India as a start-up nation is rapidly emerging. The Indian technology landscape has seen tremendous growth towards innovative startups being created and has emerged as the country’s third fastest-growing hub for technology startups. The growth of startup culture in India has definitely been accelerated by Narendra Modi through the startup India program that he launched.
In the country, especially among India’s young educated population, the idea of a startup has gained momentum. The youth have been active in the growth of startups. The success stories of many startups like Flipkart, Ola, Uber, Oyo, etc. has encouraged the youth to start on their own. Furthermore, the latest technology on the market is also disruptive and helps to promote start-up innovation. The emergence of new ideas in different sectors has led to phenomenal changes in the product and service varieties available on the market.
Here are a few among the many startup trends in India:
IOT (Internet of Things) based startups
The Internet of Things is a technology that connects different devices to the Internet and facilitates data exchange. This is a startup area that is now becoming widely popular. A good example of a company that is based on IOT is Covacis (a software consulting service company based on IOT and big data).
India has been clutched by the urge to go healthy like much of the world. Education on pollution issues and wildlife loss strike a chord with all. The popularity of healthy lifestyles and organic food has increased. The population is huge and continues to grow, with a massive increase in awareness.
The Fintech (Finance + Technology) sector continues to grow at a fast pace. Paytm can easily be called a finch pioneer because it gave people the power of choice and how to spend on people who never had wallets or bank accounts. Following the success of Paytm, many other wallet companies have shown promise.
The sector of electric mobility has evolved away from the limelight. The battery-driven two-wheeler market, in particular, is growing at a rapid pace. The opportunity also aligns with the government’s vision of switching to electric mobility.
Insurtech (Insurance + Technology)
Even today, a large part of the insurance business is happening through agents, but this is starting to change with the use of data and artificial intelligence by many firms like Policy Bazaar. Information on insurance policies and product selection is now easily accessible to consumers across the board. The industry has seen growth at a healthy pace.
The startup culture has emerged as a strong contributing factor to the economy of the nation by hosting a highly energetic and niche youth work culture. India is ready to be a market where innovations can be tested. Artificial AI has also evolved to automate routine problems without error, especially in healthcare. The sector-wide implementation of block chains has also increased. 2019 has definitely promised so far to be a big year for the startups in our country with more innovative and fresh young minds coming up with new ideas and ventures.