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Economic Survey 2019: India ranks 3rd in global startup ecosystem

Economic Survey 2019: India ranks 3rd in global startup ecosystem

Economic Survey 2019: India ranks 3rd in global startup ecosystem
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By CNBC-TV18 Jul 4, 2019 2:22:57 PM IST (Published)

Overall the startups have raised about $7.5 billion in funding in 2018, as against $4.3 billion in 2017 and $3.5 billion in 2016, the report tabled by finance minister Nirmala Sitharaman said.

India has been ranked third in the world in the startup ecosystem, with 2018 being touted as the year of food startups, the economic survey tabled in the Parliament today noted.

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"Ranked third in the world in the startup ecosystem, a growing number of domestic Indian enterprises are developing solutions aimed at managing and solving urban challenges. While a majority of these are tech startups concerned with e-commerce and consumer products and services, 2018 was touted as the year of food startups," the report added.
Overall the startups have raised about $7.5 billion in funding in 2018, as against $4.3 billion in 2017 and $3.5 billion in 2016, the report tabled by finance minister Nirmala Sitharaman showed. However, the number of deals has declined over the years to 360 in 2018 from 439 in 2017 and 477 in 2016.
Hotel chain OYO Rooms took the first place after raising $0.9 billion in 2018 while edutech firm Byju’s Classes was at the second position having raised $0.5 billion. Paytm Mall was at third position with funding worth $0.45 billion. Food delivery startups Zomato and Swiggy stood at the fourth and fifth position, having raised $0.37 billion and $0.31 billion, respectively in 2018.
The survey also reported the fact that the retail sector raised $2.09 billion, garnering the maximum investor interest in terms of funding, followed by food and fintech space raising about $1.65 billion and $1.4 billion respectively in 2018.
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