According to a report by NASSCOM and Zinnov India has moved up to third position and has emerged the fastest growing base of start-ups worldwide.
India is one amongst the first five largest startup communities in the world with the number of start-ups crossing 4,200, a growth of 40 per cent, by the end of 2015.
NASSCOM along with Zinnov launched the second edition of the start-up report titled “Start-up India – Momentous Rise of the Indian Start-up Ecosystem” on the side-lines of NASSCOM Product Conclave 2015 in Bengaluru.
The report was launched by R Chandrashekhar, President, NASSCOM, Ravi Gururaj, Chairman, NASSCOM Product Council and Rajat Tandon, Vice President, NASSCOM 10 K start-up program.
According to the report, the Indian technology start-ups landscape has seen a tremendous growth in the emergence of innovative start-ups and creative entrepreneurs. In terms of providing a conducive ecosystem for the start-ups to thrive, India has moved up to third position and has emerged the fastest growing base of start-ups worldwide. India is one amongst the first five largest startup communities in the world with the number of start-ups crossing 4,200, a growth of 40 per cent, by the end of 2015.
Sharing his views, R. Chandrashekhar, President, NASSCOM, said, “To enable the next stage of growth for these start-ups, NASSCOM will work closely with the government to ensure ease of doing business, by simplifying procedures and create a conducive environment for these start-ups to grow.”
With 100 per cent growth in number of private equity, venture capitalists, angel investors along with a 125 per cent growth in funding over last year, Indian start-up ecosystem has risen to the next level. The total funding in the India based start-ups is estimated to be nearly $5 billion by 2015. Various central and state government start-up initiatives are further supporting this progressive phase of start-ups in India.
The report also highlights certain ways and means to make starting-up further easy in India. NASSCOM has recommended ease the rules and regulation for registration of a business in India, funding, and simplifying compliance procedures by minimizing licenses/permits/approvals/tax for start-ups.
Removal of angel tax, simplifying norms for capital raising, enabling easier exit for entrepreneurs and requisite changes in the credit guarantee for loans to start-ups are few recommendations that will further enhance a smoother functioning of the start-ups in India.