The State Of Indian Startup Ecosystem Report 2020

The State Of Indian Startup Ecosystem Report 2020

The Indian startup ecosystem has grown by leaps and bounds in the past decade. From a nascent ecosystem with a handful of tech-focussed ventures to 29K startups in 2014, the number has grown exponentially and will touch 55K startups by the end of 2020.

The DataLabs by Inc42 Plus ‘The State Of Indian Startup Ecosystem Report 2020’ maps this journey and encapsulates the growth of the Indian startup ecosystem from the early days to its ongoing transition into maturity and beyond. The report analyses the performance of the ecosystem based on a number of indicators such as the capital invested in startups, the prominent investors, tech sectors and the geographic landscape, as well as a look at the financial performance of Indian unicorns and much more.

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The State Of Indian Startup Ecosystem Report 2020

Quoted & Trusted By

the economist
business insider
cb insights
the huffington post
the economic times
live mint
the times of india

Key Highlights


Startups Launched In India From 2006-H1 2020

$63 Bn

Funding Raised By Indian Startups Between 2014-H1 2020


Funded Startups That Have Shutdown


Indian Startups With Potential To Enter The Unicorn Club By 2022


Investors That Have Backed Indian Startups Till Date


Share Of Female Employees In India-Based Venture Capital Firms

7 Years

Average Time Taken By Indian Startups To Reach Unicorn Status

Table Of Contents

  • Indian Startup Ecosystem: An Overview - 03
  • Indian Startup Funding Trends - 05
  • Sector-Wise Landscape - 18
  • Geographic Landscape - 33
  • India’s M&A Landscape - 39
  • India’s Startup Enabler Ecosystem - 44
  • Investor Landscape - 45
  • List Of Top VC Funds - 48
  • Gender Diversity At Indian VC Funds - 52
  • List Of Top Angel Investors - 55
  • List Of Top Angel Networks - 60
  • List Of Top Accelerators - 62
  • India’s Decacorns & Unicorns - 64
  • Financial Analysis Of Indian Decacorns & Unicorns - 67
  • List Of Indian Soonicorns - 72
  • Startup Funding Predictions - 73


From having a handful of tech companies to dozens and now thousands of innovative new ventures, India’s startup ecosystem grew immensely in the past decade. From 29K startups in 2014, the number has grown exponentially from 2015-2018 and will touch 55K startups by the end of 2020. With overall funding skyrocketing to touch $63 Bn between 2014 to H1 2020 alone, India has seen entry of 33 startups in the unicorn club having a combined valuation of $114 Bn. After steady growth in 2018 and 2019, in 2020 too, the Indian startup ecosystem was expected to remain stable in terms of funding and investor interest, but the pandemic has changed the game completely. With the funding winter coming in early, there’s a bigger focus on sustainability, which is also expected to play a part in the number of funding deals. Nevertheless, there are several positives still in the Indian market to give us hope about the future of startups. Growing from a nascent stage to a flourishing ecosystem to the current stage of maturity and stability, Indian startups have some of the best market conditions to take advantage of with digital products and services adoption at an all-time high. Once the medium and long-term pandemic impact subsides, there’s no stopping Indian startups. This report will act as a go-to-guide for just about everything one may want to understand about the Indian startup ecosystem. With deep, data-driven insights to influence strategic decision-making in governance, investments, growth, and other core aspects driving the Indian startup ecosystem.

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