The rapid growth of startups throughout India should not come as a surprise for analysts and business leaders. For nearly two decades, foreign companies have utilized India’s workforce to outsource everything from SEO writing to customer service handling. When the tech boom reached even the most remote areas of India, entrepreneurs quickly caught on and began to establish businesses. As a result, this emerging market nation is quickly approaching the $5 trillion revenue mark.
Private companies that reach or surpass $1 billion market value are commonly referred to as unicorns. The magic possessed by these mythical creatures could very well be at work throughout India, which is now home to about 26 unicorns startups. Global investors, angel investors, and even crowdfunding have been instrumental for many startups. Logistic companies, online marketplace businesses, and other virtual assistance roles are among the most popular startups in India.
Infrastructure and Government
Despite a longstanding caste system, the democratic republic of India has been supportive of the uprising of private businesses. They responded quickly to create a fairly efficient infrastructure to produce checks and balances for new business owners. This trend also created regulations surrounding foreign investors and taxation.
BDO India recently released a favorable assessment of business in many regions, and this will likely encourage continued governmental support. Much more work is needed to ensure equality and equal opportunities, but the blueprints look positive and point to an amicable future.
Trends Toward Digitizing
One of the major startup sectors trending in India right now is software and information technology. The natural progression toward digitization is strongly encouraged by the government. Regardless of the industry, digitizing creates new opportunity for growth. Sharing files internationally allows India’s entrepreneurs to expand and partner with global companies. Many big players are eager to explore this largely untapped marketplace that is teeming with innovation and energy.
The already solid information technology foundation in the business realm easily paves the way for new opportunities. India is on the cutting edge of newly emerging technology and resources such as artificial intelligence. Science and technology research is also expanding into the healthcare markets, providing a future wave of entrepreneurial advantages for India’s next generation.