130 Start-Ups in ‘Young India’ May Produce 5,000 jobs
21st February 2016Category : Start-upsPublished by :Rahul Verma Reading Time : 2 Minute News Sourced : India
The favourable environment will reciprocate entrepreneurship and will boost up job opportunities in ‘Young India’ this year. Start-ups in India are expected to raise $700 million (Rs. 4,792 crore at $1 = Rs. 68.46) and create 5,000 jobs in next 12 months, according to a report by InnoVen Capital.
"About 130 companies are expected to raise $700 million in the next 12 months," revealed, India Startup Outlook Report 2016.
According to the report, an industry-wise analysis revealed that irrespective of funding stage, consumer internet and e-commerce are the most popular segments and from a hiring perspective, and 97 per cent start-ups feel they are likely to hire new employees where on an average 28 per cent would be on the technology front.
"More than 5000 jobs are expected to be created by about 130 start-ups in the next 12 months. Interestingly, the start-ups surveyed displayed significant gender diversity in their workforce," discovered in report.
The women entrepreneurs are in high-spirits, 41 per cent of the VC-funded start-ups had women founders or CXO level executives while this number stood at 31 per cent for bootstrapped ventures and at 29 per cent for ventures with angel funding
At the end of current financial year, more than 50 per cent of bootstrapped start-ups and 45 per cent angel funded start-ups expected to turn profitable whereas only 22 per cent venture capitalist funded companies expected to turn profitable, the report said.
PM Narendra Modi has pushed ambitious Startup India Movement and expected to earmark around Rs 2000 crore to boost entrepreneurship in India.
InnoVen Capital India has provided over 100 loans to 70 companies across early to mid-growth stage that include Snapdeal, Freecharge, Myntra, Practo, Portea, PepperTap, Byju's, Faasos, Capillary Technologies and Manthan Systems.