The evolution of Indian startups, once a niche, now stands as a national narrative.
The National Startup Day annually observed on 16th January is acclaimed to appreciate and promote the Indian Startup Ecosystem. This initiative was launched in the year 2016, to cultivate innovation, support startups and stimulate investments.
The eighth anniversary in 2024 marked a significant growth, with the program expanding from 400 startups in 2016 to over 1.18 lakh startups.
Recognized entities enjoy a variety of government benefits, such as compliance self-certification, patent application assistance and tax exemptions. The Startup India program encompasses initiatives like the Seed Fund scheme and credit guarantee scheme, further aiding startups.
Harkunwar Singh, CEO of Novatr, noted the transformative rise of India’s edtech startups, transitioning from niche to billion-dollar unicorns. Despite challenges, the focus shifts to profitability and consolidation post the funding winter.
Singh emphasized the promising setting driven by the need for personalized learning, quality education concerns, and the demand for upskilling in advanced tech.
Saurabh Jai, co-founder of Stable Money stated “In India’s dynamic startup landscape powered by technology, entrepreneurs collective efforts are set to propel the nation’s GDP by 4-5% in the next three to five years. With a substantial pool of 92,683 recognized startups, a robust mechanism is imperative for sustained growth. He further asserted that 2024 promises clarity for Indian Fintechs, reigniting investor confidence and morale. The resilience of Fintechs shines through, with lending, wealthtech and Insurtech attracting investments"
He stressed upon the need to reach consumers in Tier 1, 2, 3 and rural areas, FinTech’s are not just overcoming challenges but strengthening the financial technology market, which is projected to hit $1.3 trillion by 2025.
Jay Prakash, the Co-Founder & CEO of Silence Laboratories, highlighted that National Startup Day reflects India's dedication to fostering an environment where technology and entrepreneurship align with global standards of data integrity and privacy. The country's impressive digitalization journey, especially through initiatives like UPI, Account Aggregation, and ONDC, showcases this commitment.
These platforms not only democratize financial transactions but also establish a global benchmark for efficient and secure digital payment systems and collaborations.
Kashyap Reddy, the co-founder & CEO of Hit wicket, expressed that the National Startup Day serves as a celebration of the achievements of startups across various industries, highlighting the substantial growth experienced by businesses recently.
Reddy emphasized that, akin to other sectors within the startup ecosystem, the gaming industry is undergoing rapid evolution and stands out as a dynamic segment.
According to Reddy, the growth in the gaming sector transcends mere financial success and user engagement, as advancements in AI and mobile technologies contribute to enhancing gaming experiences. This sector not only makes a significant economic impact but also promotes innovation while generating ample employment opportunities.
He further asserted that the National Startup Day is a meaningful occasion for their gaming startup, offering a chance to reflect on their journey from a fledgling idea to a thriving entity.
It provides an opportunity to learn from peers, reaffirm their commitment to delivering exceptional gaming experiences, and acknowledge the progress made.
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