The year gone was among the tougher ones for the Indian startup ecosystem in general. Many of the planned developments got delayed and the headlines were a mix of cost-cutting, restructuring and layoffs. Despite the prolonged funding winter, the wave of mass layoffs, Initial Public Offer call-offs, and major banks collapsing in global markets, many entrepreneurs in India stood strong. Not only have they survived, but these startups have taken great strides in making a large-scale impact and generating revenue.
BW Businessworld and BW Disrupt took a closer look at some of these young companies, which proved their ideas and business models, and took the right initiatives indicating that the road ahead will most likely see them becoming established large enterprises of tomorrow.
India’s Time Is Now
India’s startup ecosystem has seen consistent growth even in challenging times. According to a report by Statista, in the year 2022, around 19,000 startups were recognised by Department for Promotion of Industry and Internal Trade (DPIIT). India’s startups have been growing since 2016, with their numbers swelling to more than 92,000 as of March 2023.
Given the size of India’s consumer base, young entrepreneurs have been able to spot the whitespaces even in India’s best-regarded sectors, such as financial services, automotive, and more. The rise of technology-led solutions has assisted them in adding value not only to people’s lives but also to other sectors. BW Disrupt’s Young Entrepreneur and Enterprise Awards is an initiative to recognise and acknowledge the disruption done by startups in respective sectors.
Esta historia es de la edición 20 May 2023 de Business World India.
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Esta historia es de la edición 20 May 2023 de Business World India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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