India adds record 1,600 plus tech startups in 2020: NASSCOM report
The annual NASSCOM strategic report released on Monday reveals that this is the highest number of startups added in three years. India has about 12,500 tech startups.
February 15, 2021 / 06:47 PM IST
India added a record 1,600 plus tech startups during the pandemic year and is the third largest tech startup ecosystem in the world, according to recent NASSCOM report.
The annual NASSCOM strategic report released on Monday reveals that this is the highest number of startups added in three years.
India has about 12,500 tech startups. During 2020, close to 12 new Unicorns were added, with the funding scenario going back to pre-COVID-19 levels.
When the pandemic struck, businesses across the world were disrupted including the startups. To ensure business continuity many startups diversified their product portfolio and changed their business model to tackle COVID-19.
Long-term strategic changes also were made, revealed an earlier NASSCOM Startup pulse survey II, Indian Tech Startups – On the Road to Recovery which surveyed over 270 tech startups across different sectors and maturity levels. These tech startups are now expanding to newer verticals and investing in deep tech to develop AI-based solutions.
With technology becoming key to businesses, Indian tech startups are in a position to tap into this growing opportunity.
According to the NASSCOM CEO Survey, which was released as a part of the annual strategic report, majority of the CEOs expect technology spend to be higher in 2020. The survey pegs that there would be 20 percent increase in tech spending on enhancing customer experience and redesigning product portfolio. Emerging tech areas will now have 15 percent more focus in FY21 than in FY19.