The tech startup sector in India continues to maintain its steady growth amid a global funding crunch.
A recent report by the National Association of Software & Service Companies (NASSCOM) revealed that India added more than 1300 tech startups and 23 unicorns in 2022. This addition puts India in the 2nd spot for Unicorns globally.
The addition of the new startups takes the total active tech startups to 25,000-27,000 as per the NASSCOM report.
The report highlighted the increase in participation from women in founding/co-founding tech startups is at a rise with 18% of tech startups having either a women founder or co-founder. The 18% included 36 unicorns and potential unicorns indicating an increase in female participation in key positions in the tech startup ecosystem.
Sectors like defence, aviation, maritime, environmental-tech and life sciences saw a 3-4X growth.
The Indian tech startup ecosystem received $18.2 billion in 2022, a 30% drop in funding compared to 2022 levels.
The report also mentioned that entrepreneurs were giving importance to the fundamentals of the startup. More than 50% of the startups have recorded above 20% increase in revenue for 2022 and either maintained or increased hiring.
India holds the position of the 3rd largest tech startup ecosystem in the world after US and China.
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