This National Startup Day, look ahead to the future
The Indian startup ecosystem has come a long way.
The journey began over four decades ago when pioneering IT services companies such as TCS, Infosys, and Wipro enabled Indians to dream of a new future. There has been a real boom over the last decade-and-a-half with thousands of startups entering the fray amid increasing global investor interest.
What took 18 years in 2000 for the ecosystem to reach $100 million in revenue dropped down to 5 years in 2017, according to a RedSeer report. In 2022 alone, Indian startups raised $24 billion across 1,000+ deals despite a global downturn.
Today, on National Startup Day, Indian startups look ahead to solve the problems of the future—whether it’s mitigating climate change, making agriculture smart, or enabling financial inclusion.
Prime Minister Narendra Modi last year declared January 16 as National Startup Day to commemorate the founding and the vision of the Startup India initiative to develop India into a country of job creators rather than job seekers.
At YourStory, we have been celebrating startups and entrepreneurship for the last decade-and-a-half, telling stories of founders brimming with new ideas and companies bringing disruptive innovations unique to India, and driving growth.
Check out our startup stories here.
In today’s newsletter, we will talk about
- Cars24 hits the gas on retail
- Sunrise sectors expected to shine in 2023
- Government schemes for women-led startups
Here’s your trivia for today: How long is the circulatory system of an average adult?
Used car resellerhas high ambitions. The company has set itself a revenue goal of Rs 10,000 crore in 3-5 years and wants to achieve profitability in 2-3 years. But how does it plan to steer its business and explore new avenues of growth?
- To boost the retail business, Cars24 set up seven refurbishment labs over the past two years to refurbish around 20,000 cars a month.
- It plans to bring in better business efficiencies and reduce overall cash burn. CEO Vikram Chopra says the focus is on unit economics.
- Cars24 also aims to double loan disbursals to buyers by the end of FY23-24—from Rs 1,000 crore now.
National Startup Day
With greater digital adoption and growth in consumer internet sectors, early-stage investors have shifted focus to sunrise sectors to address business and sector-specific issues. 2023 promises to be a reset in terms of sectors which are likely to attract investments.
- Climate tech startups are developing solutions for energy transition, supply chain decarbonisation, future of mobility, sustainable agriculture, and resource management.
- Indian agritech companies raised nearly $515 million across 49 deals in 2022, down from $859 million in the year prior.
- Fintechs are expected to continue attracting investments amid broad-based SME lending, says Orios Ventures' Anup Jain.
National Startup Day
In September, Prime Minister Narendra Modi said about 70% of the Rs 19 lakh crore loans provided to small businesses went to women entrepreneurs. A number of schemes specific to women entrepreneurs have been introduced by the Central government.
- Bharatiya Mahila Bank is a commercial loan scheme for women who want to start businesses in real estate or a small retail enterprise.
- Dena Shakti Scheme provides financial support to female entrepreneurs with loans of up to Rs 20 lakh for horticulture, retail exchange, education, and housing.
- Udyogini Scheme offers financial support for women to start a business.
News & updates
- Jackpot: Swedish mining company LKAB discovered more than a million tons of rare earth minerals near a mining pit in the country’s far north. This could significantly boost the production of electric vehicles and other green energy technology.
- Last hurrah: Video gaming service Google Stadia is officially shutting on January 18. The team released a final title called Worm Game, which is inspired by the classic game Snake.
- Breaking records: Prince Harry’s tell-all memoir “Spare” has shattered the record for the fastest-selling nonfiction book. The royal’s account about his family and personal life sold 1.43 million copies on the first day of sale in the UK, the US, and Canada.
How long is the circulatory system of an average human?
Answer: Approximately 100,000 miles.
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