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Startups are necessary for a country since they fuel its economy, create employment opportunities and drive innovation. They are responsible for introducing new concepts in the market and workplace with creative & innovative strategies, techniques and solutions. Although there will be a very high probability of failure of startups, yet I must say, the success rate of startups in India is relatively higher than the rest of the world. Startups have survived incredibly over the years and are looking to expand their reach further. The startups have found a way to stay aloft even after the turbulence due to the COVID-19 pandemic in India.
The startup ecosystem in India has emerged as a major growth engine for the country in the past few years and aims to become a global tech powerhouse. According to Financial Express, startup funding has reached a new high in 2023. In addition to the huge venture capitalists, institutional investors and pension funds are also investing in many new online businesses. Therefore, India is growing up as a hub of the biggest startups. The country is now getting more startup unicorns including companies from the sectors like Healthtech, social commerce, finance, and more.
As of the beginning of January 2022, India has recognized more than 61,000 startups, thus having the 3rd largest startup ecosystem after the US and China. In order to boost the startup ecosystem, the government has launched the ‘Startup India’ initiative on January 16, 2016 and many other beneficial schemes like the Fund of Funds for Startups(FFS), the Startup India Seed Fund Scheme (SISFS) and the Credit Guarantee Scheme for Startups (CGSS), extended support to startups at various stages in the business cycle.
As a result, Indian startups are booming and favouring the younger generation to work and gain experience in their fields of interest. Startups are an exception and pose the perfect opportunity to hone one's skills and advance in the career right from the entry level positions.
The following issue aims to give an overview of the 10 Best Startups that are successful have had good evaluations and are still brimming with new innovative ideas.