Ahead of the Union Budget 2022-23, finance minister Nirmala Sitharaman has tabled the Economic Survey Of India 2022, which paints a picture of the economic development over the past fiscal year as well as the economic growth outlook for the fiscal year 2022-23. Among other economic indicators, the Economic Survey 2022 also highlighted the growth of the startup ecosystem in India.
According to the survey, the number of new recognised startups has increased to over 14,000 in 2021-22, from 733 in 2016-17. Delhi has replaced Bengaluru as the startup capital of India as over 5,000 recognised startups were added in Delhi while 4,514 startups were added in Bangalore between April 2019 to December 2021.
While the complete survey is yet to be released, according to news reports, it states India will see a GDP growth of 8%-8.5% in 2022-23. Further, it stated 555 districts in India had at least one new startup, up from 121 districts in 2016-17. With a total of 11,308 startups, Maharashtra has the highest number of recognised startups. The total number of startups recognised under the Startup India initiative has now grown to 61,400, as of January 10, 2022.
The past year saw a number of records for the startup ecosystem, starting with the total funding raised by Indian startups, which resulted in 42 new unicorns. Besides this, 11 tech companies and startups went for public listings, which was another new benchmark for the tech industry. These 11 startups raised over $7.36 Bn through the public markets via their IPOs.
Calling 2021-22 an exceptional year for the primary markets, the survey pointed out the boom in fundraising through IPOs. Overall, INR 89,066 Cr was raised through 75 public issues between April and November 2021, which is much higher than in any year in the last decade, the government said.
While 2021 was undoubtedly a big year for startups, this year has already started off with an improvement over last year. Overall, Indian startups have raised over $4.6 Bn in funding in January 2022, which is 5x higher than January last year. As many as 196 deals were struck throughout the month. This translated into an 87% increase in the number of deals compared to January 2021.
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