NASSCOM is National Association of Software and Service Companies. It is a non – governmental organization and it works to expand IT sector of India. According to a recent study of NASSCOM, the startup ecosystem in India has increased twice. Between 2020 and 2021, the startup industry of the country has grown to 330 billion USD.
What does the study say?
- 2021 was a breakthrough year for the startups. Around 65,000 startups created 6.6 lakh direct jobs and 34.1 lakh indirect jobs between 2020 and 2021. Most of the new jobs were brought in by the industries in the field of retail, EdTech, BFSI, Retail Tech, SCM and Logistics, Food Tech and mobility.
- The number of value deals increased by three times. The increase in number was highly evident in deals that were greater than 100 million USD.
- There is readiness to take risks among the startups. The investor confidence has increased.
- 50% of the deals signed had investors from India.
- In terms of deals, the numbers increased by three times.
Inference
The performance of the startups proves that the dedication put in. The number of unicorns has increased. Unicorns are startups whose value is greater than one billion USD. The future of Indian startups is bright in 2022.
Study about the Unicorns
Around 42 unicorns have evolved in 18 sectors in 2021 alone. This is the third highest in the world after USA and China. The unicorns alone added 90 billion USD. Between 2015 and 2021, the unicorns have increased by six times.
Big Corporates
More than 260 corporates participated in the development of Startups. The corporates are building open innovation programmes.
International
The Indian startup growth in US, UK, China and Israel has been the highest in terms of seed, deals, number of startups and late – stage funding.
Title of the study: “Indian Tech Startups Ecosystem: Year of the Titans”
NASSCOM
It is a non – governmental trade group. It was established in 1988.