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News: National Association of Software and Services Companies (Nasscom) has released the annual start-up report ‘Indian Tech Start-up Ecosystem – On the March to Trillion Dollar Digital Economy’.
Facts:
Key Takeaways from the Report:
Source: NASSCOM Report
- India has added 1,600 new tech start-ups and a record 12 unicorns in 2020 (the highest ever added in a single year).
- Unicorn: It is a term in the business world to indicate a startup company valued at over $1 billion.
- The Tech start-up base continues to expand steadily at 8-10%. Sectors, which benefited from covid-19, such as edtech, agritech and gaming, are seeing a steady rise in first-time funding.
- Remote working continues to see significant adoption amongst tech startups, with around 30-35 % offering remote roles and 15-20 % companies having committed to remote work culture.
- In 2020, 14% of total investments were in deep-tech startups up from 11% in 2019.Furthermore, 87% of all deep-tech investments were in artificial intelligence (AI) and machine learning (ML) startups.
- India will have at least 12 more unicorns in 2021 taking the total count to 50.
Core growth drivers for Startup’s in 2020
- Digital acceleration, and shift from moving from offline to online
- Vocal-for-Local provided market support for start-ups to thrive
- Remote work enabled start-ups to reduce burn whilst accelerating growth of new start-up hubs.
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