September period, spread across 450 startups and showing 5% growth year-on-year. The report also said that a whopping 70 % year-on-year growth in early-stage funding(Series A.B) at $ 1.6 billion this year. It also stated that India has over 335 active incubators and accelerators with a capacity to enable over 5,000 startups every year.

In terms of jobs,  the report says the ecosystem has created more than about 4.3 lakh direct jobs and added more than 60,000 jobs in 2019.

 

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