Startup Era: New face to the traditional way of doing business, trending in India

Startup Era: New face to the traditional way of doing business, trending in India

Startup Era New face to the traditional way of doing business, trending in India

Ever thought about starting a business? But did not know about how and from where to start. Do you have a great business plan? But finance is your problem. Or you want to work on your own terms and conditions. If yes, then having your Startup is your one-stop solution.

 

Startup: Face of new-age business

Startup Era New face to the traditional way of doing business, trending in India

Startup is a newly started company that is still in its developmental stage. It is run by a small group of people. Generally, it consists of its founders who also provide funding for it. A startup includes a business model which has a solution to an existing problem or a unique product/service that is not there in the market. Starting a startup is itself a risky business. Investors often do not invest in startups because of the high risk involved. A startup becomes a unicorn when it estimated value is more than one Billion USD.

 

Startup in India

According to the available data, 65% of the Indian Population lies between the age of 25 years to 35 years. Also, India is the second-largest internet using country. With this large number of young minds using the internet in the country, innovation is just a few clicks away. This is what makes India a country with the third-largest startup ecosystem. It had around 50,000 startups in 2018 and new startups emerging daily.

 

In India, startups are those companies that are less than ten years old. And it has a turnover of less than INR 100 crore annually. Earlier a company is considered as a startup only if it is seven years old and had a yearly turnover of INR 25 crores. But the product or service being sold by the company must be unique. Indian Government supports these startups under its Startup India Scheme.

 

Startup India: Start-Up and Stand Up

Startups in India have a lot of advantages. In August 2015, the BJP government after getting elected in the 2014 Lok Sabha elections announced the Startup India Scheme. It was officially launched on 16 January,2016. The main objective of this system was to create a startup ecosystem. It also aimed at supporting the entrepreneurs. With this scheme, the Central government wanted to make India with people creating jobs rather than seeking for one. This scheme comes under the Ministry of Commerce and Industry and Department For Promotion Of Industry and Internal Trade (DPIIT). According to the portal of startup India, 32,724 are registered with DPIIT. Also, there are 221 exemptions in Income tax for these startups.

 

Ministry of Human Resource Development along with the Department of Science and Technology has played a major role in this scheme. 75 Startup Support hubs have been set by them in different National Institutes of India.

 

Successful Startups in India

India has a list of some successful startups that became extremely popular with time. Some of them are:

  • Swiggy

The most popular food ordering application is a startup. It was founded in 2014 by Nandan Reddy, Rahul Jamini, and Sriharsha Majety. It has it headquarter in Bengaluru. It became a unicorn in 2018. And its present estimated value is USD 3.3 Billion.

  • Flipkart

Indians love to shop online. And one of their favorite stop for shopping online is Flipkart. Sachin Bansal and Binny Bansal in 2007 founded Flipkart. It has headquarters in the Silicon Valley of India. It came under the category of unicorn in 2012. After its deal with Walmart in 2018, Flipkart’s estimated value became USD 20 Billion.

  • Paytm

Paytm was the first digital payment app in India. It made Indians familiar with the concept of digital payments and UPI. It was launched by Vijay Shekhar Sharma in 2007 and became a unicorn in 2015. It has an estimated value of USD 15 Billion. It has headquarters in Delhi-NCR.

  • OYO

The budget-friendly room renting service OYO was launched in 2013 by Ritesh Tiwari. It is spread across 800 cities in 80 countries. It is headquartered in Delhi-NCR. And it has an estimated value of USD 16 Billion.

 

Other than these Delhivery, Ola, BYJU’s, and Dream11 are some of the Indian startups that gain popularity with time.

 

Indian Startup Trends 2020

Starting up with a startup is exciting. And in 2020, where the internet has become a basic necessity of life due to COVID19 Pandemic. These business ideas will help.

  1. Workspace Providers

 If renting and office space is boring. Then co-working spaces are the place for you. Many people with vacant spaces are converting them into co-working spaces. It helps them to grow their business and build connections.

  1. Online Learning Platforms

The Internet is serving as a great learning platform. With an increase in demand for e-learning. Developing online learning platforms can be a great startup idea in 2020.

  1. Television Advertisements

Everyone wants their branding to be the best. And Television is a great medium for that. If you have got some creativity and you can create tv ads that can reach masses. Then you can start your TV Ad agency.

  1. Web designing

You know how to design visually appealing websites. Then starting your web designing firm can be the next big thing for you. There are so many companies who want to launch their website but do not have the money to hire their web designer. So, they hire professionals to design their website. And that can be your golden chance.

  1. Mobile ads

The use of smartphones has increased in the last decade. Apart from Television commercials. Brands are now focusing on Mobile ads also. It increases their reach. If you no how to design Mobile ads. Then you can start your business where you can design ad campaigns for various firms.

 

 

Author: Anjali Datt

 

 

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