The Rise of the Indian Start-Up Ecosystem

Walk into any one of the many start-up events organized across India, and inevitably the image of an Indian bazaar comes to mind: people rushing around, shouting, bargaining, answering phones with great excitement, laughing loudly, boasting, blushing, and generally being optimistic, as if they are at the beginning of a rising trend of well-being. Such optimism might seem justified. According to data compiled by Fortune magazine,a from just eight'unicorns' in 2015, the number of start-ups in India valued at more than $1 billion has grown to 26. What is interesting is that in 2018 alone, India added eight unicorns to the club. These include diverse entities such as Ola, started in India as a competitor to Uber and has since expanded its footprint into the U.K. (and is eyeing Australia); an insurance aggregator called PolicyBazaar; the e-commerce site Paytm Mall; an eyewear retailer called Lenskart; food technology aggregators such as Swiggy and Zomato, and hotel-room aggregators like OYO and FabHotels. Thousands of entrepreneurs start up every year and aspire to become one of the new unicorns.