The number of newly-recognised startups in India has increased to over 14,000 in 2021-22, from only 733 in 2016-17, said the India Economic Survey 2021-22, which was tabled in Parliament today. The Survey also highlighted that a record 44 Indian startups achieved unicorn status in 2021, taking the overall tally to 83 with a combined valuation of $277.77 billion.

Over the recent years, Delhi has replaced Bengaluru as the startup capital of India, according to the Survey. Over 5,000 recognised startups were added in Delhi, while 4,514 startups were added in Bengaluru between April 2019 and December 2021.

With a total of 11,308 startups, Maharashtra has the highest number of recognised startups. During 2021, 555 districts had at least one new startup. On the other hand, only 121 districts had at least 1 new startup in 2016-17.

India is the third-largest startup ecosystem in the world after the US and China. It overtook the UK to emerge as the country with highest number of unicorns, after, of course, the US and China which added 487 and 301 unicorns, respectively, in 2021.

Startups in India have grown remarkably over the last six years.  Five Indian companies have hit unicorn status so far this year. Social e-commerce startup DealShare became the fifth unicorn of the year with $165 million fundraise following the entry of HR tech startup Darwinbox, ed-tech firm LEAD, analytics company Fractal, and mother care entity Mamaearth in the coveted unicorn status.

President Ram Nath Kovind while addressing both the houses of Parliament on the first day of the Budget Session, said that more than 60,000 start-ups set up in 56 different sectors since 2016 have helped create 600,000 new jobs in the country.

The Economic Survey also highlighted that most of India’s startups are in the IT/ knowledge-based sector.