Start-up India – Momentous Rise of the Indian Start-up Ecosystem Edition 2015
Supported by Google for Entrepreneurs
Start-up India – Momentous Rise of the Indian Start-up Ecosystem Edition 2015
Supported by Google for Entrepreneurs Copyright ©2015
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India has truly become a start-up ‘Nation’. Since 2010, power, healthcare, employment, and education. The Indian technology start-ups landscape has seen a Further, start-ups are empowering SMBs by tremendous growth towards creation of innovative start- enhancing their customer reach and overall ups and India, a home to a new breed of young start- business productivity. ups, has clearly evolved to become the third largest After the terrific success of first edition in base of technology start-ups in the world. Within one 2014, the second edition of NASSCOM-Zinnov year, the number of start-ups in India has grown by 40 report titled “Start-up India – Momentous Rise per cent, and this number is expected to cross 4,200 of the Indian Start-up Ecosystem” is a R Chandrashekhar by the end of 2015. treasure trove of facts and trends on the President, NASSCOM Multiple indicators point to the fact that this ecosystem Indian start-up ecosystem. The report clearly is not only undergoing rapid evolution, but is also identifies the current scale and size of the becoming increasingly attractive. With over 100 per start-up landscape, factors that are impacting cent growth in number of PE/VCs/Angel investors along the growth of the overall ecosystem and steps with a 125 per cent growth in funding over last year, that need to be taken to make the environment one can safely say that the Indian start-up ecosystem more conducive for start-ups. has risen to the next level. The total funding in the We hope this report would be useful to you India based start-ups is estimated to be nearly $5 and we welcome your feedback and comments billion by the end of 2015. Various central and state at [email protected] Pari Natarajan government start-up initiatives are further supporting CEO, Zinnov this progressive phase of start-ups in India. This maturing start-up ecosystem is contributing to the Indian economy in multiple ways. In addition to R Chandrashekhar Pari Natarajan enhancing the lifestyle of citizens, start-ups are President, NASSCOM CEO, Zinnov creating innovative technology solutions that address key problems that India as a country face around Acknowledgement
This report has been co-developed by NASSCOM and This study has been greatly enriched by the Zinnov through a comprehensive four month study to valuable insights and detailed inputs provided by understand the Technology Product & Digital Start-ups various investors, angels as well as other key Landscape in India. stakeholders in the ecosystem. We would also like to acknowledge the special contribution made by The preparation of this report has been facilitated by a Google and Microsoft for supporting us on various number of organizations and people who have extended policy related aspects as well as formulating and great help to the NASSCOM and Zinnov team. We wish finalizing the numbers. to sincerely thank all of them for their valuable contributions without which this report would not have Finally, we would like to specially acknowledge the been possible. support extended by our 10K partners - Google for Entrepreneurs, Microsoft Ventures, Kotak Mahindra First, we would like to thank all the ecosystem Bank, IBM and Amazon Web Services to support members and other start-up colleagues, who went out NASSCOM 10,000 Start-ups Program. of their way to provide detailed inputs and perspective of their services/ clients/ markets etc. They offered We would also like to give a special mention to the yeoman service to this project by providing the requisite NASSCOM research team and Zinnov Management data and insights as required by the team. Consulting for their efforts and contribution towards the ideation, execution and completion of this report
6 reasons why Bharat is a ‘Start-up Nation’ ” WHY INDIA?
Number of Incubators/ rd Ranking Among Accelerators in India, 3 Global Start-up 110 growth of 40% since Ecosystem 2014 I see Start-ups, technology and innovation as exciting Young and aspiring and effective instruments Total Funding in 2015, ~$5 B 28yrs minds - Average Age of growth of ~125% over 1 for India’s transformation, Start-up Founders 2014 and for creating jobs for our youth.
Number of PE/VC firms Top VC/PE Firms in India 156 grown by over 100% 8/10 are Foreign Shri. Narendra Modi, since 2014 Hon'ble Prime Minister-” India
Notes: 1Analysis for Bangalore start-ups; Bangalore has the youngest average founders age among the top 20 start-up ecosystems
Start-up India – 07 Momentous Rise of the Indian Start-up Ecosystem Innovative minds are accelerating the growth of India’s economy
Start-ups Contribution to the Indian Economy
Enhancing Citizens Life Style 1
Building innovative 2 solutions
Growing Opportunities for Stakeholders 3
Start-up India – 08 Momentous Rise of the Indian Start-up Ecosystem Technology driven start-ups are trying to disrupt every aspect of a consumer’s life...
TRADITIONAL Start-up AGE TRADITIONAL Start-up AGE
Before moving to Delhi Before moving to Delhi Shifts to new house Shifts to new house
l lStores Goes for on-demand storage lOrders furniture for storing unnecessary items Visits furniture unnecessar y items market to buy sofa online in warehouse lPurchases groceries Face language using the mobile app problems with local Arrives at Delhi airport Arrives at Delhi airport vegetable vendor l Explore a nearby gym online and l Struggles to find a lStands in queue to Uses mobile app to book a local good gym wears a fitness cab to the temporary books a cab from band accommodation pre-paid booth
Settles in new house Settles in new house First few days in Delhi First few days in Delhi
Son struggles to lSon uses mobile app l Reaches Paharganj Books an affordable find auto rickshaw for test preparation and and searches for hotel online when he goes for book auto rickshaw budget hotel tuition lSelects and buys a lGoes to mobile lMakes a recharge Unable to find shop Sari from huge range recharge shop to using mobile app to buy South Indian available online top-up sari for wife l lSearches for houses on lEasily finds a plumber Visits a property Finding a plumber rent online and directly who serves their area broker to get a to get leaking pipeline contacts owner online house on rent is a challenge
Start-up India – 09 Momentous Rise of the Indian Start-up Ecosystem ...Leveraging technology to solve problems that have been plaguing the country for decades
1 Power 2 Infrastructure 3 Healthcare 4 Financial Inclusion GDP loss due to Traffic congestion Per 1700 Rural households $68 Bn electricity shortage $10 Bn costs per year 1 doctor persons 120 Mn without bank accounts
IoT based solution Intelligent traffic Web-based and to make diesel monitoring system mobile platform Partnership with generators more with real time alerts for patients to banks and tablet efficient connect with doctors banking platform to Big data and Solar/wind energy facilitate banking analytics to tackle IT based healthcare services forecasting and issues such as solution to predict Simpler financing for scheduling; Online infrastructure, physical traits and people through renewable energy healthcare and assess the probability access to credit marketplace education of developing a range scores and other of diseases related information
Agricultural Skilling and 5 Productivity 6 Employment 7 Education 48% Of agricultural yield 500 Mn Government’s skilling 23% Gross Enrolment Ratio of Asian countries target till 2022 in higher education
Web/mobile based Recruitment platform Affordable technology ICT for farmers to for grey-collared to personalize learning improve their industry to connect & increase access to efficiency and candidates to job high quality education increase produce opportunities SMAC based supply English learning Online platform to chain family of mobile app for connect scholarship software for rapid speakers of regional promoters to growth of agri- Indian languages scholarship seekers businesses directly
Start-up India – 10 Momentous Rise of the Indian Start-up Ecosystem Creating significant growth opportunities for every stakeholder within the ecosystem
1 2 3 4
Employment FDI Growth Multiplier Effect SMB Growth
With huge rise in the number Global investors are investing Traditional businesses are being Start-ups are empowering of start-ups in India, employment in the Indian start-up ecosystem positively impacted through SMBs in enhancing their reach opportunities are being generated leading to increased FDI increased spending by start-ups and serve customers better
Start-ups raising the bars Growth in Employment high at a global canvas - #6 Advertising/Marketing Taxi aggregators : Opportunity Start-ups in billion dollar club Increase business for ~$600 Mn cab drivers through $1.9 Bn Funding from easy discoverability 250K top deals in 2015 Estimated spend of eCommerce players eCommerce firms: Top Deal in 2015 on ads in 2015 New channel of sales $700 Mn from Tiger Global and enhanced geographic & Steadview Capital reach for offline retailers Logistics/Warehousing $635 Mn from investors Accommodation start-ups: 80-85K including Alibaba Group, Improving business of and SAIF Partners $950-1,900 Mn budget hotels through Estimated spend of $500 Mn from investors standardization including Alibaba Group, eCommerce industry 2015 2020P SoftBank & Foxconn by 2017-2020 on infrastructure, logistics Hyperlocal eCommerce $150 Mn led by and warehousing firms: Offering new Investment AB Kinnevik & opportunities to kirana Tiger Global shops and grocery stores
Source: Economic Times, e27 Report, ASSOCHAM Report, Forbes, YourStory Report, Zinnov Analysis
Start-up India – 11 Momentous Rise of the Indian Start-up Ecosystem
Deep-dive into the Indian Start-up Ecosystem
Objective This report analyzes the current scenario and emerging trends across the various dimensions that define the Indian start-up ecosystem, and gauge India's position as a global start-up hub that is becoming attractive for investors, start-ups, & corporates 1 2 3 4 5 6
Landscape Funding Verticals Incubators/ Talent Policies Accelerators Executive Summary (1/2)
1 2 3 Landscape Funding Verticals
l India ranks 3rd globally with more than l Funding is estimated to grow by 125%, from B2C Segment 4,200 startups $2.2 Bn in 2014 to $4.9 Bn in 2015; much l eCommerce start-ups and aggregators continue to l 2.3X growth in number of active higher as compared to cumulative funding witness maximum share of the investment of ~$3.2 billion over the 2010-14 period investors, growing digital consumer l Hyperlocal eCommerce and consumer services l base, mobile first population, More than 390 start-ups have received emerge as the top areas witnessing maximum improving political environment, and funding as compared to 179 start-ups in investment growth high interest from global investors are 2014. While overall VC/PE funding has B2B Segment few of the key drivers grown by 2.2X over 2014, seed stage VC l Driven by high growth in niche eCommerce and l Promising start-up verticals for 2015: funding has grown by an incredible 6.5X. hyperlocal eCommerce, start-ups enabling IoT, Analytics, Health-tech and l Total number of active investors have grown eCommerce emerge as the top funded category in Hyperlocal eCommerce by 2.3X from 220 in 2014 to 490 in 2015 the B2B space l Bangalore, NCR and Mumbai continue l Global investors and corporates are betting l Analytics across various domains – consumers, to be the top start-up destinations high on India market. Tiger Global, Sequoia supply chain, recruitment is another growing with nearly 65% of the total Indian Capital, Softbank, Warburg Princus, and segment start-ups. Alibaba are among the top investors, Emerging Verticals l Driven by high share of B2C focused participating in deals worth more than $500 l start-ups, NCR witnesses the mn IoT, Health-tech and Payments are witnessing maximum amount of funding l Investors have access to more exit positive growth and strong investment l Hyderabad, Chennai, Pune, Jaipur and opportunities with more than 65 M&A deals Whitespaces Ahmedabad are the major upcoming in 2015, worth close to $800 Mn l Robotics, 3D printing and Machine learning are few start-up locations emerging areas, expected to grow in near future
Start-up India – 14 Momentous Rise of the Indian Start-up Ecosystem Executive Summary (2/2)
4 Incubators/ 5 6 Talent Accelerators Policies
l Number of incubators/ l The start-ups are creating a new world l Prime minister announced integrated accelerators grew by 40% from of talent platform to promote and boost ~80 in 2014 to ~110 in 2015 l Executives from national and entrepreneurship in the country l Nearly 50% of the international conglomerates are joining l Government policies and initiatives are incubators/accelerators are setup top positions at start-up ventures or aimed towards improving the overall outside NCR, Bangalore and starting their own ventures start-up ecosystem Mumbai, providing an opportunity l India is the youngest start-up nation in l Industry expects more support and to entrepreneurs from non-metro the world- 72% of the founders are less focus on improving ease of doing cities than 35 years old business and facilitating exit l Colleges and corporates are l ~50% rise in share of female opportunities increasingly setting up their entrepreneurs in 2015 over 2014, incubators/accelerators driven by 4.5X growth in funding to l The industry sees a new trend women driven start-ups towards vertical focused programs l Start-ups are providing an exhilarating being setup by few work culture along with attractive incubators/accelerators monetary benefits to lure new and retain existing talent
Start-up India – 15 Momentous Rise of the Indian Start-up Ecosystem
SECTION 1 – Start-up LANDSCAPE
1 2 3 4 5 6
Funding Verticals Incubators/ Talent Policies Landscape Accelerators The country has moved up to 3rd position and has the fastest growing base of start-ups worldwide…
United United States Kingdom India Israel China Technology Driven Product Quick Strong Growth Start-ups by Facts Indicators - India Key Countries 47,000- 4,500- 4,200- 3,900- 3,300- 48,000 5,000 4,400 4,1002 3,500
Technology Start-ups by Year of Inception ~156 Active VCs/PEs in 20151
NASSCOM launches
the “10,000 Start-ups 1 Program” ~2,100 ~292 Active Angels in 2015 75% ~1,200
70% ~700 ~110 Incubators/ Accelerators
2013 2015 2020P
Source: Zinnov Research & Analysis, The Next Web, LeWeb Blog Notes: 1Active Angel (or VC/PEs) is defined as an investor who has made at least one investment in 2015. Presented numbers are for Jan-Sep 2015 period. 2Number of tech start-ups in Israel have been estimated from the total number of start-ups in 2015 using % of tech start-ups in 2014
Start-up India – 18 Momentous Rise of the Indian Start-up Ecosystem …With rapid growth in the industry ecosystem across all dimensions
rd Total Start-ups to grow 3 Largest Share of Women Founders1 multifold start-up location globally ~9% 4,200 - 4,400 12,000+ ~91% Male Female 2015 2020P
3-4 80-85K More than 65% of Employed in Start-ups1 the start-ups are located Start-ups are born in NCR, Mumbai and each day Bangalore $2.5-2.7 Mn ~110
Average valuation # of Incubators/ is on rise3 Accelerators
~$4.9 Bn Bangalore ranked 15 65+ among Global Start-up Investments in Start-ups2 Ecosystem # of M&A Deals Represents the respective number has witnessed $ 95 Mn growth since 2014 Worth of funding weekly
Source: Zinnov Research & Analysis, Deal Curry, AngelList, Crunchbase; Compass report on “The Global Start-up Ecosystem Ranking 2015 Notes: 1Based on a sample set of 600 start-ups formed over 2010-15 period. 2Estimated based on average deal size and number of deals(extrapolated based on number of deals in first three quarters). Deals worth 4.1 Bn already closed by end of Q3-2015. 3To calculate the average deal sizes of more than 50 millions were not considered.
Start-up India – 19 Momentous Rise of the Indian Start-up Ecosystem Inspiration from successful start-ups, huge market opportunity and an enabling support system have been the key drivers
Key Drivers
Inspiration from High Growth of Investor Tech driven large Digital Nation with Entrepreneurial Role Models Ecosystem Consumer and Mobile-First Consumer Environment SMB Market Government Policies Successful start-ups act as inspiration for aspiring 140 Mn Promoting bank financing 2.3x for start-ups through Start- entrepreneurs Smartphone 300 Mn 1 1 Users up India, Standup India Growth in # of investors Internet Users Unicorns since 2014 213 Mn $ 16 Bn Mobile Internet Growing Platform Users1 Large number of events, 2.2x eCommerce 1 awards, coverage platforms Industry help in recognition, Industry Leaders Growth in # of start-ups 41% networking funded since 2014 eCommerce 10 Mn sales through Incubators/ Accelerators Tech Ready 1 mobile Large base of ~110 helps SMB’s1 in mentoring and raising funds
Source: Zinnov Research & Analysis, Press Articles Notes: 12014 Number
Start-up India – 20 Momentous Rise of the Indian Start-up Ecosystem ...Gained further momentum in 2015 with growing interest from corporates and other stakeholders
l Increasing number of high net-worth individuals consider start-up as a viable investment option over Viable Investment other traditional investments such as gold, stock and real estate 1 Support l Number of active angel investors have grown from 115 in 2014 to 292 in 2015
l Successful Indian entrepreneurs giving it back to the eco-system and investing time and money on young start-ups Sharing and building Ratan Tata 2 upon ‘success’ l Business tycoons such as Ratan Tata, Azim Premji have already started investing in
start-ups. Over 10 investments in Start-ups made by Mr. Tata till date Azim Premji
l Organizations dedicated to start-ups are covering all aspects extensively and are seeing massive interest from the audience 3 Media Support l Leading dailies are also focusing on start-ups. Excited freelancers building-up l ET1 has dedicated a full page for covering start-ups – “Start-ups & Tech”. Alone has published >170 articles in Sep 2015
l Enterprises are realizing the disruptive potential of start-ups and are thus, partnering/ investing Interest from in them India-based l Wipro has setup a $100 Mn VC fund to invest in start-ups in data, open source and industrial 4 Conglomerates internet space. While, IBM is partnering with 100 Indian big data and IoT start-ups
l Global companies and investors such as Alibaba Group, Soft Bank, Sequoia and Foxconn are starting to invest in the Indian start-up ecosystem Global Ecosystem 5 Accelerated l Commitments to invest in India in the next few years have been made along with creating India specific funds
Source: Business Standard, Economic Times, Zinnov Analysis Notes: 1Economic Times
Start-up India – 21 Momentous Rise of the Indian Start-up Ecosystem Majority of the 1200 new start-ups are B2C, primarily present in 3 segments – eCommerce, consumer services and aggregators
eCommerce Consumer Services Aggregators Enterprise Software
13-15% 10-12% 9-11% 8-10% eCommerce is still Start-ups offering a Vertical remains a New software witnessing strong new wide variety of strong focus for new companies are trying start-up activity in consumer services start-ups with to differentiate with niche areas are cropping up aggregation in unique unique product/ sub-segments service offerings
Hyperlocal eCommerce Health-Tech Edu-Tech Analytics
8-10% 6-8% 6-8% 5-7% Start-ups are offering Traditional healthcare Edu-tech start-ups are Start-ups are applying various hyperlocal facilities and services leveraging technology analytics to benefit services in metro and are being disrupted by in new ways to firms in various tier-1 cities health-tech start-ups enhance leaning for functions students
eCommerce Enablers Social Platforms Enterprise Software
5-7% 5-7% 16-18% Driven by rise of the New social start-ups Other emerging areas eCommerce segment are focusing on are IoT, Payments, Ad- x% firms are offering bringing together tech, Media-tech, Fin- Share of vertical in specialized services people with specific tech , Recruitment, etc. total # of new start- to support operations interests ups in 2015
Start-up India – 22 Momentous Rise of the Indian Start-up Ecosystem 66% of start-ups are concentrated in the top 3 cities of Bangalore, NCR and Mumbai
Distribution of Indian Startups (4200+) Major Startup Focused Indian Cities Top Cities 1 Bangalore: 26% Focus areas of Startups 1. Bangalore ü eCommerce ü Hyperlocal ü Consumer eCommerce 2. NCR Services ü Analytics 3. Mumbai 2 NCR: 23% Focus areas of Startups ü eCommerce ü Aggregators Emerging Cities ü eCommerce ü Hyperlocal Enablers eCommerce 1. Chennai 3 Mumbai:17% 2. Pune Focus areas of Startups ü Aggregators ü Hyperlocal 3. Hyderabad ü eCommerce eCommerce 4 Hyderabad: 8% 4. Ahmedabad
Focus areas of Startups 5. Jaipur ü Consumer ü Payments Services ü IoT 5 Chennai: 6% City Index based on: (a) Number of startups Focus areas of Startups Top Cities ü Enterprise ü Analytics (b) Number of investor deals Software (c) Amount of funding Emerging Cities (d) Enabling ecosystem (such as proximity of in vestors, Pune: 6% 6 incubators, accelerators and coworking spaces) Focus areas of Startups ü Hyperlocal ü eCommerce eCommerce Bangalore is evolving fast to become a global startup hub, closely followed by NCR and Mumbai
Source: Zinnov Analysis, Zinnov Startup Database Top Cities Emerging Cities Index Score (0-5) >4.8 4.5-4.8 4-4.5 0.75-1.5 0.5-0.75 <0. 5
Start-up India – 23 Momentous Rise of the Indian Start-up Ecosystem Emerging cities are targeting start-ups by focusing on initiatives that strengthen their value propositions
CHENNAI PUNE HYDERABAD
Key Trends Key Trends Key Trends
Emerging as the SaaS Hub Talent Availability Good Environment Government Support Has large base of of B2B SaaS product • Technical talent due • Cost effective real • Forming incubation center T-Hub in companies triggered by the success of to presence of large estate collaboration with ISB, NALSAR and IIIT ZOHO supported by right set of domain number of technical • Good connectivity/ Hyderabad to accommodate 1,500 talent universities infrastructure companies • However, sales/ • Pleasant weather • Provide technical, legal, IP support marketing expertise • Announced $100 Million venture capital is still lacking fund Key Start-ups Key Start-ups Key Start-ups
Key Investors Key Investors Key Investors
JAIPUR Enabling Environment: Factors such as lower costs due to lower rentals and lower costs of living, good talent pool with low attrition and proximity to Delhi NCR OTHER AHMEDABAD Ecosystem: Ahmedabad has incubators, mentors and a well-entrenched ecosystem for start-ups. CITIES Also, IIM-A has been fertile ground for entrepreneurship
KOCHI Policy Support: Kerala Start-up Mission to promote start-ups in the state. Kochi’s ‘start-up village’ is planned to incubate 1,000 product start-ups. Also, NASSCOM recently setup its start-up warehouse as part of its 10,000 start-ups initiative
Source: Your Story, Kerala Government, Business Standard Start-up India – 24 Momentous Rise of the Indian Start-up Ecosystem SECTION 2 – FUNDING TRENDS
2 1 3 4 5 6
Landscape Verticals Incubators/ Talent Policies Funding Accelerators Funding is estimated to grow by 125%, from $2.2 Bn in 2014 to $4.9 Bn in 2015
~$6.5 Bn1 + Total funding would be much higher if start-ups incorporated before 2010 $2.2 Bn ~$4.9 Bn1 are considered, such as:
Total Funding $700 Mn $150 Mn in Start-ups 125% $120 Mn $110 Mn
2014 2015 (E) $100 Mn $60 Mn
Start-ups Funded Number of Deals3 Total Investments Active Investors (USD Mn)
46 2.1X 125% 2.3X 2.2X 458 2.3X 2.2X 156 2.0X 400 4,705 224 25 75 179 436 2.0X 292 2,110 4X 2.5X 194 115 48 196 2 4 2,4 2 2014 2015 2014 2015 2014 2015E 2014 2015 Growth from Others (Corporates, Angel Investors PEs/ VCs 2014 to 2015 Incubators, Accelerators)
Notes: 1.Estimated based on average deal size and number of deals(extrapolated based on number of deals in first three quarters). Deals worth 4.1Bn already closed by end of Q3-2015. Number includes funding in Snapdeal, Olacabs, Paytm also. 2.Presented numbers are for Jan-Sep 2015 period. 3. Defined as a transaction between start-up and investor. A single round of funding could be counted as multiple deals as there could be multiple investors investing. 4.In addition, 17 deals in 2014 and 59 deals in 2015 did not have investor details. 5.Defined as an investor who has made at least one investment in that year
Start-up India – 26 Momentous Rise of the Indian Start-up Ecosystem NCR, Bangalore and Mumbai account for over 93% of the total investments
Total Start-up Investments by Location1
Bangalore represents a fair mix of investment across B2B and B2C as 2015 compared to other top locations $ 2.3 Bn (E) 83% of the investments towards B2C start-ups NCR Paytm - $680 Mn, Snapdeal - $ 500 Mn Ecom Express - $133 Mn and Oyo Rooms - $100 Mn Emerging Start-up Cities Chennai Pune 2015 Mumbai $ 100-110 Mn $ 80-90 Mn $ 1.1 Bn (E) Contributing over $200Mn funding by 2015 95% of the investments towards B2C start-ups Bangalore 2015 Ola Cabs - $ 625 Mn, Freecharge - $80 Mn
$ 1.2 Bn (E) Antuit - $56 Mn, Big Basket - $50 Mn, Homelane - $50 Mn, Little - $50 Mn, Urban 70% of the investments towards Ladder - $50 Mn, Zovi - $50 Mn Start-ups deals in 2015 with more than $50 million B2C start-ups
Notes: 1Additional estimated investment for Q4-2015 has been split across the three geographies based on the investment in the respective cities during the first three quarters. Deals above $100Mn were not included while splitting the investment across these cities.
Start-up India – 27 Momentous Rise of the Indian Start-up Ecosystem Global investors and corporates are betting high on India market
Top VC/PE Firms (20151) Key Trends
COMPANY INVESTMENTS2 KEY VERTICALS I
Shopclues GOR ZO Rooms IoT; Mediatech; Edutech; 1 Tiger Global eCommerce and Aggregators are key verticals $100Mn $45 Mn $24 Mn Gaming focus across all the investors
HomeLane Oyo Rooms Grofers Consumer Services; Sequoia Capital 2 $52 Mn $100 Mn $23 Mn Healthtech; Gaming
Ecom Express Warburg Pincus eCommerce Enablers II 3 $133 Mn Top Overseas Corporate Investors (20151) High Interest from Foreign Funds Leading VC/PE firms are foreign-based COMPANY INVESTMENTS2 KEY VERTICALS 8/10
Paytm Snapdeal 1 Alibaba eCommerce, Payments III $635 Mn $500 Mn Oyo Rooms Snapdeal Overseas corporates are aggressively looking to Softbank eCommerce; Aggregators 2 $25 Mn $500 Mn invest in Indian start-ups
Foxconn Technology Snapdeal Plans to invest over $1 Bn in Indian eCommerce 3 Group $500 Mn start-ups over next 2 years Plans to invest $100 Million in Top Indian Last Gen Start-ups (20151) India in next 3 years
COMPANY INVESTMENTS2 KEY VERTICALS IV eCommerce; Consumer 1 Paytm Little Zovi Start-up founders are also investing in Indian start-ups $50 Mn $50 Mn Services Invested in 5 start-ups namely, Belong.co, NestAway Zinka 2 Flipkart Aggregators Bewakoof, Routofy, Shadowfax Technologies, $12 Mn NA UrbanClap and Zenatix
Ola Cabs Mswipe Technologies Payment Solutions Kunal Bahl, (Founder, Snapdeal) 3 NA
Notes: 1Till date, 2Investments mention the full value of the deal, the complete amount may not come from the respective VC/PE firm listed, but from multiple investors.
Start-up India – 28 Momentous Rise of the Indian Start-up Ecosystem B2C segment dominates, led by eCommerce & aggregators; B2B funding evolves as eCommerce enablers and analytics emerges as focus areas
Investment Split by Focus Areas of Investment Growth Customer Segment Start-ups (2014-15) (2015) Share of B2C Focused Investments1
2015 2014 60% 36% eCommerce eCommerce 83% 95% 33% 26% Aggregators B2C Aggregators 8% Consumer Services 3% 7% $4.9 Bn Hyperlocal Hyperlocal Total Investment eCommerce eCommerce Share of B2B Focused Investments
2014 2015 30% 48% 17% eCommerce eCommerce 250% Enablers Enablers B2B 28% 18% Enterprise Analytics Software
Source: Zinnov Product/Digital Start-up Database Notes: 1Share of investment for the respective year and segment
Start-up India – 29 Momentous Rise of the Indian Start-up Ecosystem While overall PE/VC funding has grown by 2.2X over 2014, seed stage VC funding has grown by an incredible 6.5X
Year on Year VC/PE Investments Illustrations of Start-up by Stage of Funding Received by Stage of Funding Across Years
Average Deal Size $4,705 Mn Seed Stage Early Stage
$2,110 Mn
$0.5 Mn $0.5 Mn $3.5 Mn $10 Mn
$36 Mn $3,756 Mn
$45 Mn $1,707 Mn $0.5 Mn $0.4 Mn $2.5 Mn $2 Mn
$5.8 Mn $664 Mn $6 Mn $16 Mn $50 Mn $133 Mn $5.4 Mn $298 Mn
$1.6 Mn $90 Mn $2 Mn $186 Mn $0.2 Mn $15 Mn $0.7 Mn $99 Mn $15 Mn $12 Mn $100 Mn $50 Mn 2014 2015
Seed Stage (<=$1 Mn) Early Stage ($1-5 Mn) Growth Stage Expansion Stage Growth Stage ($5-20 Mn) Expansion Stage (>$20 Mn)
Start-up India – 30 Momentous Rise of the Indian Start-up Ecosystem 150+ VC/PEs investing across B2B & B2C Segments; angel investors are more diverse in their vertical selection
Share of VC/PE Investment Share of B2C Focused VC/PE Investments Share of B2B Focused VC/PE Investments by Start-up Type (2015) (2015) (2015) VC/PE
38% 35% 46% 17% eCommerce Aggregators eCommerce Analytics
$4,705 Mn Enablers B2B: 17% 7% B2C: 83% 9% 9% 8% Total Investment Hyperlocal Consumer eCommerce Services Robotics Enterprise (2015) Softwar e
Share of Angel Investment by Share of Angel Investments (2015) Start-up Type (2015) Angel Investor 23% 16% 12% Aggregators Payments Consumer Services $196 Mn B2B: 32% B2C: 68% 11% 8% Edu-Tech eCommerce Total Investment (2015)
Source: Zinnov Product/Digital Start-up Database
Start-up India – 31 Momentous Rise of the Indian Start-up Ecosystem While valuations have consistently been on the rise, many Indian start-ups have shown growth without external funding
Valuation M&A Exit
Average Start-up Indian Start-ups gaining access to customers Valuation even without external funding Valuation 2014 2015 United States $ 4.2 Mn $ 4.4 Mn
India Cross-browser testing $ 2.7 Mn product $ 2.3 Mn 520K+ registered users 25K+ paying customers Israel Mumbai Some other 2011 major $ 3.5 Mn countries United Kingdom with high Cloud based supply chain Mobile-first e-signature solution average $ 2.9 Mn management ~3Mn app downloads valuation 1 $250K revenue Bangalore Among Top 10 grossing apps 1 1000% annual growth 2010
Source: Zinnov Product/Digital Start-up Database, Angellist Notes: Valuation figures include non-tech statups, Does not include valuations over $10,000,000 or under $10,000
Start-up India – 32 Momentous Rise of the Indian Start-up Ecosystem Indian start-ups on acquisition spree - Over 65 M&As successfully executed in 2015
Valuation M&A Exit
M&A M&A Trends M&A 65+ M&A deals in 2015 Accelerate Consolidation Diversify Business Offerings
M&A by Region of Acquirer Companies
~90% India
Expand Customer Base Acquire Technical Expertise ~10% Rest of the World
Source: Deal Curry, News Articles
Start-up India – 33 Momentous Rise of the Indian Start-up Ecosystem Start-ups are being acquired for access to new customers, maintaining leadership, and technical acumen
Indian Corporates acquiring Indian Start-ups Indian Start-ups acquiring other Indian Start-ups
Acquiring Company Acquired Company Acquiring Company Acquired Company
2015 2015
Corporates are acquiring start-ups to maintain their Start-ups are acquiring other start-ups to increase market leadership their customer base and gain market share
M&A
Overseas Corporates acquiring Indian Start-ups Indian Start-ups acquiring Overseas Start-ups Acquiring Company Acquired Company Acquiring Company Acquired Company
2015
2015 Croak.it!
Overseas corporates acquiring Indian start-ups in Indian start-ups acquiring overseas start-ups for order to enhance their technical expertise technology gains to compete with ecosystem
Source: Deal Curry, News Articles, Venture Intelligence
Start-up India – 34 Momentous Rise of the Indian Start-up Ecosystem 2014-15 has seen some large exits instilling positivity and confidence with the investor community
Valuation M&A Exit
Channels for Exit
Exit No.of Deals : 10 No.of Deals : 21 No.of Deals : 29 No.of Deals : 19 Deal Value : Deal Value : Deal Value : Deal Value : NA $235 Mn $418 Mn $68 Mn USD400 Mn $400 M
USD 300 Mn
USD 200 Mn $200 M
USD 100 Mn $40 Mn $5.5 M $10 M $20 Mn USD 0 Mn
Not Disclosed
Q4- 2014 Q1-2015 Q2-2015 Q3-2015
Source: Zinnov Product/Digital Start-up Database, Deal Curry, News Articles.
Start-up India – 35 Momentous Rise of the Indian Start-up Ecosystem
SECTION 3 – EVOLVING VERTICALS
3 1 2 4 5 6
Landscape Funding Incubators/ Talent Policies Verticals Accelerators Diverse start-up landscape – Healthy mix of mature, traditional and emerging areas focused companies
3 • Segments witnessing strong investor 2,200 eCommerce (Traditional) • traction Large players within each • Large players are yet to emerge segment have already emerged Aggregators • Expected to witness more consolidation • Top players within each
1,500 4 segment are backed by large eCommerce (Niche) GROWING VC/PE funds VERTICALS • Limited scope for disruptions by G 600 new entrants eCommerce
Enablers 400 MATURE ) M VERTICALS Mn Hyperlocal Consumer 300 eCommerce Services (in $
2 Analytics Enterprise 200 Payments
Funding Software - EMERGING
otal IoT Health Tech T 100 E VERTICALS • No established large player in the segment • Significant opportunity for 0 disruptions by new entrants 2013 2010 2011 2012
Vertical Maturity1
Notes: 1. Based on the average year of inception of the companies in the segment 2. Funding for year 2014 and 2015 3. Includes start-ups which are involved in the sale of goods of all segments4. Includes start-ups which are involved in the sale of goods of a particular segment only such as kids, fashion or healthcare
Start-up India – 38 Momentous Rise of the Indian Start-up Ecosystem eCommerce: Driving a major share of investment in the country M
$ 31 Mn Average Age of Sub-Segment v/s Others Total Funding of Sub-Segment $ 47 Mn Kids Across eCommerce $ 88 Mn Home Decor 1,500 Mature Start-ups $ 211 Mn Fashion Fashion $ 645 Mn Home Quick Facts Traditional 300 Decor
(in $ Mn) 2 Key Investments (2015) 200 820+ $ 500 Mn # of start-ups1 Emerging Start-ups otal Funding $ 100 Mn T Kids 100 $50 Mn
Top Investors (2015) $ 1.4 Bn 0 Funding 2010 2011 2012 2013 Average Year of Inception 2015E
Notes: 1. Estimated based on a sample of 600 companies formed over 2010-2015 period; 2. Funding for the year 2014 and 2015
Start-up India – 39 Momentous Rise of the Indian Start-up Ecosystem Aggregators: Established in transport, travel and real-estate sub-segments M
Funding by Sub-Segment (2015) Average Age of Sub-Segment v/s Total Funding of Sub-Segment
$ 16 Mn Aggregators $ 20 Mn Deal Search Fashion 1,000 Transport $ 32 Mn Others $ 632 Mn $ 27 Mn $ 207 Mn Transport Real Estate Travel Quick Facts 240 Travel Real Estate
(in $ Mn) 2 480+ Key Investments (2015) 160 1 Mature Start-ups # of start-ups $ 625 Mn $ 125 Mn Deal Emerging Start-ups otal Funding Search & T 80 Fashion Cash back Insurance Policies $ 32 Mn
Top Investors (2015) $ 1.1 Bn 0 Funding 2011 2012 2013 Average Year of Inception 2015E
Notes: 1. Estimated based on a sample of 600 companies formed over 2010-2015 period, 2. Funding for the year 2014 and 2015
Start-up India – 40 Momentous Rise of the Indian Start-up Ecosystem eCommerce Enablers: Driven by high growth in niche and hyperlocal segments G
Funding by Sub-Segment (2015) Average Age of Sub-Segment v/s Total Funding of Sub-Segment $ 24 Mn Hyperlocal Logistics $ 1 Mn Logistics eCommerce Inventory 300 Enablers Management $ 40 Mn On- demand Inventor y On - demand Quick Facts Mature Start-ups $ 234 Mn Inventory Logistics 60
(in $ Mn) Emerging Start-ups 2 Key Investments (2015) Hyperlocal 50+ Logistics # of start-ups1 $ 133 Mn App/Web Inventory otal Funding $ 85 Mn T 30 Development Management $ 40 Mn
$ 360Mn Top Investors (2015) 0 Funding 2011 2012 2013 2014 Average Year of Inception 2015E
Notes: 1. Estimated based on a sample of 600 companies formed over 2010-2015 period; 2. Funding for the year 2014 and 2015
Start-up India – 41 Momentous Rise of the Indian Start-up Ecosystem Consumer Services: It’s huge size and unorganized nature sets it up as a key disruption area G
Funding by Sub-Segment (2015) Average Age of Sub-Segment v/s Total Funding of Sub-Segment $ 8 Mn Others Consumer $ 16 Mn Emerging Start-ups Customer 80 Mature Start-ups Services Support $ 24 Mn $ 59 Mn Car Rental Interior Design Interior Hyperlocal Design Deals $ 33 Mn Quick Facts $ 56 Mn 60 Home Services Hyperlocal Deals
(in $ Mn) 2 Home Service Car Rental 40 100+ Key Investments (2015) # of start-ups1 $ 50 Mn $ 50 Mn Customer otal Funding
T Suppor t 20 $ 11.5 Mn $ 16 Mn
Top Investors (2015) $ 230 Mn 0 Funding 2011 2012 2013 2014 2015E Average Year of Inception
Notes: 1. Estimated based on a sample of 600 companies formed over 2010-2015 period; 2. Funding for the year 2014 and 2015
Start-up India – 42 Momentous Rise of the Indian Start-up Ecosystem Hyperlocal eCommerce: Diverse demographics and inadequate infrastructure are catalyzing transformation in this segment G
Funding by Sub-Segment (2015) Average Age of Sub-Segment v/s Total Funding of Sub -Segment
Hyperlocal $ 6 Mn Healthcare eCommerce $ 56 Mn 200 Grocery Food
$ 137 Mn Quick Facts Grocery 150
Matured Start-ups
(in $ Mn) 2 Key Investments (2015) 100 Emerging Start-ups 50+ # of start-ups1 Food
$ 50 Mn otal Funding T $ 35 Mn 50 Healthcare $ 20 Mn
Top Investors (2015) $ 250 Mn 0 Funding 2011 2012 2013 2014 2015E Average Year of Inception
Notes: 1. Estimated based on a sample of 600 companies formed over 2010-2015 period5; 2. Funding for the year 2014 and 2015
Start-up India – 43 Momentous Rise of the Indian Start-up Ecosystem Analytics: Strong use cases for analytics across different functions are fueling growth of analytics start-ups G
Funding by Sub-Segment (2015) Average Age of Sub-Segment v/s
Total Funding of Sub -Segment
$ 17 Mn $ 5 Mn Mature Start-ups Analytics Marketing Analytics Human Capital Analytics 75 Infrastructure & Supply Chain Analytics $ 57 Mn Infrastructure $ 26 Mn & Supply Quick Facts Enterprise Business Chain Intelligence Analytics 50
(in $ Mn) 2 Enterprise Business Intelligence Key Investments (2015) ~400 Marketing Emerging Start-ups # of start-ups1 $ 56 Mn $ 15 Mn Analytics
otal Funding T 25 Human Capital $ 8 Mn $ 5 Mn Analytics $ 1 Mn $ 1 Mn
Top Investors (2015) $ 180 Mn 0 Funding 2012 2013 2014 Average Year of Inception 2015E
Notes: 1. Estimated based on a sample of 600 companies formed over 2010-2015 period; 2. Funding for the year 2014 and 2015
Start-up India – 44 Momentous Rise of the Indian Start-up Ecosystem IoT, Health-tech, and Payments are set to disrupt the market; Mobility is the key driver for a mobile-first nation E
IOT
75+ start-ups
MOBILITY
Health-Tech Payments Start-up’s have focus on mobile 35% based delivery 120+ start-ups 70+ start-ups model
Notes: 1Estimated based on a sample of 600 companies formed over 2010-2015 period
Start-up India – 45 Momentous Rise of the Indian Start-up Ecosystem Health-Tech: Huge population base and potential of India’s healthcare industry is driving growth in health-tech E
Health-Tech Online Healthcare Search Raised $10.2 Mn funding Over $80 Mn from Tiger, Nexus and Ratan 1 Tata invested in Start-ups since Jan’2015
*Excludes Practo*, which received Rural healthcare provider New Delhi funding of $120 Mn in 2015 2013 Raised pre- series A funding from Quick Facts Ankur Capital in 2015 Udaipur 2014 120+ start-ups in India which almost grew 2x since 2014 Mumbai 2013 The Indian healthcare IT market today is Home healthcare provider worth USD 1.0 billion (2014) and pegged Home healthcare market player Bangalore Raised $37.5 Mn funding from to grow ~1.5X by 2020 2013 Accel partners, Qualcomm Raised $1 Mn in angel funding in Ventures and Ventureast in 2015 2015 Accelerators dedicated solely to Healthcare
Start-ups are getting incepted in India
Success Story: Practo, an online health service Indian health-tech start-ups are proving their platform with 200K+ doctors & $120Mn+ capabilities in the global market as well funding in last 8 months
Source: Rediff, News Articles Notes: # of startups estimated based on a sample of 600 companies formed over 2010-2015 period, 1.Investment numbers do not include undisclosed deals. *Practo is pre 2010 incorporated
Start-up India – 46 Momentous Rise of the Indian Start-up Ecosystem Payments: Cashless/online transactions and smartphone growth are driving emergence of payments solutions from start-ups E
Online payment gateway solution Raised $120 K seed funding in 2015 Payments Over $145 Mn* Mobile recharge invested in Start-ups since Jan’20151 and bill payments platform Jaipur Raised $80 Mn funding 2013 *Excludes Paytm2, which received in 2015 Quick Facts funding of $635 Mn in 2015
70+ Start-up’s in India Mumbai 2011 Online citizen services bill payments Hyderabad Raised $10 Mn funding 2012 from SRI Capital in 2015 India has just 260 Mn bank accounts i.e. 2/3rd of the country is unbanked Bangalore Mobile PoS and 2011 payments processing Over 95% of the 30 Bn of payments solution Start-up Offering Raised $23 Mn in Series Hardware transactions annually are by cash/cheque C funding in 2015 Only Software/Service
RBI has given license to 11 companies Success Story: Paytm, an online including Paytm to setups payments banks payments platform received $635 Mn funding in 2015
Source: YourStory, News Articles Notes: # of start-ups estimated based on a sample of 600 companies formed over 2010-2015 period, 1. Investment numbers do not include undisclosed deals; 2.Paytm received funding majorly for its eCommerce platform, hence not included in the overall payments funding
Start-up India – 47 Momentous Rise of the Indian Start-up Ecosystem IoT: Start-ups riding on the IoT wave are set to disrupt how consumers and industries interact with machines E
IOT based energy monitoring equipment Raised $200K in Seed Capital from Snapdeal and Rajan IOT Anandan Over $75 Mn Wearable technology for invested in Start-ups since Jan’20151 a healthier lifestyle Raised venture funding Gurgaon in 2015 2013 Quick Facts
Start-up’s in India which grew over 75+ Wearable device to control 35% since 2014 Mumbai any smart device Pune 2014 Raised $ 0.2 Mn crowd 2013 funding in 2014 USD 10-15 Bn IoT Market Opportunity by 2020 Kochi A connected car platform 2013 $1 Bn+ investment committment by Indian for remote monitoring govt on building 100 smart cities every year Raised Seed Capital from Pose Ventures and for next 5 yrs Snow Leopard PM announced the launch of Centre of Excellence for IoT in Bangalore - A combined initiative of Department of Electronics & IT, Success Story: Altizon, company focused ERNET India and NASSCOM to promote the on making enterprises IoT ready sIoT ecosystem named Garter 2015 cool vendor
Notes: # of start-ups estimated based on a sample of 600 companies formed over 2010-2015 period, 1. Investment numbers do not include undisclosed deals. Start-up India – 48 Momentous Rise of the Indian Start-up Ecosystem Robotics, 3D Printing and Machine Learning are key whitespaces which will drive future attention from start-ups
Illustrative Start-up Leaders across Verticals
Robotics 3D Printing Machine Learning
Grey Orange Robotics founded in 2011, Fracktal Works founded in 2013, based InvenZone founded in 2013, based out based out of Gurgaon (NCR) builds out of Bangalore develops 3D printers of Mumbai provides a niche platform for robotics systems for warehouse having clientele including L&T, Toshiba researchers using advanced machine automation and Cisco learning and deep learning algorithms Raised $30 Mn funding from Tiger Raised $3 Mn seed funding from 1 Neoteric Raised undisclosed Global and Blume Ventures in 2015 Technology Solutions in 2015 amount of angel funding in 2014
Other Start-ups Other Start-ups Other Start-ups
Source: News Articles
Start-up India – 49 Momentous Rise of the Indian Start-up Ecosystem
SECTION 4 – INCUBATORS/ ACCELERATORS
4 1 2 3 5 6
Landscape Funding Verticals Talent Policies Incubators/ Accelerators With over 40% growth annually, 110+ business incubators & accelerators are providing seed stage support to start-ups
Incubator/ Accelerator Ecosystem in India Key Trends New Colleges Setting up Incubation Centres 18 new colleges in 45%+ Incubators located in Delhi, Bangalore and Mumbai Tamil Nadu expected to have incubation centres by 2015 Key Focused Verticals: Big Data & Analysis; Consumer Internet with emerging verticals such as 40%+ More Corporates Moving payments, healthcare, education, advertisement etc. 110+ to Accelerator Market Accelerators/ YOY Growth in # Incubators of Accelerators/ Incubators Vertical Focused Accelerators coming into play to
NASSCOM IoT CoE provide industry specific connects and guidance, however few start-ups to select from becomes a challenge NASSCOM partnering with State Governments Launching Online as well as Offline Programs to for Start-up warehouses expand their reach and going global • 80 Start-ups have been incubated across Start- up Warehouses, with ~10Mn Funding raised
Source: Zinnov Research & Analysis
Start-up India – Scripting a new future: 52 Momentous Rise of the Indian Start-up Ecosystem Most incubators and accelerators also provide funding, mentorship and networking opportunities, in addition to business support
Founded Location Focus Notable Start-ups Funding Areas Details • Cloud Provides mentorship, technical Funding disclosed only in few 2012 Bangalore • Internet guidance and networking cases (27% of the start-ups 1 • Mobile through 16 weeks program have received Series A funding later on) Provides mentorship, • Internet Invests up to $50k at 8% 2012 Noida networking, co-working space 2 • Mobile equity through 16 week program Provides networking, Invests $30k-$60k at 8-9% • Internet 2012 Gurgaon mentorship, initial capital etc. equity (subsequent rounds of 3 • Mobile through 13 week program up to $500,000 into a few select start-ups) Provides mentorship and Provide grants of $2.5K or • eCommerce 2014 Bangalore operational support through invests $50K-$1Mn 4 • Healthcare • Clean-tech 100 day accelerator program/ 24 week scale-up program No funding provided (Start-ups • Internet Provide mentorship, networking get $20,000 worth of cloud 5 2014 Bangalore • IoT and guidance in technology through a 6 day program credit to buy cloud services) • Mobile Provides mentorship, 6 2014 Bangalore • Marketing networking, co-working space Provide funding of upto $30k • Analytics through 16 week program • Virtualization Provides support, in-depth Awards $10k equity free grant 7 2011 Bangalore • Cloud training, co-working space to selected start-ups • Mobility through 12 week program
Source: News Articles, Company Websites
Start-up India – 53 Momentous Rise of the Indian Start-up Ecosystem
SECTION 5 – TALENT
5 1 2 3 4 6
Landscape Funding Verticals Incubators/ Policies Accelerators Talent India is the youngest start-up nation in the world - 72% of the founders are less than 35 years old
Demography of start-up founders
Founders Gender Breakup Age
<20 years 20-25 years 26-30 years 31-35 years 36-40 years 41-45 years >45 years ~91% 0.3% 15% 26% 31% 15% 6% 6% Education
Engineering M.B.A. Other Other P-ost Engineering Others1 ~9% Graduate Graduate Graduate Post-Graduate 35% 26% 15% 10% 4% 10%
Comparatively small share of women entrepreneurs
Notes: 1Others include MS, Administration Graduate, Doctorate, Under Graduate, etc.
Start-up India – 56 Momentous Rise of the Indian Start-up Ecosystem 50% rise in share of female entrepreneurs in 2015 over 2014…
Top Focus Areas of Women Driven Start-ups Successful Women Entrepreneurs
Shanti Mohan Women Entrepreneurs in 70% ~9% 1 eCommerce Founder & CEO Start-up Landscape (BE from BIT Sindri) B2C Aggregator $650 K of funding Age Wise Break Up of Start-up Founders 30% 26-30 years 47% 31-35 years 35+ years 30% Enterprise Naiyya Saggi 16% Software CEO B2C (MBA from Harvard Big Data & Education Break Up of Analytics Business School) Start-up Founders $600 K of funding
22% 27% Suchi Mukherjee Funding received by women Founder & CEO 39% 12% $168 Mn+ start-ups in 2015 (MSc. from London School of Economics) $30 M of funding BE, B. Tech M. Tech, MS, MCA MBA Others2
Source: Zinnov Product/Digital Start-up Database Notes: Analysis based on a sample size of 31 Start-ups, 1% of start-ups with women as founder or co-founder, 2includes 'Other Undergraduates', 'Others Masters' and 'Doctoral' degree"
Start-up India – 57 Momentous Rise of the Indian Start-up Ecosystem …Driven by 4.5X growth in funding to women driven start-ups
$ 168 Mn Sources of Funding to Women driven Funding to Women Start-ups (2015) 1 10% driven Start-ups 2% Angel Top Deals (2015) Undisclosed $37.5 Mn $40 Mn $ 36 Mn 88% VC/PE $ $ 2014 2015(till date)
(Founded in 2015, India’s 1st VC Fund focused on Women Entrepreneurs2)
Total Corpus Founders $ Focus Areas Start-up Investments
Ankita Vashishtha • eCommerce Founder & CEO • Social Media (Managing Partner, Tholons Capital) • Cloud Usha Amin $ 15 Mn • Analytics Co-founder & CFO • Education (Past Chairman & MD, Accenture) • Healthcare
Source: Company Website, Your Story, Zinnov Analysis Notes: 1Includes start-ups where a woman is one of the co-founders, 2SEBI approved
Start-up India – 58 Momentous Rise of the Indian Start-up Ecosystem Indian CXOs and senior executives are coming forward to join start-ups or starting their own ventures
Industry Leaders becoming part of Start ups Key Drivers Technology Leaders Business Leaders Industry Veterans joining Start ups joining Start ups starting own ventures 1 High pay-packages coupled with stock options Punit Soni Ananth Narayanan K Radhakrishnan Chief Product CEO, Myntra Officer, Flipkart Co Founder, Worked at GrocerMax Worked at McKinsey Google, Motorola Worked at Future Group, Reliance Retail Abhishek Poddar Anand 2 Director, Product Chandrasekaran Higher roles and and Business, Ashish Goel Chief Product responsibilities Ezetap Founder, Urban Officer, Snapdeal Worked at HP Ladder Worked at Yahoo, Worked at Airtel Mckinsey, Amar Chitra Katha Media Sumant Namita Gupta NaikKhanvte Chief Product Deepak Garg 3 Better future Director, Product Founder, Rivigo Officer, Zomato Management, career growth Worked at Worked at Zipdial McKinsey Facebook, Worked at Juniper Microsoft Networks
Start-up India – 59 Momentous Rise of the Indian Start-up Ecosystem Brain drain to brain gain- people settled abroad are returning to India to start new businesses
Ashwini Asokan, Suchi Mukerjee, Sameer Maheshwari MAD Street Den LimeRoad Healthkart • Masters from Carnegie • Masters from Carnegie Mellon • MBA from Harvard Business School, USA Mellon University, USA University, USA • Worked at UBS • Worked at Intel, USA • Worked at Intel, USA • Year Founded: 2011 • Year Founded: 2014 • Year Founded: 2012
Saurabh Arora, Lybrate Sandeep Aggarwal, Poornima Vardhan, 335TH Shopclues & Droom • MBA from Columbia Business School, USA • MBA from Columbia Business School, USA • MBA from The Wharton School, USA • Worked at Facebook, USA • Worked at Facebook, USA • Worked at UBS, USA • Year Founded: 2013 • Year Founded: 2011 • Year Founded: 2014
Key Drivers
1 Maturing start-up ecosystem in India 4 Ease of funding availability Massive market opportunity with high # of 2 potential customers 5 Low running cost for start-ups White spaces in India which can be addressed 3 by start-ups offerings
Start-up India – 60 Momentous Rise of the Indian Start-up Ecosystem Start-ups are providing an exhilarating work culture along with attractive monetary benefits to lure new and retain existing talent
Competitive Monetary Flat Hierarchy as Flexible Multitasking Benefits compared to Work Timings Corporates
More Opportunity to Grow Continuous real-time Freedom to Innovate semi-structured & Explore feed back
Start-up India – 61 Momentous Rise of the Indian Start-up Ecosystem
SECTION 6 – GOVERNMENT POLICIES
6 1 2 3 4 5
Landscape Funding Verticals Incubators/ Talent Accelerators Policies Government policies and initiatives are aimed towards improving the overall start-up ecosystem
1 2 3 Launched India Aspiration Fund SETU2 Program Start-up India Standup India (IAF) Established techno-financial/ Prime minister announced To boost start-up ecosystem, incubation programme to support integrated platform to promote launched IAF with initial corpus of start-ups and set aside INR 1,000 and boost entrepreneurship in INR 2,000 Cr to finance and Cr in 2015 Union Budget Funding the country promote MSME1 sector
1 Atal Innovation Mission Established a platform to promote culture of innovation and R&D and earmarked INR 150 Cr in 2015 Union Budget Technology
1 2 Improving Ease of Starting a Dedicated Start-up Exchange Business SEBI has plans to setup an • To create Ebiz portal for reducing approvals required to alternative trading platform for start a business internet start-ups with relaxed listing 3 requirements Operations • To complete tax registration in 2 days 1 2 3 Plans Incentives to IoT Start-ups State Government Start-up Technology Business Incubator (TBI) • Easy import facilities & duty Policies Scheme by Department of Science and benefits State Governments are coming up Technology to facilitate creation of • Minimize excise & central sales with start-up friendly policies and technology led and knowledge driven tax partnership with NASSCOM for enterprises NEW • Subsidised rates on purchasing start-up warehouse setup in their Start-upS land respective locations
Source: News Articles Notes: 1Self-Employment and Talent Utilization, 2Micro Units Development Refinance Agency, 3Department of Electronics & Information Technology, 4Micro, small and medium enterprises, 5Central excise and service tax
Start-up India – 64 Momentous Rise of the Indian Start-up Ecosystem Government can further boost the ecosystem by formulating overarching start-up centric policies
Key Policy Related Asks from the Government
1 2 3 “The industry would also certainly like to see a pro-investor tax policy and avoidance of double taxation for foreign investors to enhance investments in the country.” Start-up Policy Infrastructure Exit Options - Safir Adeni, President, Formulate start-up policy for Develop infrastructure Lay out rules on exit options TiE- Hyderabad India to promote overall across cities for better for entrepreneurs as well as start-up growth and foster connectivity, transportation investors to boost cross an environment of and basic amenities to spur border M&As entrepreneurship business growth "Start-ups create jobs and intellectual property and catalyze FDI by attracting venture capital. Because of the current tax regime, start-ups 4 5 6 are being compelled to incorporate overseas." - Saurabh Srivastava, Founding & Managing Committee Member, IAN Ease of Doing Business Incentives Tax Benefits Focus on easing regulatory Provide subsidies, funds Rationalize taxes related to norms for starting and and other incentives to start-up investments such as operating a business in the start-ups in areas such as angel-tax, differences country along with sector product development and between investments in "It (budgetary provisions for start- specific regulations market access listed & unlisted shares and ups) will generate interest in international VC firms to consider mobilize domestic investors India as a favourable investment destination.” - Shashank ND, CEO, Practo
Source: Money Control
Start-up India – 65 Momentous Rise of the Indian Start-up Ecosystem
NASSCOM 10,000 Start-ups Program NASSCOM 10,000 Start-ups Program
10,000 Start-ups is an ambitious attempt by India's premier IT industry body - NASSCOM to scale up the start-up ecosystem in India by 10x. 10,000 Start-ups aims to enable incubation, funding and support for 10,000 technology start-ups in India over the next ten years. The program's vision is to:
Foster entrepreneurship and build entrepreneurial capabilities at scale
Impact 10,000 Tech Strengthen support Start-ups on F.A.M.E. system for tech start- Model by 2023 ups
To meet these objectives, the program brings together key stakeholders of the ecosystem including start-up incubators / accelerators, angel investors, venture capitalists, start-up support groups, mentors and technology corporations and we operate as the knowledge base of start-ups' working models, verticalized interest, etc. From 15 partners initially, we've grown to a network of 70 partners today. The program is supported by foundation grants and corporate partnerships.
Start-up India – 68 Momentous Rise of the Indian Start-up Ecosystem 10,000 Start-ups Core Components
Bring together the community of India's top entrepreneurs in a wide Education through customized range of industries including programming and on-demand consumer and enterprise IT, medical experts delivered to match the and hardware, IOT and eCommerce. founders' needs.
Credits worth $25,000 in value from Mentorship from over 200 serial our Partners, including cloud entrepreneurs, experts, angels and computing and storage credits, VCs, including individuals from developer platforms, and other LinkedIn, Google, Amazon, Microsoft, software's in addition to drop-in and many more in Silicon Valley. office space (Start-up Warehouses) and legal advice.
Start-up India – 69 Momentous Rise of the Indian Start-up Ecosystem NASSCOM 10,000 Start-ups Program
10,000 Start-ups - Initiatives Currently in operation: In the pipeline: NASSCOM Start-up Incubation Network • Start-up Warehouse, • Start-up Warehouse, Navi Mumbai & Pune. (Start-up Warehouses) – Start-up Bangalore. Supported by Supported by the Govt. of Maharashtra Warehouses are designed for start-ups the Govt. of Karnataka Start-up Warehouse, Gurgaon. Supported ecosystem creation and enhance early stage • Start-up Warehouse, by the Govt. of Haryana support for technology start-ups in various Kolkata. Supported by 80 Start-ups have been incubated across states of India. An Incubator and co-working the Govt. of West Bengal Start-up Warehouses, with ~10Mn Funding space for dozens of technology start-ups and • Start-up Warehouse, raised. 400 Jobs created by them, 150+ early stage product companies at a highly Kochi. Supported by the events across warehouses that includes subsidized cost, in the heart of the city. The Govt. of Kerala hosting international delegations, Investor co-working space allow early-stage meet-ups, Hackathons, Start-up Konnect technology start-ups to work for 6-12 months sessions. during which it will facilitate demos and pitches by start-ups to investors, large Top Gun Start-ups from 10K Start-up Warehouses: corporates, other accelerators/incubators and individual mentors. It also provides a Bookpad, Boutline, Catapoolt, Changer Mints, English Dost, EPoise large event place for hackathons, regular HackerEarth, Hiree, iReff, Jiffstore, Mera Tiffin, Metome, Native5, Ridingo, talks and workshops to sharpen the skills of Shield Squire, SignEasy, Smart Buildings, Smart Pocket, TookiTaki start-ups on go to market, scaling up, global technology trends, and other learning & development needs.
Start-up India – 70 Momentous Rise of the Indian Start-up Ecosystem NASSCOM 10,000 Start-ups Program
NASSCOM Industry Partner Program (NIPP) – NIPP focuses on market validation and early customer development for start-ups. The program on innovative mature technology ventures to test their solution, pricing model, and marketing strategy, also do a proof of concept for sustained engagement between large corporates. NIPP Member Companies Include: Google, Microsoft, Intel, Amazon Web Services, IBM, Motorola, Dell, AllState, Wipro, CA Technologies, Societe Generale, UBS, Accenture, Deutch Bank, Zafin, Sony
Start-up Konnects - 10K Start-up Konnects, aims to bring together Funding Partners, Mentors, Enterprise Tech Industry Network and 10K shortlisted start-ups for the purpose of win-win partnerships. These connect events enable early stage start-ups to connect with bigger contemporaries and 'sell' to them their ideas, innovations and niche products.
WomenTechShip - We are creating the right environments, programs and policies, for woman to thrive. With WomenTechShip as our regular series, we aim to support women advance in domain technology fields. These women meet-ups include education in technology, hackathons, inspiring talks by women leaders and skill based workshops and sprints. Bit Giving, Cash Karo, FreshMenu, Green Cosmos, SeekSherpa, Social Cops, , SmartVizX, Trumpet, WeTravelSolo to name a few
Innotrek - It's a global connect access program, that gives the brightest tech start-ups a chance to go to Silicon Valley, get access to global VCs and connect with some of the biggest and most renowned tech giants of the world. AdPushup, Bookpad, CustomerXps, Faircent, FindUrClass, Instasafe, Loginext, LazyLad, Posist, Wagmob to name a few
Start-up India – 71 Momentous Rise of the Indian Start-up Ecosystem NASSCOM 10,000 Start-ups Program
Our events deliver press and funding to founders We conduct events where our network of investors and enterprises come to hear our companies pitch. These events have been attended by over 200 investors and press from leading publications like Economic Times, Times of India, Business Standard, Financial Express and more. Prior to each Konnect session, our staff and mentors work with each start-up extensively to refine their pitches. Throughout the session we provide access to numerous top-tier investors, angels, corporate representatives, and press. This is essential for fundraising, publicity, and corporate partnerships.
10,000 Start-ups IMPACT Started in April 2013, since then, we've done about 600+ high impact events in 26+ cities of the country which were attended by a whopping 30,000 attendees and have impacted 1100 start-ups out of 11,000+ Applicants. From which 170+ Start-ups have received funding, 500+ Start-ups have got mentored, 100+ Start-ups Accelerated and 1000+ Enterprise Connected. 10% women entrepreneurs in the program. The program is supported by our founding partner Google for Entrepreneurs, and Industry Partners Microsoft Ventures, Kotak, IBM and Amazon Web Services.
Start-up India – 72 Momentous Rise of the Indian Start-up Ecosystem Appendix Based on number of start-ups India is counted among the top 5 largest start-up communities in the world
Total Start-ups Canada Netherlands Russia 6,000-6,200 1,225-1,250 1,350-1,375 Total Tech Start-ups UK 3,000-3,100 7,900-8,000 560-575 630-650
4,500-5,000
Germany 2,500-2,525
1,160-1,175 France 2,200-2,300 China 1,025-1,050 USA 9,500-10,500 83,000-83,500 Israel 4,500-5,000 3,300–3,500 47,000-48,000 India 3,900-4,100 9,500-10,500
4,200-4,400 Brazil Australia 1,600-1,650 2,775-2,800 1,290-1,320 750-775
Countries based on the number of Start-ups <5,000 5,000– 7,500– 10,000+ Start-ups 7,500 10,000 Start-ups Start-ups Start-ups
Source: Zinnov Research & Analysis, AngelList
Start-up India – 74 Momentous Rise of the Indian Start-up Ecosystem NASSCOM- ZINNOV Start-up City Index
Index Score -Top Cities Major Start-up Focused Index Score – Emerging Cities Indian Cities 1. Bangalore 1. Chennai
2.NCR 2. Pune
3. Mumbai 3. Hyderabad
4. Ahmedabad
Bangalore is evolving fast to 5. Jaipur become a global start-up hub, closely followed by NCR and Mumbai Top Cities
Emerging Cities Other cities such as Chennai, City Index Score Pune, Hyderabad, Jaipur, Calculated based on: Ahmedabad, Chandigarh etc. are • Number of start-ups • Number of investor deals taking steps to emerge as key (c) Amount of funding cities in start-up space (d) Enabling ecosystem (such as proximity of investors, incubators, accelerators and coworking spaces) Top Cities Emerging Cities Source: Zinnov Analysis, Zinnov Start-up Database Index Score (0-5) >4.8 4.5- 4.8 4-4.5 0.75-1.5 0.5-0.75 <0. 5
Start-up India – 75 Momentous Rise of the Indian Start-up Ecosystem Investors look for sound team, idea and business model before investing in start-ups
Team Idea Business Model
1. Founders Objective Customers
l Pedigree- Education (associated brands of l Should focus on solving a customer pain l Number of customer base with the focus colleges ) and experience point on paid customers l Number of founders and their relationship with each other l Mix of technical and business oriented Clarity founders Revenue Model l Should have clear understanding of the idea and its execution l Sound business model to generate 2. Complete Team revenue and profits l Product capabilities of the team Innovation l Educational background and experience l Getting first mover advantage through innovative idea Market Potential l The idea should provide large business 3. Future Prospects opportunity Vision l Retention rate and measures to improve l the same Long term plan of expanding the idea implementation l Hiring plans
Start-up India – 76 Momentous Rise of the Indian Start-up Ecosystem Start-ups have to go through a step wise process in order to get multiple rounds of funding
Fund Raising Process for Start-ups
STEP 1 STEP 2 STEP 3 STEP 4 Channels Screening: First Evaluate: Second Fund: Meeting with Start-up Meeting with Meeting with Investor Investors Investors & its team A Reference by Client Key Presentations Key Presentations Key Presentations Participation in Initial funding's B Competitions Business Model Hiring Plans provided by friends Product Brief and family Networking: Key Clients Acquired C Alumni, Mentor Evaluate Investment Risks Revenue Model Past Year Failures & Achievements Small amount of Elevator Pitch to present Key Clients funding raised by Market Opportunity Past 3 Years Financials angel investors Achievements Future 3 Years Financials
Multiple series of funding Series N Round of Seed Funding Series A: First Round of Funding Funding
Start-up India – 77 Momentous Rise of the Indian Start-up Ecosystem Incubators & accelerators provide networking, mentorship and other facilities by conducting an extensive 3-6 months program
1 Role of Incubator/ Accelerator 4 Incubator/Accelerator Offerings 5 Start-ups Benefit l Accelerator role is to foster rapid growth of Networking its portfolio companies start-ups taking help from l Helps connecting with the investors and 70% l incubator/accelerator succeed in the market Incubator role starts at an early stage to provides a platform to network with other compared enable business ideas to grow and help start-ups them innovate
Mentors/ Guide l Helps in forming the company vision, refinement of the product and the 2 Selection Process business strategy l Mentors includes proven CEOs, investors, l Start-ups apply for admission in the industry experts etc. batches formed by incubator/ accelerator l Factors taken into consideration while 6 Incubator/Accelerator Benefit selecting start-ups are product, idea, l market opportunity, team attitude and Facilities Takes a small share in equity (falling in the capabilities etc. l Provides funding and additional facilities range of 3%-10%) or fixed fee such as office space, internet, computers, l To understand the new innovations in the accountants etc. market l Corporate MNCs can pitch their technologies to form a part of start-up 3 Program Details Others products l l 3-6 Months typical Incubation program Provides marketing assistance, business duration training programs, technology assistance etc. l Conduct ~2 batches in a year with a batch size of 10-15 applications
Start-up India – 78 Momentous Rise of the Indian Start-up Ecosystem Driven by smartphone adoption, a huge consumer base in India is coming online
Rapidly growing Consumers creating smartphone base online identity
140 Mn Smartphone user-base in India1 300 Mn Number of internet users in India1
2 Consumers making online 213 Mn Mobile internet users in India 63 Mn purchase2
Size of the online grocery 35% Annual growth rate of smartphone $100 Mn market in India2 users in India3
2 41% eCommerce sales through mobile1 $22 Bn Indian eCommerce industry size
Source: Cisco Report, CLSA Report, Zinnov Analysis Notes: 1. 2014, 2. 2015, 3. Between 2015 and 2019
Start-up India – 79 Momentous Rise of the Indian Start-up Ecosystem The number of active investors, both angels and VC/PE, have grown significantly
YOY Investment Commitment in Start-ups by VCs/ PEs (in USD millions) VC/PE 156 Active 2X increase in number of active VC/PE 4,705 (E) VCs/PEs in investor s 2015* Share of eCommerce in 3,326 2,110 the overall portfolio has declined from 58% in 882 2014 to 29% in 2015 1,379 1,228 Over 458 deals signed Nearly 2.25x increasein total number 2014 2015 2015* of deals in 2015 compared to 2014 eCommerce Others
YOY Investment Commitment in Start-ups by Angel Investors (in USD millions) 292 Active Angel Investor 196 Angel Nearly 2.5x increase in number of Marginal increase in share Investors in active Angel investors of eCommerce, however, 2015* 176 the overall Angel portfolio 48 remains fairly diverse with 46 investments across 20 2 Aggregators, Consumer Over 436 Nearly 2x in total number of deals in deals signed 2014 2015 Services, eCommerce 2015 compared to 2014 Enabler s, among others 2015* eCommerce Others
Notes: 1Estimated based on average deal size and number of deals(extrapolated based on number of deals in first three quarters). Deals worth 4.1Bn already closed by end of Q3-2015. To calculate the average deal sizes of more than 50 millions were not considered. 2Presented numbers are for Jan-Sep 2015 period. 3A ‘Deal’ is defined as a transaction between start-up and an investor. A single round of funding could be counted as multiple deals as there could be multiple investors investing. 4In addition, 17 deals in 2014 and 59 Deals in 2015 did not have investor details. 5Active Angel (or VC/PEs) is defined as an investor who has made at least one investment in 2015
Start-up India – 80 Momentous Rise of the Indian Start-up Ecosystem Few major VC/PE funded B2B & B2C start-ups
Key B2C Start-ups Funded in 2015 Key B2B Start-ups Funded in 2015
1 1 Investor VC/PE Investor VC/PE $ 100 Mn $ 133 Mn Online Shopping Funding Courier Services Funding Portal Company 2 2 Investor Investor $ 50 Mn $ 30 Mn Home Design Funding Robotics Company Funding Setup Company
3 3 Investor Investor $ 100 Mn $ 56 Mn Funding Hotel Rooms Business Analytics Funding Aggregator Solution 4 4 Investor Investor $ 20 Mn $ 50 Mn Funding Mobile-based Customer Support Funding Software News App
Source: Zinnov Product/Digital Start-up Database
Start-up India – 81 Momentous Rise of the Indian Start-up Ecosystem Few major angel funded B2B & B2C start-ups
Key B2C Start-ups Funded in 2015 Key B2B Start-ups Funded in 2015
1 1 Lead Investor $ 50 Mn Angel $ 6 Mn Investor Angel Funding Investor Funding Undisclosed Investor Hyperlocal Service Real Estate Por tal
2 Investor 2 $ 3.5 Mn ~$ 3 Mn Investor Undisclosed Shailesh Mehta Online Credit Evaluation eCommerce Website Funding Funding Platform
3 3 ~$ 3 Mn Investor ~$2 Mn In vestor Ratan Tata Devesh Sachdev Online Health Funding Loan Exchange Platform Funding Search Services 4 4 Investor Investor ~$ 2.7 Mn ~$ 3- 4 Mn Kunal Bhal, Phanindra Sama, Raju Reddy, Recruitment Analytics Funding Car Rental Service Funding Rohit Bansal
Source: Zinnov Product/Digital Start-up Database
Start-up India – 82 Momentous Rise of the Indian Start-up Ecosystem Definitions and Notes
Definitions
Start-ups Angel Investor
Only technology product/ digital start-ups have been Individuals investing in their personal capacity considered for the report While considering funding, investments by Inception Year accelerators and incubators has also been l Company with inception year of 2010 or later considered as part of angel funding Headquarters l A company that is headquartered in India OR l Has founding team with Indian origin AND product development largely in India Intellectual Property VC/PE l That has developed and/ or owns the technology IP (includes IP owned through acquisitions) AND/ OR Includes venture capital firms, private equity firms, investment banks, companies and l That provides digital/ technology platform for corporates* transactions and/or customer engagements * Companies and corporates have been included Distribution in VC/PE only for purposes of funding values l Undertakes the packaging, selling & marketing of the product/ platform itself or through channel partners
Notes: There maybe deviation in values presented for 2014 when compared to the previous version of the report published last year as the numbers stated in this report for 2014 are actuals, while those in the previous version consisted of estimations for the year 2014 based on our analysis till July 2014
Start-up India – 83 Momentous Rise of the Indian Start-up Ecosystem Vertical Definitions (1/2)
eCommerce Hyperlocal Consumer eCommerce Aggregators Enablers eCommerce Services Sell products on the Offer information about Help e-commerce firms with Sell products/services Offer a range of services internet goods/ services from various business catering to smaller areas targeted directly to several sources operations and with short delivery time consumers Sub-Verticals: Across, Home Sub-Verticals: Transport, Real Sub-Verticals: Logistic, App/ Web Sub-Verticals: Grocery, Food, Sub-Verticals: Interior Design, Car Décor, Fashion, Kids, etc. Estate, Travel, Deal Search, etc Development, Inventory, etc . Healthcare Rental, Hyperlocal Deals, etc.
Payments Edu-Tech Social Platforms Health-Tech Gaming
Enable payment through Operate in the education Help users with common Operate in the healthcare Involved in development of software and hardware sector and provide interests interact and sector and provide computer and mobile solutions technology related services engage technology related services games Sub-Verticals: Hardware, Hyperlocal Sub-Verticals: Tutoring, Vocational, Sub-Verticals: Dating, Fashion Sub-Verticals: Health Apps, Sub-Verticals: Across, Home Décor, Deals, etc. Test Prep, etc Content, Coders, Sharing, etc. Doctor, etc Fashion, Kids, etc.
Start-up India – 84 Momentous Rise of the Indian Start-up Ecosystem Vertical Definitions (2/2)
Enterprise Software Recruitment Ad-Tech Fin-Tech
Provide various types of software Offer platform to connect employers Operate in the Media sector and Operate in the BFSI sector and products to customers and candidates provide technology related services provide technology related services
Sub-Verticals: ERM, CRM, Security, etc. Sub-Verticals: Blue Collar, Vertical Sub-Verticals: Mobile, Social Media, TV, Sub-Verticals: Credit Rating, Crowdfunding, Specific, etc. Email/Messaging, etc. Investment, etc.
IoT Analytics Media-Tech Others
Provide hardware in the IoT space Provide analytics related services Operate in the media sector and Present in verticals other than such as sensors which collect data as the final products/solutions provide technology related services the ones listed
Sub-Verticals: Robotics, Sensors, Sub-Verticals: Marketing Analytics, Sub-Verticals: News, Talent Showcase, etc. Sub-Verticals: Content Creation, Wearables, etc. Enterprise Business Intelligence, etc. Communication, 3D Printing, etc.
Start-up India – 85 Momentous Rise of the Indian Start-up Ecosystem Appendix: Zinnov conducted dialogues with ecosystem stakeholders and supplemented it with information from secondary sources
v Zinnov product and digital star t-up Start-ups database Zinnov v Zinnov start-up domain knowledge Repository base and expertise
PE Angel Investors Investor s
70+ Primary Interactions
Other Media Articles Public Sources VC Websites Incubators Accelerators Angel Networks Websites
Start-up India – 86 Momentous Rise of the Indian Start-up Ecosystem
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