Startup: How Are They Changing Overall Business Ecosystem of India?
Shraddha aspires of becoming an entrepreneur and draws out millions of startup ideas every day. She desperately waits for her 2-year MBA course to finish so that she can start working on her dreams. Clearly, she ain’t alone; Entrepreneurship has emerged as a potential career option for almost everyone especially youth. Today youngsters need a strong strategy to recapture their ideas and convert them into a successful venture. They dream of unique ideas and hence require the right support and the highest funding.
However, the times have changed drastically and today the task of setting up a business has become much easier. Both angel investors and co-working spaces are helping several startup companies tap into technology and changing the overall business ecosystem. But is every idea leading into a startup venture? Does every entrepreneur possess the business acumen in her/him? It would be fair to state that today youngsters have access to all tools and technologies in a single click. All they require is the right strategy and courage to take up their venture to great heights.
Startup — Few Big Names which changed How Indians Think About Doing Business
Different IT firms across the globe are showing immense interest in Indian startups due to their technical advancement and unique ideas. The journey is definitely not easy, but with the right support, any task becomes achievable. Even the Indian government is now supporting fresh startup ideas, with different schemes like:
These startup schemes have emerged as a viable option for many young entrepreneurs. Let us check out some of the Best Startups of India which are working 24/7/365 to change the overall business ecosystem of the country:
OLA CABS — Building Mobility for a Billion Indians
Based out of Bengaluru, Ola Cabs is one of the most successful startups in India. With astounding funding of USD 3.8 Million, Ola Cabs changed how people travel in India. This startup company provides both affordability and convenience to its customers all in a digital format. Despite, Uber being their biggest competitor, they are surprising their user base with innovative ideas like Ola Rentals and Ola Auto.
Founded in August 2010 by Vijay Shekhar Sharma, PayTM changed the entire economy of India. This startup taught Indians how to go cashless and believe in the power of the online currency. It started off simply as a prepaid mobile and DTH recharge platform, but later added data card, postpaid mobile, and landline bill payment services in its portfolio. Currently, PayTM deals in a number of products like PayTM Wallet, PayTM Payments Back, etc.
Amongst all the tech startups ever found in India, PayTM is one of the most widely acceptable and convenient to use application. Its multi-dimensional approach is what further makes it more usable and popular amongst all categories of society.
Cars24 — Changing the way People Sell their Cars in India
Incorporated in 2015 with a funding of USD 61 Million, Cars24 is a tech-enabled user cars disruptor. Their mission is to make selling a car an easy and quick experience for its customer base. With their services spanning across the country, they are here to revolutionize used car industry in India. With digital transformation stepping in over the years, Cars24 garnered customers further improving its brand reputation online.
Delhi and Gurgaon are home to many startups and ShareChat is one of them. Incorporated just 4 years back by Ankush Sachdeva, Farid Ahsan and Bhanu Singh, this tech startup has by far received a funding of USD 122.8 Million (pretty good eh?). It claims itself to be the country’s first vernacular language social platform targeting Tier-II and Tier-III cities.
The ShareChat app has brought a drastic change in how people from different countries, different cultures and speaking different languages communicate with each other. Addition of multiple features like sending GIFs, images, and videos in different Indian local languages is what enlarged its user base.
OYO Rooms — Remodeling India’s Hotel Industry
With headquarters in Gurgaon, Oyo Rooms has spread widely all over India. The idea of the founder, Ritesh Agarwal was to create a budget hotel chain so that people can travel with convenience. This India-based company, with hundreds of millions of dollars in funding, is now openly claiming its position as the “ sixth largest hotel chain operator in the world,” in its bid to sit alongside the mega groups providing so-called traditional hospitality.
Considering its popularity across the country, different hotel properties are trying to Get Affiliated with Oyo Rooms. These affiliations are further accelerating the company’s foothold in the country which is also evident from the statistics claiming OYO to have reached nearly in 171 cities successfully.
Startup: How Are They Changing India’s Overall Business Ecosystem?
A good startup raises the economy and the employment ratio of a nation. More employment and technological advancement in the nation leads to an upgrade in the living standard of the common people and leads them towards a brighter future. Understanding this concept, even the Indian government plans to set up 51 incubators for aspiring entrepreneurs.
Different startups in India each with its own innovative idea have not only given rise to employment but also more business opportunities. In this digital era, everybody requires a pinch of marketing tactic to rise up ahead. MUltiple government schemes have led to a substantial increase in the count of Digital Marketing firms and startup accelerators thereby changing how other countries perceive India. Different financial institutions and leading MNCs are ready to invest in our country to facilitate and acknowledge emerging startups.
Startup: How They Contribute Towards Work-Life Balance?
Emerging startup era has also led Indians to think out-of-the-box and let go of the 9–5 grind. Most startups believe in outsourcing people for their regular work commitments, which has led to an increase in the freelancers across the country. Two other factors which contributed to a rise in freelancers were:
- Freedom to convert Your Passion into a fUll-time Career
- Concept of BYOB (Be Your Own Boss)
Indian Startup: Strengthening Foreign Ties Thus Empowering Citizens
Indians are intelligent people and the world knows it. One clear example is Arunachalam Muruganantham whose real-life story gave R. Balki an idea to create a movie popularly known as PadMan. Multiple IT firms and corporations around the globe are eyeing out on our ideas and are ready to invest billions to ensure it converts into a successful venture. According to Inc42, Japanese investors are highly impressed by Indian startups especially in Fintech, health tech, e-commerce, and multiple other categories.
Just last year, American retail giant WalMart bought 77% Stake in Flipkart for USD 16 billion. Both these acquisitions clearly indicate that Indians have great startup ideas and investors are coming in across the world to give them the right shape.
With so many startup ideas in store, India is surely accelerating on the pathway to growth and a positive economy shift. The globalization, tech advancements are just a few areas we discussed in this blog piece. I personally hope that we get to see more innovative startups coming up front to help the citizens and make the world a better place to live by.
Have some amazing startup idea to share with us? Do let us know more about it through the comments section. Also, share what do you think about the rapid rise of Entrepreneurship in the country and how will it impact the upcoming generations?
Originally published at https://whereispillmythoughts.com on June 25, 2019.