In 2014, two young engineers, Sachin Bansal and Binny Bansal, Turned a mere bookstore into India’s largest e-commerce platform, Flipkart. It marked the beginning of the era of startups in India, which now stands toe-to-toe with startups worldwide. India has seen massive growth in the startup ecosystem. As of 2024, the country had over 127,000 start-ups, including more than 110 unicorns in the mix. This shows the massive boom in India’s startup ecosystem in recent years. This is evident from the funding these startups have received over the years. In 2021, India recorded the highest funding of around $46 billion. However, this funding went down continuously for the next two years, i.e. 2022 and 2021. Indian start-ups received $22 billion in 2022 and around $11 billion in 2023 with a total of 1133 funding rounds, positioning the country as the 4th largest startup hub in the world, trailing only the United States, China and the UK. Moreover, as per data by TheKredible, Indian startups have raised $7 billion in the first half of 2024.
The Indian startup ecosystem is poised to change the Indian business landscape. One of India’s biggest industrialists, Sir Ratan Tata, said, “I am convinced that the startup ecosystem in India is unique and will play a vital role in transforming the future of India.” However, this does not mean the world is far behind. The USA also boasts some staggering numbers. As of 2024, the USA is home to over 30,000 startups with around 600 unicorns. Regarding funding, the USA secured the top pedestal with total funding of over $130 billion. The USA accounts for around 48% of the world’s total venture capital. According to sources, tech startups in the USA alone secured $14 billion in funding.
China is another top player in the startup ecosystem, mainly dominated by e-commerce, technology, and AI. Although not confirmed by any agency, China is home to around 300,000 startups and 220 unicorns. According to GlobalData, China witnessed a total of 3220 VC funding deals in 2023, which accounted for a whopping $42.6 billion.
Home to some of the biggest companies in the world, Europe also has a thriving startup ecosystem with around 400 unicorns. According to PitchBook’s report on European Venture, European startups raised a whopping $62.2 billion. Most of the top-performing startups in Europe come from the green technology market, which has grown immensely in the last few years and has a market cap of $600 billion in Europe.
The startup landscape is getting bigger with every passing year, and it is poised to change the world as we know it. That being said, startups all around the world saw a significant decline in funding. Most countries saw a 50% decline in 2023 compared to 2022. The border conflicts in Eastern Europe and the Middle East might have also affected the funding.
