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, “The maturing Indian start-up ecosystem is now contributing to the Indian economy in many ways. Apart from positively impacting the lifestyles of citizens involved, start-ups are now creating innovative technology solutions that are addressing the key social problems that India is facing and creating significant growth opportunities for every stakeholders. 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.
