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Economic Survey: At least 14,000 new startups recognized in India in FY22

India is home to the world’s third-largest startup ecosystem after the US and China, the survey said. A record 44 Indian startups achieved unicorn status in 2021, taking the overall tally of startup unicorns in India to 83, with most in the services sector, it added.

India now has more than 61,400 startups that are recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), with at least 14,000 recognised during fiscal 2022, according to the Economic Survey 2021-22.

Bengaluru dethroned: The survey also showed that Delhi has replaced Bengaluru as the startup capital of India in recent years. Over 5,000 recognised startups were added in Delhi while 4,514 startups were added in Bengaluru between April 2019 and December 2021. Maharashtra has the highest number of recognised startups with 11,308, the survey said.

The survey also mentioned the string of IPOs by new-age companies such as Paytm, Zomato, Nykaa and Policybazaar. “In April-November 2021, Rs 89,066 crore was raised through 75 IPO issues, much higher than in any year in the last decade,” it said.

It also highlighted the growth of space tech startups in India. The number of startups in the sector has increased from 11 in 2019 to 47 in 2021, according to the survey.

Indian startups snagged record investments of up to $3.5 billion across 130 deals through January, marking a decadal high amid a downturn in global markets and signalling sustained investor interest, we reported earlier.

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