India registers 100,000+ startups in 2023: Govt

India now boasts the distinction of being the third-largest startup ecosystem globally

September 25, 2023

India had 450 startups in 2016

Maharashtra, Uttar Pradesh, and Delhi made the most startup registrations in 2022

26,522 new startups were registered in 2022 under the Startup India initiative

The Department for Promotion of Industry and Internal Trade (DPIIT) has registered more than 3,000 fintech startups

India has achieved a significant milestone this year, surpassing 100,000 registered startups through the Startup India initiative, according to Commerce Minister Piyush Goyal.

He underscored the program’s remarkable success, noting the substantial growth from 450 startups in 2016 to well over 100,000 startups in 2023, all officially recognised by the Department for Promotion of Industry and Internal Trade (DPIIT).

According to the minister, India now boasts the distinction of being the third-largest startup ecosystem globally. Earlier, during this year’s monsoon session, the government declared that Maharashtra, with 4,801 registrations, Uttar Pradesh, with 2,572 registrations, and Delhi, with 2,567 registrations, stood out as the top three startup hubs in terms of registrations in 2022.

The government data further revealed a significant surge in startup registrations, with 26,522 new startups registering in 2022 under the Startup India initiative, marking a 32.6% increase compared to the 19,989 startup registrations in 2021. Additionally, officials highlighted that the DPIIT has registered over 3,000 fintech startups.

Moreover, various states, including Andhra Pradesh, Assam, Bihar, Chhattisgarh, Himachal Pradesh, Kerala, Madhya Pradesh, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Tripura, Uttarakhand, and West Bengal, also experienced substantial growth in their startup ecosystems last year.

However, despite these achievements, the Indian startup ecosystem faced a funding decline in H1 2023 compared to H1 2022. According to the India Tech semi-annual report 2023 by market intelligence platform Tracxn, funding in H1 2023 witnessed a 72% decrease, totalling approximately US$ 5.5 billion—significantly lower than the US$ 19.7 billion reported in the first half of 2022. Even early-stage funding rounds were impacted, with a 44% decrease, deploying US$ 1.4 billion in the first half of the current year compared to the previous half-year.

Source: Financial Express

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