What the Future Holds for Startups in India

Angira Agrawal and Vikas Bhonsle discuss how startups in India should move forward under the current uncertain times.

The year 2022 was full of highs and lows as far as the startup ecosystem is concerned. On the one hand, there was news about several startups getting recognised as unicorns, successful IPOs and increase in the number of startups in India. However, on the other hand we also heard of startups suffering losses, crashing stocks and global economic conditions being unfavourable.

In this regard, Angira Agrawal, Global SVP, GTM and Strategy, Exotel and Vikas Bhonsle, CEO, Crayon Software Experts recently spoke about what the strategy for startups should be to survive and thrive under these uncertain circumstances that we find ourselves amidst.

The conversation focused on some of the reasons why startups are unable to sustain their growth momentum, what are the reasons that lead to their failure, and some of the interventions that can help startups to grow. Angira spoke about why start-ups witness a growth decline after initially doing well, factors that indicate that a start-up is not able to withstand its initial growth, and predictions for the startup ecosystem in 2023 considering headwinds like the global economic conditions.

Vikas on the other hand highlighted some of the transformative steps the start-ups need to focus on, some of the technological interventions and approaches that may enable start-ups to move into a growth orbit with swifter  transitions, and how start-ups must move forward in this scenario and make sure they continue contributing to India's economy.

“Today, around half of the recognised start-ups in India are from Tier II and III cities. Building solutions for India has today emerged as a significant opportunity, while earlier, it was viewed as just a social cause. Startups are flocking to this segment to offer accessible and affordable products and services to the low-income, less tech-savvy population.In the next 25 years, India is expected to shift towards urbanization significantly. This will be driven by the growth of India's physical and IT infrastructure, enabling more people to access modern technology and services,” said Vikas on the future of the startup ecosystem in India.