Chennai: The Upcoming Success Hub for STARTUPS

Though the emergence of startup wave in India is a relatively new concept yet the government intends to nurture the startups & innovations predominantly. The pro active support and incentives offered and introduced by the government has immensely contributed to innovate and start `new ideas' and `new businesses'. Opportunities abound for techie, innovative, and unique startups that are leveraging emerging technologies to create actionable outcome. Undoubtedly, India is undergoing a drastic shift with entrepreneurship, innovations, and technology. Further this initiate is acting as a primary catalyst in job creation.

In India, startup eco-system has remarkably proved its sole purpose. It has emerged as a great and best podium for young generation to invest, work, and gain experience simultaneously. In order to make India as number one destination for startups, it is very important to ensure entrepreneurship and economic development. Therefore, in India, startup culture has created exceptional and perfect opportunity to hone young generation skills and advance their knowledge.

In 2022, the top five startup hubs in India, were Bengaluru, Delhi-NCR, Mumbai, Chennai and Hyderabad, with Chennai registering the highest year-on-year change in terms of total funding amount (182 percent) and deal count (129 percent).

Thus, the word startup is evolving in the city `Chennai'. Chennai has emerged as the fastest-growing startup hub in India over a period of eight years, from 2014 to 2022, with a total deal count of over 300 in the period. According to `Indian Tech Start-up Funding Report 2022', released by startup information platform Inc42, noted that total funding in Chennai-based startups came up to $4 billion between 2014 and 2022. A three-year funding CAGR (compound annual growth rate) of 69 percent was observed, while prominent investors in the startups were Tiger Global, Sequoia, Chiratae Ventures and Iron Pillar.

As a result, surpassing all the hurdles of Covid-19, the growth rate of startups is skyrocketing. The GOI is constantly boosting the confidence of young visionaries to thrive harder and evolve. The unique ideas and innovation is fueling-up profit and contributing immensely in the growth of Indian economy. Due to new talent and creativity, the Indian government is striking for sustainable environment for startups and creating wide range of opportunities and building never ending platform with various schemes for upcoming generation.