India’s tech ecosystem are on the wheels of steel
The tech startups in India got a major rebound after they experienced some dark-times in 2016. In 2018, Indian tech startups were said to have raised a massive $10.5 billion. But this year they upped their game as they were reported to have raised a record $11.3 billion.
As we all know, the Indian tech ecosystem experienced a huge downfall in 2016 when they accumulated just $4.3 billion, down from $7.9 billion in 2015.
The startups which accumulated most of this capital are those offering direct consumer services like financial services. That was followed up by retail startups and then enterprise.
According to Dev Khare, a partner at VC fund Lightspeed Venture Partners, he said that investors are growing this appetite for equity in India’s startups, and this goes to show that the local ecosystem is maturing.
He went on to say that “Today, they are tackling a wide-range of categories and opportunities and building some solutions that have not been attempted in any other market.”
Jio is a three year old telecom operator company that is managed by Mukesh Ambani, India’s richest man. Jio was said to have made the cost of mobile data in India extremely cheap.
The cost was so low that tens of millions of Indians were able to go online overnight for the first time. Khare also said that the creation of a cash crunch by New Delhi in 2016, was part of what boosted their demand for content and services like mobile wallets.
According to an Indian news outlet The Morning Context, they said that out of the top 150 Indian startups that raised capital in the first quarter of 2019, 17.3% were led or co-led by women.(Nice, who run the world?)