The startups in Delhi have now got a new reason to rejoice. The National Capital Region has emerged as the largest startup ecosystem in the country, defeating cities like Bengaluru, Hyderabad and Mumbai. This has been revealed in the ‘Turbocharging Delhi-NCR Startup Ecosystem’ report, issued by TiE Delhi-NCR and consulting firm Zinnov on Tuesday, September 10, 2019.
With 7,039 startups between 2009 and 2019 and 10 unicorns, Delhi-NCR is ahead of Bengaluru and Mumbai. On the other hand, Bengaluru has 5,234 startups, Mumbai has 3,829, and Hyderabad has 1,940 startups. Within Delhi-NCR, Delhi accounted for 4,491 startups, while Gurugram has 1,544, and Noida has 1,004 startups.
However, there have been a number of factors responsible for Delhi-NCR ranking as number 1 in the startup ecosystem. Here are some of them:
1. Delhi-NCR tops the list with 10 unicorns, including Paytm, OYO, Zomato, and Hike. While there are only nine unicorns in Bengaluru; Mumbai and Pune stand with two each. On the other hand, Chennai has only one. In fact, five out of the top 10 most-valued startups in India are based out in Delhi-NCR. The NCR also has three of the four listed startups, which are MakeMyTrip, IndiaMart, and InfoEdge.
2. Delhi-NCR alone accounts for over 50 percent of the cumulative valuation of the Indian startup ecosystem. With it tunes in $46-56 billion, Bengaluru has a share of $32-37 billion, while Mumbai shares $10-12 billion.
3. Interestingly, around 70 percent of Delhi-NCR unicorns are B2C companies, which, in turn, make Delhi the largest hub for startups in a consumer product. The region currently has 2,653 consumer-focused startups.
4. The report also mentioned that there has been a slowdown in the formation of new startups in the past two years across the country. However, the quality of startups has drastically improved.
5. Despite the ranking, Delhi-NCR still has to focus on key challenges, which include real estate and need to increase affordable co-working spaces in Delhi-NCR.
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Source: News18