News:According to the report ‘Indian Tech Startup Ecosystem – Leading Tech in the 20s’ by Nasscom,India continues to be the third largest startup ecosystem across the world.
Key takeaways from the report:
- India continues to be the third largest startup ecosystem in the world, having added more than 1,300 tech startups in 2019.
- India now hosts 24 unicorns which is the third-highest number of unicorns in a single country in the world.Unicorn is a term to describe to startups valued at $1 billion.
- The report has also predicted that the number of Indian unicorns could increase to 95-105 by 2025.
- The volume of investments in startups has also grown touching $4.4 billion by January-September,2019 across 450 startups up 5% from the year-ago period.
- Startups have also created 60,000 direct jobs in 2019 alone compared with 40,000 jobs in 2018.
- The National Association of Software and Services Companies (NASSCOM) was established in 1988.
- It is a non-profit organisation of Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry.