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Country of Job Seekers to Job Givers, Thanks to Indian Startup Ecosystem

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The number of new startups launched in India increased by 15% in calendar year 2021, to 1,436. In the year 2021 alone, 71 startups raised $871 million in investment. Is this the start of a new development phase for startup formation in India, especially in light of the slew of new ecommerce and direct-to-consumer (D2C) startups?

India presently has the world's third largest startup ecosystem. As of January 12, 2022, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 61,548 startups. According to DPIIT estimates, Indian entrepreneurs have produced 6.5 million employment thus far. The average number of jobs created by each company is 11, and this revolution is shifting our country from job seekers to job givers.

The rise of startups has broadened the local job market, giving young graduates and experienced job seekers more options. As entrepreneurs grow and expand their businesses, they create a slew of new job possibilities, which benefits the overall economy.

Slice, a fintech firm, wants to hire over 800 workers before the end of the year. With more individuals joining up for the company's services, the strategy is to hire more employees across the product, design, and engineering teams, according to Rajan Bajaj, the company's founder and CEO.

This year, Razorpay plans to increase its admissions at IITs. According to Chitbhanu Nagri, senior vice-president, people operations, the company would hire 600 individuals in total.

Harappa, an indigenous edtech business and India's foremost online institution for behavioural skilling, has also announced plans to double its team size in FY 2022 by hiring almost 150 additional staff across verticals, ahead of planned strategic expansion. Harappa's engineering and product teams will onboard 30% of new hires, with a particular focus on product innovation. Harappa has already assembled a solid team of 150 employees in the last quarter, including CXO-level leadership.

Mohalla Tech, the parent company of ShareChat and Moj, is aiming to expand its AI, product, engineering, and ad-sales teams after raising over $913 million in three funding rounds this year. The company will employ its AI talent team's knowledge to supplement the products' recommendation engines and give a personalised user feed to each user. Sudhir Nair, vice-president, talent acquisition at ShareChat and Moj, indicated that the creation-tech team will focus on camera work, which is critical for video development. Both networks claim to have a combined monthly active user base of 340 million people.

Nair, on the other hand, noted that India lacks significant AI skills, particularly those needed to service specialised areas of AI. To address this, he brings in AI talent from all over the world. Being a remote company has allowed them to scale their AI department without being limited to simply India.

Apna.co, a local job and professional networking portal, also expects to deploy around 65 percent of its more than 400 new personnel in engineering, data science, and product teams by 2022.

Yellow.ai, a Bengaluru-based startup that helps organisations automate their customer experience service, will increase its worldwide workforce base from over 700 to over 1,000. In India, 85 percent to 90 percent of the company's staff is based. “We are looking to ramp up hiring across our sales, marketing, service and core engineering, that is, product and platform, departments. The bulk of our hiring would be from a pool of experienced candidates, with 20% of it focussed on hiring freshers,” said Co-founder & CEO Raghu Ravinutala.

DealShare, a social commerce firm, plans to hire over 5,000 people by 2022. A major portion of the new hires will be employed to improve the company's technological capabilities. To attract more customers, the company relies on gamification and personalization. DealShare intends to invest extensively in employee skill development and training programmes due to a scarcity of qualified tech personnel in the market.

MyGate has about 200 open positions, mostly in the tech, product management, and business development departments, according to the company. Spinny, a new unicorn, plans to hire over 5,000 new staff before the end of the year. BeatO, a digital app-based health platform, says it will focus on augmenting middle and senior leadership across product, technology, data science, growth, and operations in 2022.

With plenty of capital and increased customer interest in new-age products and services, Indian companies are making big recruiting plans for the coming year. The competition in this market is fierce; a slew of new startups promising unique services appear nearly immediately, forcing enterprises to constantly innovate and deliver. Most startups have assigned the majority of their recruitment resources to the product, tech, and data science divisions, which is unsurprising.

DPIIT secretary Anurag Jain highlighted the way ahead on January 6, citing the roadmap for CY22, and noted that the DPIIT is currently focused on creating 20 lakh new jobs in the ecosystem sector by officially registering 50K+ new businesses over the next four years.