The story of Indian Startups is not just limited to the present times. In fact, it began over four decades ago. During the 1980s, a couple of pioneering IT services companies like Tata Consultancy Services, Wipro, and Infosys put India firmly on the global economic map.
As a result, Indian Startups currently employs around 4 million people and generates $150 billion in revenues for India today. The 1990’s saw the launch of Bharti Airtel, which is India’s largest telecommunications company today. It has over $15 billion in revenues and more than 350 million consumers across the globe.
The same era also saw the launch of successful banks like ICICI, Axis, and HDFC which are among the top 10 banks in India by balance sheet size (as of March 2016). In fact, ICICI Bank and HDFC Bank are number 2 and 3, respectively, after SBI.
The vibrant ecosystem of Indian Startups has matured enough with the growing number of entrepreneurs and investors. It includes the support from academia and industries to take it to greater heights. As said by Tomasz Kozlowski, Ambassador of European Union (EU) to India.
As per sources, Kozlowski said the EU’s decision to come up with SEIS is based on the realization that there is a need for closer interaction with various global partners on a global platform.
“SEIS 2016” is an initiative of Indian Startup Europe India Network (SEU-IN). It is a technology corridor endorsed by EU and India in the Agenda for Action 2020 during the EU-India Summit in Brussels. After the first venture with the United States in Silicon Valley, it is the second initiative from EU.
In addition, Bengaluru remains to be the core center of knowledge and innovation in Asia. Indian startups have matured and built products for the audiences worldwide. The SEIS reflects the need to build an interconnected ecosystem to reflect on the increasingly interconnected digital world.
The synergy of SEIS has helped both European and US startups understand the ecosystem and comes up with solutions to resolve problems. Even though individual members of the EU have their own presence in India, the SEIS will help startups across India get access to all the 29 countries as an individual market.
EU has more than 6,000 companies in India providing direct employment to 1.2 million people and indirect employment to 5 million people. It wants more synergy in the startup space.
Cut to the present, Indian Startups have seen a dramatic acceleration in both the diversity and quantum. Over the last 10 years, India has become one of the top five start-up ecosystems in the world.
It competes alongside China, US, UK, and Israel. India Startups today is home to a strong angel investor network. The sector witnesses’ active participation from every major venture capital or private equity firm.
Furthermore, over 100 active incubators help entrepreneurs experiment with new ideas by offering them functional resources and expertise.