"90% of World's Top 500 VCs Operate in Bangalore" Among all the sectors in the ecosystem, deep tech is standing out
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Startup Nation' is a model way to define India. With over 1,12,718 DPIIT-recognized startups across 763 districts of the country as of 03rd October 2023, India ranks as the 3rd largest ecosystem for startups globally.
"The startup ecosystem is going to employ more workforce than what has been done by big companies such as Tata, Infosys, and Cognizant," said Sanjeev Kumar Gupta, Chief Executive Officer, Karnataka Digital Economy Mission.
TCS has the largest private sector workforce in Fortune 500 India, followed by RIL and Infosys. Confederation of Indian Industry (CII) reports that startups could contribute to one trillion dollars pushing towards India's seven trillion dollar mark by 2030. The current startup ecosystem generates over 12 million jobs, including over 900,000 direct organized positions, over 3.5 million workers in the gig economy, and about seven-nine million indirect jobs.
Notably, about 35 per cent of the workforce in Indian start-ups are women.
"Today, all the VCs which outside, they look at India to set up almost, you pick up almost 500 top VCs of the world, you will find almost 450 plus are operated from India and 85 to 90 per cent of them are operating from Bangalore," he shares.
"Whosoever is not so far (doing it), you're missing the big bus." At present, India has 1.71K Venture Capital Funds which have a combined portfolio of 16.3K companies, according to Tracxn's data.
Among all the sectors in the ecosystem, deep tech is standing out. According to industry estimates, there are around 3,000 deep tech startups currently operating in the country. "Amazing work is happening in deep tech that you will find that new opportunities, the sunrise industry for startups is actually sprouting from here," he notes.
Ramkumar Narayanan, Chairperson, Deep Tech Start-Up Council, Nasscom, predicts that India will have 10,000 Deep Tech Startups by 2030. Gupta was speaking at the BIZ Experiences India's flagship event Tech & Innovation and W3 Summit 2024 held in Bengaluru
