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Startup

Kerala Government’s NORKA-Pravasi Start-Up Scheme Helped 4,179 Expatriates to Establish Business in the State

Start-Up| Representational Image (Photo Credits: Pixabay)
Start-Up| Representational Image (Photo Credits: Pixabay)

The Non-Resident Keralite Affairs (NORKA)-led Pravasi Start-Up Scheme launched by the state government in Kerala has proven to be a boon to the start-up ecosystem in the state. The scheme has been able to create 4,179 expatriate entrepreneurs over the last five years. It was introduced with the aim to rehabilitate expatriates in Kerala who can contribute to the economic development of the state according to their professional skills. Prarambha: Everything you must know about the Startup India International Summit!

Over the last five years, the Kerala government has sanctioned Rs 220.37 Crore for the start-up projects initiated by citizens in Kerala, who have returned to the state after spending a lot time abroad. During the last financial year 2019-20, 1,043 entrepreneurs were sanctioned Rs 53.40 Crore under this scheme. “Since the LDF government came to power, this government has distributed 45.21 Crore as subsidy to 2,895 entrepreneurs till November 2020,” said NORKA Chairman and senior leader of CPM, K Varadarajan during a media briefing.Tech Startups in India Report Nearly 10% Growth in 2020 Despite COVID-19 Pandemic, Over 1,600 Tech Startups Added in a Year: Nasscom.

Under the Non-Resident Keralite Affairs (NORKA)-led Pravasi Start-Up Scheme, loans up to Rs 30 Lakh with a capital subsidy of 15 per cent (Subject to a maximum of Rs 3 Lakh), are available for start-ups by expatriates who have returned to the state after working for a minimum 2 years in a foreign country. It also offers a 3 per cent interest rebate for the first four years for those who pay the interest on time. Kerala Bank, Canara Bank and the Travancore Pravasi Development Cooperative Society are some of the financial institutions which provide loans to under the provisions of the scheme.

It was started as a joint venture between NORKA and the Kerala Startup Mission to create self-employment opportunities for Pravasis who return to the state from foreign countries and who are looking forward to start their own business. Under the scheme, NORKA undertakes field camps for easier distribution loans and increased reach. It also aims to provide loans in a single day. Seven camps were conducted during 2019-2020 and around 500 expatriates benefited from these camps.

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Startup

Prarambha: Everything you must know about the Startup India International Summit!

startup india

New Year brings new opportunities as the Department of Industry & Internal Trade  (DPIIT) is set to host “Prarambh”- the Startup India International Summit on the 15th & 16th of January 2021 in a virtual format.

The summit, which is likely to be addressed by the Hon`ble Prime Minister of India will also mark the 5th Anniversary of “Startup India’ which was launched on 16th, January 2021.

This startup India program has not only brought the entire concept under the limelight but also accelerated the entire Indian startup ecosystem to expand. It has also motivated Indian entrepreneurs to build innovative solutions for domestic and international needs.

The significance of the startup India international summit 2021- Prarambh is such that even the Prime Minister of India has urged the youngsters to join the summit. In his latest post shared on the social networking site LinkedIn, he emphasized the work-from-home culture that has become the new normal during the lockdown, courtesy to COVID 19 global pandemic.

“With most of the events held virtually, it has given a golden chance to all the youngsters to be a part of many interesting domestic as well as global forums. Prarambha is also one such opportunity that is coming up on 15-16 January. I urge our youth to be a part of it”, he further added.

The summit aims to bring together the sharpest minds from distinct industries, investment, academia, finance, and banking along with young start-up leaders on a common platform. Its main goal is to inspire the youth and encourage innovation and entrepreneurship.

As the event will be held online, anyone can join the event without having to travel anywhere.

The spirit of India`s youth is unmatched. The curiosity to come up with innovative ideas has led to outstanding results. Our start-up heroes not only coming from big cities but also hail from smaller cities, which is a good sign, he added.

Here is how to register for the startup India international summit 2021:

  • Interested youngsters can visit the official site https://www.theprarambh.in to register for the event.
  • Fill in the required details (name, address, e-mail id, sector, city, state, country).
  • Submit the details and click on ‘Register Now’.

To get more details about panelists, speakers, partners & agenda associated with Startup India International Summit, check the official website: www.theprarambh.in

Join Everything about Entrepreneurship Course and arm your start-up idea with the right tools and see the possibilities grow. Visit https://www.badabusiness.com/?ref_code=ArticlesLeads

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Startup

How this Gaming Startup Raised $10 Million funding from WestCap Group

zupee startup

Backed by Matrix Partners India, skills-based online gaming platform Zupee has raised $10 million funding in a second-round which was led by WestCap Group, a US-based growth equity firm. The existing investment partner Matrix Partners India also took part in it.
With this second round of funding by existing investors, Zupee has managed to raise a total of $19 million, as the firm had received funding of $8 million in April 2020. The firm that runs live quiz tournaments on its app where the users can win cash prizes has other investors like Smile Group, Venture Partners, Orios, and Falcon Edge Capital among its investors.

Founded in 2018, by IIT Kanpur graduates, Siddhant Saurabh and Dilsher Singh Malhi, Zupee offers more than 2,000 live quiz-tournaments on a diverse range of topics that includes sports, movies, mathematics, spellings, and general interest topics on their smartphones.

Following the latest round of funding, Zupee plans to use the funds to expand its market reach, scale its platform, build a stronger team, and provide an improved user experience. The company is also planning to launch its product in several other languages in the future.
“We have driven an exponential month-on-month growth this year. This fresh round of funding enables us to accelerate our scaling efforts,” said CEO and co-founder Dilsher Singh Malhi.

“The year of 2020 witnessed the rise of online gaming truly in India at a great momentum, and Zupee’s accelerated growth is a clear testament to the growing trend,” Tarun Davda, managing director at Matrix India, said.

Despite an uncertain regulatory landscape in India, the skill-based gaming segment has attracted a lot of funding in India. In the past couple of years, online gaming platforms like Mobile Premier League, Dream11, and Winzo gained popularity. While MPL raised $90 million led by SIG, Dream11`s valuation was raised to $2.5 billion after receiving funds from Tiger Global, Chrys Capital, FootPath Ventures, and TPG Tech Adjacencies in 2020.

Do you also have a unique idea to come up with your start-up? Then here’s how you can learn everything you need to know and achieve success in your entrepreneurial journey.
Join Everything about Entrepreneurship Course and arm your start-up idea with the right tools and see the possibilities grow. Visit https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation Startup Strategy Technology

PM Narendra Modi Urges Youngsters To Join ‘Prarambh’, the Startup India International Summit on January 15-16; Here’s How To Register Online

Startups (Photo Credits: Unsplash)

Prime Minister Narendra Modi has called upon youngsters of India to attend ‘Prarambh’, the Startup India international summit on January 15 and 16. The Prime Minister asserted that the summit seeks to bring together top minds from industry, academia, investment, banking and finance besides young start up leaders. Taking to Twitter, the Prime Minister shared his LinkedIn post in which he noted that virtual interactions have become the new normal during the COVID-19 pandemic and said a big advantage of this is that people can be a part of programmes sitting at home. “With most events being held virtually, it has given a great opportunity for youngsters to be a part of many interesting domestic & global forums. One such opportunity is coming up in the form of Prarambh on 15-16 Jan. I urge our youth to be a part of it,” Modi tweeted on Monday.

Referring to the ‘Prarambh’ summit, the prime minister said India would also be marking five years since the Startup India initiative began. He said that this initiative has propelled India to being among the most attractive start-up eco-systems globally. Lauding the capabilities of the youths in India, the Prime Minister said that no words can do justice to the spirit of India’s youth. “Their penchant for innovation has led to outstanding results. Our start-up heroes are not merely coming from big cities but also from smaller towns. This is a good sign,” he added

Talking about the work from home opportunities, the Prime Minister noted and said work from home is in, so is greater adapting to technology. “For me, it meant more programmes online, which were extremely productive and insightful. There were interactions with scientists, medical professionals, COVID warriors, academics, industry leaders, young innovators, spiritual leaders and more,” Modi said.

The Prime Minister added that there were virtual summits, both bilaterals and multilaterals with world leaders, he noted, adding that “path-breaking” development schemes were launched through public events organised digitally.

About Prarambh:

‘Prarambh’ – Startup India International Summit – on 15 and 16 January 2021 in a virtual format. It will be organised by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. ‘Prarambh’ means ‘an auspicious beginning’. As a verb, it implies ‘to start’.

The idea is to attain attention of global capital for startups in India, mobilize domestic capital, provide opportunities for accessing international markets to our startups and evolve enabling policy provisions.  The first day of the Summit has been devoted to host dignitaries and stakeholders from BIMSTEC member States. The day will witness participation of renowned stakeholders from startup communities of BIMSTEC member states engaging in multilateral discussions and showcasing best of their innovations.

Here’s How You Can Register for the Prarambh Summit:

  1. Youngsters can registered themselves on the official site i.e. https://www.theprarambh.in
  2. Click on ‘Register Now’ at the top of the page and fill in all the details that have been asked.
  3. Enter details like your name, address, email-id, sector, select country and state, city and category and then click on ‘Submit’.
  4. Youngsters can check the official website as it has all the details of the 2-day Start-up India International Summit.

The main objectives of the Prarambh Summit are given below:

  • Encouraging and inspiring the youth for innovation and entrepreneurship
  • Exchange knowledge on best practices on nurturing startup ecosystems
  • Develop capacities of entrepreneurial ecosystem
  • Mobilize global and domestic capital for investments into startups
  • Provide opportunities to startups for entering domestic (private and public) and international markets
  • Showcasing high-quality, high technology and frugal innovations from India
  • Enable ease of doing business for startups and investors.

The who’s who of the Indian as well as global Startup ecosystem are making a beeline for this event. Please mark this date for a marathon of in-depth knowledge sessions and exchange of global ideas! Prarambh is expected to bring together top policy makers, industry, academia, investors, startups and all stakeholders from across the globe. In addition to deliberating on good practices from best of the ecosystems across the world, the sessions of the Summit are designed to showcase the spread and depth of entrepreneurship based on innovation in India.

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Business motivation

A Success Story of Indian Startup that Braved the Pandemic to enter the Elite Unicorn Club!

supam maheshwari

In 2020, when the global pandemic of COVID gave birth to revenue crunch and economic slowdown due to the resultant lockdown, some Indian Startups acquired the status of Unicorns.

11 Indian startups in 2020 managed to brave the storm and raise funding to gain a valuation of more than $1 Billion to enter the elite Unicorn club. Today, in our Unicorns 2020 series, we are going to talk about ‘FirstCry’.

The successful startup FirstCry achieved its unicorn status after a decade since its inception. This Indian startup achieved its status in2020 by acquiring a funding deal of $400 million from SoftBank and raising its valuation to $1.2 billion in February, last year.

Founded by Supam Maheshwari and Amitava Saha in 2010, this Pune-based startup is an online and offline platform that offers a wide range of products for babies, kids, and moms. Supam Maheshwari, an IIM Ahmedabad pass out did engineering from Delhi College of Engineering began his entrepreneurship journey, early in his career.
His first company was an e-learning company called Brainvisa Technology. However, Brainvisa was acquired by Indecomm Global for $25 million in 2007.

Now a successful startup, Initially, FirstCry was full of struggle! Supam was facing challenges on an individual level, as he was about to become a father. His occupation at that time required him to travel abroad, frequently.

Many times, he would carry stuff for his new-born baby girl as the products available in the foreign country was more trust-worthy. Some of the products that he brought from abroad, did not exist in the local Indian market.

Hence, The idea of FirstCry was conceived with a desire to resolve the problems of millions of Indian parents who struggle to find the best product for their babies and kids.

Today, FirstCry has emerged as an undisputed leader in the omnichannel baby and mother care products segment. The brand offers more than two lakh baby and kid`s products across 2,000 brands. It has more than 300 stores, spread across 125 cities.

While the first tranche of $300 million has already been received by the company, the remaining Rs 703 crore ($100 million) has been reserved by SoftBank and is expected to be released on the second anniversary of the transaction in January 2021.

‘When failures hit you, you hit the failures back with Bounce Back’. FirstCry is the best example of how an Indian startup can succeed with a clear goal and a concrete business plan. For more such inspiring stories, visit www.badabusiness.com .

To know what it takes to establish a successful business, join our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads !

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HR & People Management

3 Facts about ESOPs everyone should Know!

esops

ESOPs, the Employee Stock Ownership Plans is the current term that has created a lot of buzz in the business world. ESOPs is the term that offers employees a chance to have ownership in the firm. It recognizes the best performing employees and rewards them with an equity stake or cash based on an equity stake.

The definition of ESOP was originally introduced in the Companies Act, 1956, which underwent a complete change in the Companies Act, 2013.

An Employee Stock Ownership Plans aids to retain high-performing employees and provides cost-effective company benefits. There are two types of ESOPs- selective plans and all-employee plans. While the selective plan is only for the senior executives, all employee plans provide the same facility to all employees of the company.
However, various myths and facts are revolving around ESOPs that need to be addressed. Here are 3 facts every employer and employee must know about ESOPs:

1. ESOPs are for everyone

ESOPs are for every organization that is generating profit to support the annual costs of maintaining the ESOP. The profitability of the company is more important than a company`s size. In a profitable ESOP organization, the tax savings alone can be enough to offset the annual costs.

2. Company`s Operations Remain Unaffected

Many company owners feel that after establishing an ESOP, they will have to consult their employees on regular basis regarding the company`s operations. However, the matter of fact is that the management remains in control of the company. Even when the ESOP owns a majority, there is no loss of control of the company.

3. No detailed financial information is to be disclosed

An ESOP is a qualified retirement plan. Hence, the participants must be provided with the annual statement demonstrating the number of shares and the value for their benefits. No other financial disclosures are required by the organization to its employees who are a share-holder.
The companies offer ESOPs to attract more qualified employees. They do it in a phased manner and provide stocks at the end of the financial year to reward their impressive performance.
Many companies startups and companies that can`t provide high packages, offer ESOPs to their employees. We hope we have shed some light on the current trending term- ESOPs. For more information, visit www.badabusiness.com

You can learn how to grow your business from the experts. Find out the in-depth knowledge of how to tackle the challenges of the various industries. Click https://www.badabusiness.com/?ref_code=ArticlesLeads to know more.

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Startup

Tiding Over Times: 3 Things Indian Start-ups should be prepared for Post COVID World

startups

With nations imposing the complete lockdown to protect their citizens, the global pandemic of COVID 19 brought the wheel of economic growth to a halt. The businesses have been stalled, supply chains are disturbed and the global trade has been thwarted.

According to a Nasscom report that included 250 start-ups in India, ’90% of them are facing a decline in revenue. 70% of them are struggling with cash reserves, while 30-40% start-ups are in the process of shutting down either temporarily or permanently’.

However, for many, the difficult part of the pandemic is its uncertainty that has made many startup founders quite anxious. Here are 3 things that Indian start-up should do to succeed in post COVID world:

Look for New Opportunities

‘Success is not changing reality; it is the mentality behind the reality’. A crisis is nothing but an opportunity in disguise. Hence, keep your eyes open and look for new business opportunities. Research on current market trends and evaluate your product accordingly. This will help entrepreneurs to understand the changed customer behavior, and infuse innovation into their business strategy.

Create a Concrete Business Strategy

Accepting the reality and working according to it is the need of the hour. Hence, every startup owner should have straight conversations with your co-founders and investors will help you analyze the company`s health. Conserve funds, create a business plan, test every future assumption, and keep the dialogue open.

Indian Startups should Focus on building a remote team
Due to the pandemic, most of the companies have given their employees work-from-home. This will ensure the physical and mental well-being of every employee, and also reduces the chances of infection. However, it is important to stay connected with your employees to keep their morale up. Hence, be transparent about your plan and connect with them through daily or weekly calls.

The easy days ahead of you will remain easy, it is the challenging times that test your strength to the very core. You will be defined not just by how much you achieved, but by how you survived in the tough times.
The above-mentioned factors must be taken into consideration by startups after Covid to survive. If you have other business problems that you are stuck with, you can find a solution with our Problem Solving Courses. Click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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HR & People Management

Indian Corporates look to hire more in 2021: Are you ready for the post-COVID job market?

The New Year brings with it a lot of opportunities along with positive growth. Adapting to the new normal of remote and office work, corporates are keeping an optimist outlook and looking to hire more people.

The COVID pandemic emerged as the main inflection point for the Indian job landscape. While the corporates have embraced the new work-from-home culture, the professionals are more focused now on online learning and digital skills.

The optimistic corporates have set up new recruitment plans for 2021 and planning to fill all vacant positions. Many big organizations have also increased their hiring for the roles in IT, cybersecurity, 5G, and virtual reality along with many other departments.

There was an increase in hiring activity by 14 percent on December 20, at 1,972 as compared to November 20, at 1,727, according to Naukri JobSpeak Index. Though the overall hiring showed a decline of 10 percent in December 2020, the trend shows a recovery signal in the current post-COVID job landscape.

According to the CEO of recruitment firm CIEL HR Services, “There is positive sentiment and a clear upward swing in hiring from October-December 2020 quarter. In fact, on an overall basis, the hiring in January-March 2021 quarter will be the same as this quarter last year”.
Firms, be it health-tech, fin-tech or ed-tech will begin their hiring activities in full swing, thanks to the digital push as a result of the pandemic.

According to TeamLease Employment Outlook Report, ‘January-March 2021, the hiring for entry, mid and senior positions has risen by 2%, 4%, and 2 %, respectively. An increase in the hiring for junior level positions by 7 percent indicates demand for talent with 2-5 years of work experience’.

Not just the technology sector, there has been a 45% increase in the insurance sector in December 2020 and other sectors have shown positive growth. There was 33% growth in the Auto & Ancillary sector with increased consumer demand during the year-end period. Other key sectors such as BFSI (18%), FMCG (21%), Pharma/Biotech (28%), and IT-software (11%) showed slow yet steady growth.
For thousands of people who have lost their jobs during this global pandemic, this is great news. However, the post-COVID workplace can be a bit challenging. It is essential for job-seekers to analyze the market conditions, demand, and upskill themselves to find a suitable job opportunity.

If you are one of those who are looking to begin a career in the current job market, here are few essential skills you must upgrade yourself with:

Digital Marketing Skills

As the world has completely gone digital, targeted marketing strategies, backed by effected data analysis are paramount. Organizations are looking to hire talent who knows digital marketing skills to manage online sales promotions and campaigns. Digital marketing knowledge includes skills like digital business analysis, SEO, and content marketing, among others.

Data Analysis

To gain a better perspective of the business market, data analysis is a useful skill that can help you to find a better career path. The predictive analysis helps to build an effective product development strategy and key decisions in business operations. Hence, Data Analyst is another key skill whose demand has increased in recent times.

Business Skill Training

In this constant-changing world, being the master of one skill will not help you succeed. Critical thinking, problem-solving ability, and a dynamic approach to the crisis are key elements for organizations. So, whether you are an entrepreneur or a wantrepreneur, taking a professional business skilling course can help you significantly in achieving your business goals.

The good news is that the intent of hiring is regaining its growth and many corporate firms are showing a healthy sign of recovery as they are planning to hire more people in the first quarter of the year 2021.
But the current job market is changed completely. Hence, upgrading yourself is the only key to find your dream job in the post-COVID workplace.

With our courses, you can learn the latest business skills from the industry experts, right from the comfort of your home. Not only they will demonstrate emerging business skills, they will also share success stories.

For more information, click https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Startup

4 Business Ideas for College Students to Earn Money & Be Financially Independent

Business Ideas | Representative Image (Photo Credits: Pixabay)
Representative Image (Photo Credits: Pixabay)

The time spent in college gives a great opportunity for young adults to explore different aspects of the life and understand the how the world works. It prepares them to enter the real world, witness the struggles and succeed. Financial stability and independence is of the most crucial aspect of any adult. Earning money is a necessity. College provides enough time for young adults for learning and developing some entrepreneurial skills. So wouldn’t it be beneficial for college students to get some experience of entrepreneurship and economic activities? 3 Start-up Challenges Every Entrepreneur Must Overcome.

Another important advantage of working during the college days is that it adds to the resume, and provides the student an edge over others with some work experience. Besides, college students are always looking for some extra source of income to fill in the hole in their pockets and fulfill all their wants. Here are some business ideas for college students to earn some additional money –

Tuition Classes

One of easiest businesses for college students to start is tuition classes. One can give offline or online classes to his juniors. These days various apps and websites offer lucrative compensation to young adults for teaching students on their platform. It has a dual benefit, firstly it provides for a regular source of income and secondly it helps the college students to be in touch with the previous education and brush up important concepts. 3 Offbeat Career Paths: How Millennials are breaking the monotony of 9 to 5 jobs!

Freelance Content Writing

Another way for college students to earn money is by doing freelance content writing. As more and more businesses and other institutions are coming online, various agencies are looking for content creators and writers to write for the digital platforms. Mostly these agencies hire people on freelance basis and pay them per articles submitted. It requires a bit of background research that adds to the knowledge of the students. Also, it offers flexible working hours. Students can research, write and submit after their classes and earn money.

Vlogging

A highly popular business idea among college students is creating videos or vlogging. All one has to do is create a channel of any video sharing platform- YouTube , Vimeo etc and start putting up videos. Students can create videos on a number of issues, including comedy, entertainment, singing, education among others. It also helps the student to polish her talents and get the much required exposure.

Hobby Classes

Another idea to earn money at the same time harbour one’s talent is by offering hobby classes. Students can give classes in singing, drawing, painting, Yoga, swimming, calligraphy and any other talent they possess and want to promote.  It will keep the students close to their talents and passions even amid hectic college routine and will provide an opportunity to earn some additional pocket money while doing what you like.

College is a great time to explore and learn. Getting a source of earning and managing finances will be advantageous for the students to further get some real life experience and fulfill their needs. Being financially independent also boosts the confidence and the morale of the students.

 

 

Categories
Startup

Tech Startups in India Report Nearly 10% Growth in 2020 Despite COVID-19 Pandemic, Over 1,600 Tech Startups Added in a Year: Nasscom

Tech Startups in India (Photo Credits: Pexels)

New Delhi, January 8: Tech startups in India have witnessed a steady growth in 2020 with over 1,600 tech start-ups and a record number of 12 additional unicorns added in a single year. i.e. in 2020. This is the highest ever in a single calendar year. The tech start-up base in the country witnessed a steady growth at a scale of 8-10 per cent (year-on-year), Nasscom said. According to the annual report by Nasscom in partnership with a global management and strategy consulting firm Zinnov, nearly 14 percent of total investments in 2020 were in deep-tech start-ups, up from 11 per cent in 2019. The report said that further, 87 percent of all deep-tech investments were in AI/ML start-ups and seed-stage funding in 2020 recovered to more than 90 percent of 2019 levels.

Debjani Ghosh, President, Nasscom said with the continued addition of new start-ups, booming unicorns and increased adoption of deep-tech, the ecosystem shows an even more promising future. The report informed that despite a lower number of total start-up deals in 2020, seed-stage investments are recovering at a good pace as investor activity at lower ticket sizes has increased.  “Early and Late-stage investments are also recovering steadily. An increase in median deal size is further underscoring investor confidence and a willingness to take big bets,” the report added.

The Nasscom annual report further added saying that the sectors with COVID-19 tailwinds such as EdTech, BFSI, AgriTech, Gaming, etc., are witnessing a steady increase in first time funding, up from 29 percent in 2019 to 42 percent in 2020, garnering a 14 percent growth in absolute numbers. It added that the investor sentiment is also recovering with the second half of 2020 funding up by two times over the first half. “2021 will be the ‘Decade of Collaboration’ where entrepreneurs engaging more with not just their peers but also with the government, corporates, and the manufacturing ecosystem, will catapult India’s dreams of becoming a trillion-dollar economy,” said Pari Natarajan, CEO, Zinnov.

The report said 2021 promises a return to normalcy for the Indian tech start-up ecosystem. In terms of total unicorns, India is on track to have a 50-plus strong Unicorn club in 2021. Remote working continues to see significant adoption amongst tech start-ups, with around 30-35 percent offering remote roles and 15-20 percent companies having committed to remote work culture, as per NASSCOM tech start-up survey. “Deep-tech and new start-up hubs will continue to grow at 40-45 percent CAGR. While the investments in 2020 were significantly lower than in 2019, recovery in deal pace and investments is expected to return to 2019 levels, if not exceed in 2021,” the report noted.