Our startup ecosystem is an example of the endless new possibilities: President Ram Nath Kovind

New Delhi: President Ram Nath Kovind on Monday addressed a joint sitting of the Parliament ahead of the Budget session. During his speech, the President said the Indian startup ecosystem is an example of the endless new possibilities that are rapidly taking shape under the leadership of our youth.

“Since 2016, more than 60,000 startups have been set up in the country in 56 different sectors leading to 6 lakh new jobs,” he added.

India has the third-largest startup ecosystem in the world.

Indian startups snagged record investments of up to $3.5 billion across 130 deals through January marking a decadal high amid a downturn in global markets, signalling sustained investor interest in the country’s booming startup ecosystem, ET
reported earlier in the day.

The total disclosed deal value in January is six times higher than the same month last year, which saw 75 deals with disclosed value of $600 million while in January 2020, Indian startups sealed 65 deals with disclosed value of $1 billion, the data shows.

India saw 46 unicorns (companies with $1 billion valuations) in 2021 alone, more than doubling the total number of unicorns to 90, a report by Orios Venture Partners showed.

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India – with 90 unicorns – is the third-largest unicorn hub behind the US (487) and China (301), and ahead of the UK (39).

The report said 2021 was a landmark year for Indian startups going public.

“A total of 11 Indian startups (including 8 unicorns) raised about $7.16 billion through public offerings…One97 Communication (Paytm) raised India’s largest-ever IPO with an issue size of Rs 18,300 crore (about $2.46 billion),” it said.

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