Impressed with the current growth of startup ecosystem in the country, Chairman of Manipal Global Education and notable angel investor T. V. Mohandas Pai has empahsised that the country will have one lakh startup by 2025 and will employ around 3.25 million people in India.
While addressing NSE’s Tech Conclave, Pai said that startups will also create $10 trillion economy in the country.
Pai believes that the young Indians are using new age technologies to solve the complex problem. He outlines that the impact has already been seen in many sectors including education, healthcare, e-commerce amongst others.
India has the third largest ecosystem for startups after the US and China. Currently, the country boasts of 32,000 startups.
Over the past couple of years, Indian startups have been attracting the interest of large strategic investors such as SoftBank, Alibaba, Tencent, Meituan and a few others. Tech giants such as Google, Facebook and Amazon are also investing in fledgling internet economy.
So far, SoftBank has backed over a half a dozen startups while Tencent invested in about 6 startups including Practo, Ola amongst others. Google had backed a few startups including Dunzo, CarDekho, and others.
Meanwhile, Facebook had backed Byju’s and is eyeing several deals in SMEs. The social networking giant will support small businesses in India, particularly those run by women to help them connect, share and grow through more initiatives like #SheMeansBusiness and SheLeadsTech.
Besides the aforementioned investors, several VC funds such as Stellaris, Pravega and a slew of others also cropped up to meet funding demands of emerging startups. Several existing funds also have raked-in new corpus and a few others including Blume and Matrix are also raising new funds.
Recently, Apollo Hospitals has partnered with IBM for launching an investment fund with a total corpus between $50 million and $100 million to fund the healthcare startups across the country.
Earlier this month, US Embassy in India had also launched Nexus Startup Hub aimed at creating a dynamic ecosystem for startups in India.
The news was first reported by Mint via PTI.