As the 5th largest country in global economy, India has witnessed tremendous growth and development in recent decades. With a vigorous economical strand and powerful partnership, India has become a global hub for investments and entrepreneurships. Startups busine- sses are playing vital role in fostering innovation to achieve robust socio-economical development of India. Today, business market is overflowing with new, innovative and sustainable products and services, thus tech-based startups are powerfully evolving to generate high return on investments.

They leverage cutting-edge technologies and innovation to make the products and services more agile and successful in business. Technological advancements have successfully brought various changes in all most all aspects of business by helping the startups in automating the functionalities, increasing efficiency, enhancing customer satisfaction and retention.

The tech-based startups are hub of innovation and creative platforms with immersive potential for boosting entrepreneurship spirit among young minds of India. Moreover, startups are adopting technological advancements such as IoT, AI & ML, Big data, data cloud, blockchain, and software to develop and produce more sustainable products and services which are most essential for living modular as well as sustainable lifestyle. These tools are characterized with greater enhancement with more advanced approaches. Thereby, the tech-based startups are not only uplifting the standards and promoting sustainability, in fact they are immensely contributing in the growth and development of Indian economy.

FinTech: Due to the need of speedy financial services and rise of online payments and transactions, FinTech industry is growing rapidly. A drastic shift has been witnessed and transfigured the traditional methods for investing and making payments. FinTech startups are thoroughly leveraging technological solutions and these solutions are playing efficient role in bringing digital financial services to all types of organizations. Technologies like cloud computing, Big data, IoT are playing efficient role in finTech in improving data transition, ensuring cyber threats and security and privacy of financial transactions and so on. The popular finTech services running successfully are Pine labs, Bharat Pe and so on.

Technology is efficiently merged with financial services in order to provide high speed payment engine. They are utilizing AI in their services effectively for fraud detection, speeding up transactions, enhancing the customer care and creating digital wallets. They have indeed made the complicated financial services easy and comprehensive to all. In addition, they have improved the customer experiences in transactions and investments with enhanced security structure. FinTech startups are constantly assisting the business platforms to achieve their financial goals and maintain good record of capital statistics. FinTech startups are attracting more domestic and foreign investments. Thereby, FinTech startups are impacting the overall landscape of Indian economy.

EdTech: The technological advancements have improved the standards of education system by upgrading every aspect of education. There is increasing demand for innovative solutions and technological requirements in education industry. From preparing content to delivering content, both teachers and students are effectively harnessing technology. Thus, technological revolution has exhibited numerous opportunities for EdTech startups. These startups are offering innovative products and services for learners and teachers; they are providing easy access to affordable options of teaching & learning in various forms such as virtual classes, online platforms, digital learning applications, AI-based software, gaming and learning and more.

Today education can be accessed from anywhere and anytime, all age people can rekindle their idea of graduating and becoming skillful with the help of a few successful EdTech startups in market such as Coursera, Unacademy, Udemy, Hello English, and so on. ‘Coursera’ provides online tech certification courses for students and working professionals. ‘Udemy’ offers online classroom platforms for students to attend classes for various subjects with qualified experts and instructors.

‘Hello English’ is a language learning application enhanced with AI powered technology and helps the students to learn professional Spoken English with interactive features. ‘Unacademy’ is a platform that offers different courses for school going kids and also for those who are preparing for government examinations like UPSC, IBPS, RRB or SSC. According to Statista, the whole market size of EdTech in India was estimated 2.8 billion and projected to reach 10.4 billion by 2025.

GameTech: Gone are the days when we used to play the conventional online games with regular norms. The emergence of AR and VR technology has entirely restructured the gaming industry with various advancements. It enabled the gamers to play with immersive virtual experiences by using wearable headsets and VR glasses. Developers are incorporating AI powered and machine learning algorithms to enable us to play with more realistic and multifunctional abilities.

Implementation of technology in gaming industry has led to establishment of numerous gaming studios in IT sector, further giving way for young minds and new ideas to evolve by boosting their confidence and enhancing their professional skills and knowledge. Smart phones along with uninterrupted network connection have greatly increased the demand for gaming applications. Hence, gaming industry fosters the talented pool of startups and investors.

HealthTech: In the landscape of healthcare industry, HealthTech startups are playing crucial role in recent days. By leveraging technology and innovation, HeathTech startups have eliminated the various challenges in accessing quality and affordable healthcare services. Startups have established enormous healthcare digital platforms and telemedicine solutions to allow the patients to consult doctors anywhere and anytime, it has eliminated all the geographical barriers particularly in remote areas where there was limited accessibility of healthcare services for ages. Additionally, they have introduced cost-effective solutions to enhance affordability of medical services.

Technologies like AI & ML tools are designed and utilized for preventive diagnosis, customizing treatment schedules and effective patient monitoring activities to improve the healthcare process. Furthermore, the health care system has enhanced widely with the evolution of technologies like wearable and cloud technology. The wearables have been used for medication remainders, checking vitals and storing the patient information accurately. Now-a-days, these wearables identify suspected arterial fibrillation of people. Cloud technology helps in hospital record management with improved information security.

A well known healthTech application, Healthifyme, leverages AI powered virtual assistant in their services to answer the questions of users about fitness and nutrition. A healthTech startup, Niramai harnesses AI tools to detect the breast cancer in prior stages. Due to technology, multi-faceted startups catering various aspects of health from diagnosing to consulting to solutions have come up to improve and develop healthcare system and hence HealthTech startups are immensely contributing in skyrocketing Indian economy in all aspects.

AgriTech: Agriculture is an inevitable backbone of India which has empowered the Indian economy from ages. Now technology disruption in agriculture has made the AgriTech industry to evolve and revolutionize the industry with immense benefits. Science and technology has brought innovative solutions equipped with digital tools in agriculture business sector. Technologies like AI, ML, automatic earth observation, cloud computing and IOT based sensor analytics has garnered this sector by improving productivity through analyzing crop health in prior and use effective solutions to solve the issue.

A leading agriTech startup Kisaanpro is rightly utilizing the AI & ML based forecasting tool in their business application to increase the farmer’s income by enabling the prepaid wallet for farmers. These factors have greatly improved the standards of farmers which are majorly contributing in overall growth of Indian economy.

SaaS-based Startups: SaaS refers to Software as a Solution. The expansion itself shows the significance. The increased adoption of cloud computing and wide range of internet accessibility thrived major impact to SaaS startups. Software solutions are affordable and do cater all types of business of various forms & sizes such as CRM software (Customer relationship management), project management, human resource, financial solutions and so on. Industries & organizations are heading towards SaaS based companies to empower their business in all areas. A top Indian multinational company SaaS based company Zoho Corporation playing significant role in supporting banking industry by enhancing the services much more efficiently and by increasing the productivity using computer software and web base business tools.

According to the report by Business Today, the market size of Indian SaaS based firm have raised four times to $12–$13 billion in 2022 and the investments grown six times to $5 billion during past five years. Undoubtedly, SaaS based startups have great potential in shaping the Indian economy and scaling-up the position of India in global market.

Summing-up:
The present state of startup tech in India is scintillating. India is expected to be positioned among top 3 super powers of global economy within 10 to 15 years. Startups are potential players who are consistently contributing in achieving the goal. In shaping the India’s economical status in future, the significance of startup ecosystem have proved to be pivotal. Government and corporate initiatives are conducting annual meets, technical trainings and entrepreneurial summits to foster the development of tech-based startups to make further expansion. In addition, the Economic Times conducts various summits every year focusing on different business sectors. And one such educative summit is Soonicorns summit, initiated to promote the next frontiers of startup ecosystem by enabling the aspiring entrepreneurs to collaborate with major investors, unicorn and soonicorn founders of India.

These types of summits and entrepreneurial programs are fueling the growth of startup ecosystem furthermore. Therefore, startups have started to evolve as key drivers for technological innovation and advancements in various dimensions, thus economical status of India will be booming and blooming very soon. After all India is one of the fastest growing economies in the world, thereby it will be continuing its progress in upcoming days too. Good jobs, educative programs, benefiting schemes, innovative technology and young and fruitful minds will surely help in achieving green, resilient and inclusive growth and development.