Delhi-NCR home to 7000 startups; pips Bangalore and Mumbai in Unicorn count: Report
Despite the encouraging numbers, a call for action was suggested in several core areas for the eventual growth of the startup ecosystem.
Moreover, the cumulative private market valuation of the startups in Delhi NCR currently stood at approximately $50 billion, higher than Bangalore which hovered between $32-37 billion and Mumbai being a distant third at around $12 billion.
(Source: Crunchbase, angel.co, Zinnov CoNXT Research and Analysis)
These, among other findings, were part of the report, “Turbocharging Delhi-NCR Startup Ecosystem” released by TiE Delhi-NCR in the capital on Tuesday.
The report also highlighted other interesting nuggets such as Delhi NCR leading the pack in number of Unicorns, with Bangalore being a close second in the ranks. Delhi NCR added at least 1 unicorn each year since 2013, with 70% of the unicorns being B2C companies as per the findings.
Moreover, it highlighted how three of the most valuable listed internet companies are in Delhi NCR such as Info Edge with a market capitalisation of $3670 mn, MakeMyTrip ($2420 mn) and IndiaMart ($490 mn). Justdial with a market cap of $640 mn was the only exception in the list which wasn't from the same region.
(Source: Crunchbase, Zinnov CoNXT Research and Analysis, Yourstory, Inc42, Economic times, CBInsights)
Expressing surprise at the revelations, Amitabh Kant, CEO, Niti Aayog, while delivering his keynote address said that it wasn’t known that this region had such a huge opportunity to offer. “I always thought that Bangalore and Hyderabad were more vibrant. This report really shows that while there is a lot of entrepreneurship, the marketing of NCR in this aspect isn’t adequate. The art of marketing and branding needs to be positioned far better,” he asserted.
Kant also added that there should be more T-Hub communities in the capital. “We should push the envelope for more T-Hubs in Delhi NCR which can serve as catalysts of change,” he said.
Despite the encouraging numbers, a call for action was suggested in several core areas for the eventual growth of the startup ecosystem. An increase of seed and early stage funding, more active angel investors in Delhi NCR, outcome driven programmes to boost tech talent and creating more affordable co-working spaces was felt to be the need of the hour.
“With concerted focus on the most important areas, NCR has the potential to become the top global hub for startups, leading innovation, creating more startups and at least 30 unicorns in NCR by 2025,” Rajan Anandan, President, TiE Delhi-NCR said on a bullish note.