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Tech startup base saw nearly 10% growth in 2020: Nasscom
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SME Times News Bureau | 07 Jan, 2021
With over 1,600 tech start-ups and a record number of 12 additional
unicorns added in 2020 -- the highest ever in a single calendar year --
the Indian tech start-up base witnessed a steady growth at a scale of
8-10 per cent (year-on-year), Nasscom said on Thursday.
Nearly 14 per cent of total investments in 2020 were in deep-tech start-ups, up from 11 per cent in 2019.
Further,
87 per cent of all deep-tech investments were in AI/ML start-ups,
according to the annual report by Nasscom in partnership with a global
management and strategy consulting firm Zinnov.
"With the
continued addition of new start-ups, booming unicorns and increased
adoption of deep-tech, the ecosystem shows an even more promising
future," said Debjani Ghosh, President, Nasscom.
Despite a lower
number of total start-up deals in 2020, seed-stage investments are
recovering at a good pace as investor activity at lower ticket sizes has
increased, the report mentioned.
Seed-stage funding in 2020 recovered to more than 90 per cent of 2019 levels.
"Early
and Late-stage investments are also recovering steadily. An increase in
median deal size is further underscoring investor confidence and a
willingness to take big bets," the report added.
Sectors with
Covid-19 tailwinds such as EdTech, BFSI, AgriTech, Gaming, etc., are
witnessing a steady increase in first time funding, up from 29 per cent
in 2019 to 42 per cent in 2020, garnering a 14 per cent growth in
absolute numbers.
Investor sentiment is also recovering with the second half of 2020 funding up by two times over the first half.
"2021
will be the ‘Decade of Collaboration' where entrepreneurs engaging more
with not just their peers but also with the government, corporates, and
the manufacturing ecosystem, will catapult India's dreams of becoming a
trillion-dollar economy," said Pari Natarajan, CEO, Zinnov.
Remote
working continues to see significant adoption amongst tech start-ups,
with around 30-35 per cent offering remote roles and 15-20 per cent
companies having committed to remote work culture, as per NASSCOM tech
start-up survey.
2021 promises a return to normalcy for the Indian tech start-up ecosystem.
"Deep-tech
and new start-up hubs will continue to grow at 40-45 per cent CAGR.
While the investments in 2020 were significantly lower than in 2019,
recovery in deal pace and investments is expected to return to 2019
levels, if not exceed in 2021," the report noted.
In terms of total unicorns, India is on track to have a 50-plus strong Unicorn club in 2021.
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