India poised to become the second biggest start-up ecosystem in the next two years: Nasscom
New Delhi: India saw 800 new technology start-ups—taking the total number of start-ups to 3,100—setting up their ventures so far in 2014-15, as per IT-BPO industry body Nasscom. India is poised to become the second biggest eco-system option after the US in the next two years on account of the ongoing high growth rates.
"We expect that within the next couple of years, we will have the second biggest start-up ecosystem in the world," said Mr R Chandrashekhar, President, Nasscom. He further pointed that the rate at which the start-ups are growing is much faster than Britain and Israel, which are ranked between India and worldwide leader US at present.
The report further pointed that such start-ups have received over US$ 2.3 billion in funding since 2010, while over 70 private equity (PE) and venture capital (VC) funds remain active in the segment. Apart from this, there were over 62 angels active in 2014 and there are over 80 incubators and start-up accelerators operating in the country at present.
The domestic companies address both opportunities within the country as well as internationally, observed Mr Chandrashekhar. The start-ups are engaged in areas which include wearable technologies, big data and analytics, augmented reality, cloud computing, hardware, education, advertising and healthcare, as per the report.
India will have a large number of successful small companies, as against the global experience of having small number of mega successful companies who command huge valuations, pointed Mr Chandrashekhar.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.