Maharashtra is likely to be the Future Startup Capital of India.

By Abhay Harish Shah, Realty Quarter

The Indian Startup ecosystem in the previous decade has experienced a tectonic change. The amount of start-ups has increased seven times from approximately 7000 in 2008 to approximately 50,000 by the end of 2018. Honourable Maharashtra Chief Minister Devendra Fadnavis, TiE Mumbaí and KPMG-India have recently published two research reports and recommendations titled Maharashtra, and the exciting growth of its startup ecosystem and Startup Hub Pune 2.0.

India is the 3rd largest in the world, in startups, while in 2015-2017 Mumbai was seventh in growth in VC deals. The study says that the startup hubs in Maharashtra include Pune, Nagpur, Nashik and Aurangabad. The total funding raised by Startups in Mumbai and Pune between January 2014 and September 2018 is INR 377 Billion.

Several government initiatives like Maharashtra State Innovative Startup Policy 2018, Fintech Policy 2018 and Maharashtra State Innovation Society have been placed to drive this Startup growth in the region. The study has also identified a few problems such as high real estate prices, restricted tech talent accessibility and problems of transportation infrastructure. The enablers and drivers for startup growth are attributed to a Supportive ecosystem (investors, incubators etc), huge customer base and the geographic advantage of the region.

The study also made important suggestions for the area: namely skill development and training, policy support and private participation, creation of jobs, infrastructure growth and incentives for social and employment opportunities.

In the foreword of the study Devendra Fadnavis, Honorable Chief Minister of Maharashtra, cited the 2018 Maharashtra State Innovative start-up policies to promote innovation and provide a climate that enables start-ups to foster entrepreneurship and create an economy that encourages fresh thoughts. He praised TiE Mumbai and KPMG for their advocacy in the field of entrepreneurship and expressed his approval for Maharashtra as the number one start-up destination.

Atul Nishar, president of TiE Mumbai, said we have a clear objective in TiE Mumbai, making Mumbai as India’s startup capital. Mumbai has India’s 3rd-largest start-up base and has ranked 1st in terms of the number of Startup registrations in 2018 in India. I am sure we will reach the number one place in all other parameters, with the powerful assistance of the Government and our drive to establish incubative facilities, acceleration programs and active mentoring.

The Maharashtra government works to implement a variety of projects intended to foster an atmosphere of innovation and entrepreneurship in India, said Pradeep Udhas, Office Managing Partner, West, in KPMG in India.

Pune Startup Landscape Marked as one of the country’s leading start-up centres. A slew of fresh launching activities, early phase investment, acquisitions, mentoring and much more are emerging. Since 2018 there are 3200 working start-ups and 2% of the tech start-ups of India which have been headquartered in Pune. Pune’s major advantages include its extensive new and experienced skilled people, the presence of a strong IT and ITeS industry and its closeness to Mumbai.

About TiE Mumbai: The Indus Entrepreneurs (TiE), was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. Since 1999, TiE Mumbai has been supporting entrepreneurs by offering education, mentorship, networking and funding opportunities. The mission of TiE Mumbai is to foster entrepreneurship globally through the 5 pillars of TiE: mentoring, networking and education, funding and incubation. Dedicated to the virtuous cycle of wealth creation and giving back to the community. TiE’s focus area is to generate enable the next generation of entrepreneurs. There are currently 11,000 members, including over 2,500 charter members in 60 chapters across 17 countries.