The State Of Indian Startup Ecosystem Report, 2022

The State Of Indian Startup Ecosystem Report, 2022

Today, India is home to the third-largest startup ecosystem, going by the number of startups and unicorns. The country is right behind two global superpowers – the US and China.

The Indian startup ecosystem has grown exponentially due to an increasing number of unicorns and a steady rise in venture capital inflow. Since 2014, annual VC funding to Indian startups has grown eightfold (8.4x, to be precise), from $5 Bn in 2014 to $42 Bn in 2021. Meanwhile, India’s unicorn population has grown around eighteenfold (17.5x, precisely), from 6 to 105 (until H1 2022).

To evaluate the impact of the Indian startup ecosystem on the overall economy, we need to map the growth trajectory, which has been accurately captured in our most recent release — The State Of Indian Startup Ecosystem Report, 2022.

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The State Of Indian Startup Ecosystem Report, 2022

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 to date

$131 Bn

total capital raised by Indian startups between 2014 and H1 2022

$450 Bn+

combined valuation of Indian startups


unicorns in India by 2025

Table Of Contents

  • The State Of Indian Digital Economy
  • The State Of Indian Startup Economy
  • Startup Ecosystem Comparison: India Vs The US Vs China
  • Rise Of The Indian Startup Economy
  • The Rise Of Startup Funding
  • Indian Startup Sector Landscape
  • Top Sectors In Indian Startup Economy: A Deep Dive
  • India’s Top Startup Hubs: A Deep Dive
  • ​​Emerging Startup Hubs In India
  • Moving Towards Consolidation: India’s M&A Story
  • Indian Unicorn & Soonicorn Landscape
  • India’s Enabler Ecosystem: Investors, Incubators & Others
  • Indian Startups In The Public Market
  • The State Of Gender Diversity In The Indian Startup Ecosystem
  • Indian Corporates In Startup Playground
  • The State Of Indian Startup Ecosystem: Founder & Investor Survey
  • Forecasting: The Future Outlook Of The Indian Startup Ecosystem


It is necessary to map the growth journey of the Indian startup ecosystem to assess its impact on the country’s economy. Today, India is the third-largest startup ecosystem in the world and also witnessing a higher CAGR (compound annual growth rate) in venture capital inflow compared to China. Investments in Indian startups grew at a 49% CAGR (2014-2021), while China recorded a 12% CAGR in that period. A collective effort by all ecosystem stakeholders and effective support from the government helped catalyse the growth of the Indian startup ecosystem. The synergy will continue, making India the second-largest startup ecosystem by 2025.

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