What started as a software intensive hub has now expanded across industries and services branching out of the e-commerce tree. The largest root of that tree lies in Bangalore, India’s largest startup hub, followed by Delhi, Mumbai, and Hyderabad. Many of these companies have found success with a keen eye for the hitting the niche in their respective market gaps and the right funding. India recorded a significant number of unicorn enterprises, reiterating the success of small seeds of ideas, growing into market disruptors.
Startup funding in India has consistently attracted big investors from across the globe. In recent years, large Indian companies including the Tata conglomerate and the founders of Flipkart had ventured into investing in small businesses. Many companies known by their brand names benefitted from funding and saw substantial growth in the last decade, becoming household names. Some of these include ride-hailing company Ola, hotel-chain OYO, digital payment service Paytm, and online food app Swiggy.
The only drawback in India’s explosive startup economy seems to be its struggling economy. This was dented even more with the coronavirus (COVID-19) outbreak and effects of the lockdown between March and May 2020. Despite collaborative public and private support, many startups declared loss in revenues and permanent or temporary closure. India’s startup ecosystem needs strong pillars to lean on in order to survive the economic impacts of the pandemic.