National Startup Day 2024: Once a niche conversation, Indian startups have become a national dialogue with the country now boasting as the third-largest global startup ecosystem in the world. This National Startup Day, observed on January 16, it is necessary to recognise India’s close-knit and resilient new-age entrepreneur community that has propelled the nation into a breeding ground for excellence.
The National Startup Day 2024 is a reminder of the journey from nascent units to a thriving startup ecosystem.
Harkunwar Singh, co-founder & CEO of edtech startup Novatr, said, “India’s edtech startups soared from niche players to billion-dollar unicorns, fueled by internet boom and investor love. However, the recent funding winter forced a shift towards profitability and consolidation. Despite challenges, the growing need for personalised learning, addressing concerns of quality education, and demand for upskilling in advanced tech offer immense promise.”
He added that an impactful player would be one with a clear value proposition, solving a specific problem or significantly improving existing approaches while building sustainable unit economics and demonstrating a long-term vision for the future of education.
Raman Khanduja, co-founder & CEO of Mintoak, said, “India’s moment has arrived, propelled by the strategic synergy of ecosystem enablers – cloud, digital infrastructure, smartphones, and affordable data pricing. With unparalleled agility and nimbleness, Indian startups are embracing this opportunity to revolutionise payments and commerce solutions for India and beyond!”
Kashyap Reddy, co-founder & CEO of Hitwicket, said, “Celebrating the success of startups across different sectors, the National Startup Day is a testament to the growth our businesses have witnessed in the recent past. Just like different sectors in the startup ecosystem, the gaming sector is rapidly evolving, standing out as a vibrant segment.”
Reddy said the gaming sector’s growth extends beyond revenue and user engagement, with AI and mobile technologies enhancing gaming experiences. This sector is not only contributing significantly to the economy but also fostering innovation and generating ample employment opportunities.
“The National Startup Day is a reminder of our journey from a nascent idea to a thriving gaming startup. For us, it’s an opportunity to reflect on our growth, learn from our peers, and recommit to delivering exceptional gaming experiences,” he said.
Stating that India proudly stands as the 3rd largest global startup ecosystem, Sereko founder and CEO Malvika Jain said, “India’s startup ecosystem experienced consistent annual growth exceeding 12-15 per cent. With over 75,000 startups propelling economic growth, initiatives like ‘Startup India’ provide invaluable support through funding, incubation, and policy reforms.”
In the beauty startup realm, she added, a seismic shift is underway. The market is poised to reach $30 billion by 2025, offering boundless opportunities for innovative ventures.
“On this National Start-up Day, let’s celebrate the unique stories that compose India’s entrepreneurship journey, weaving a tale of ambition, growth, and the promise of a transformative future,” Jain said.
Upasna Dash, founder of new-age integrated communications agency Jajabor Brand Consultancy, said, “Startups in India have transcended from fringe players to mainstream forces, addressing real-life problems at scale. In less than a decade, they’ve evolved into a powerful force impacting employment, products, and societal perspectives. Their journey reflects the dynamic and diverse nature of the Indian market, fostering incredible founders and companies.”
What was once a niche conversation has become a national dialogue, celebrating the success of startups on National Startup Day, she added.
“India’s close-knit and resilient community, coupled with a demanding market, has propelled the nation into a breeding ground for excellence. I believe the beauty of India’s entrepreneurial landscape is that if you can build and survive in India, you will thrive in other parts of the world,” Dash said.
Salone Sehgal, founding general partner, Lumikai, said, “Fueled by a trillion-dollar ambition, the government ignited this fire by nurturing and building incubators and accelerators. Today, over 100,00+ startups call India home, poised to be economic powerhouses. The tide is turning. India’s 700+ million smartphone users, consuming 20GB/month, are hungry for immersive experiences. Over 15 billion gaming apps devoured last year shatter the “Indians don’t play games” myth.”
Sehgal added that enabled by rising micro-transactions and UPI fueling a $1 billion+ revenue stream, there’s $3 billion+ more waiting to be unlocked.
However, she underlined it’s not just pixels. “We see founders disrupting industries like health tech and fintech, using applied game mechanics and Gen AI to drive engagement amongst taking other significant strides. Along with this, Mobile-first, casual and mid-core games, catering to our vibrant under-25 audience, will define the next decade,” she added.
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