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India: Tech start-ups and used car market

IBEF:  August 29, 2016

India has emerged as the world’s third largest tech start-up hub in terms of number of technology-driven start-ups, after the US and the UK. The recently released report from the Associated Chambers of Commerce of India (Assocham) in association with Thought Arbitrage Research Institute further said that as of 2015-end, India had around 4,200 tech start-ups. The city of Bengaluru is host to around 26 per cent of domestic tech start-ups, followed by Delhi NCR (23 per cent), Mumbai (17 per cent), Hyderabad (8 per cent) and Chennai (6 per cent). In terms of total number of start-ups, comprising both tech and non-tech areas, India ranked fifth globally with around 10,000 start-ups.

In another recent development, a study from the said that the Indian used car market is expected to touch 3.3 million units this fiscal, growing at around 15 per cent. The Indian market is further expected to cross the 7 million units mark by 2020. It is important to note that under half (45 per cent) of all pre-owned cars sold are in metros while non-metros account for over 55 per cent. By 2020, both the used and the new car market in India can be expected to be among the top five global automotive markets, said the study.

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Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.