India is on the cusp of a “start-up” revolution, with prime minister Narendra Modi unveiling a dedicated $1.5 billion seed fund and tax breaks to help develop technology and other microenterprises.
The package of measures announced by Modi in January also included a dedicated point of contact for a start-up, cheaper and quicker patent application procedures and an easy exit route for investors as well as founders of the start-up companies.
Approximately 4,500 technology-based start-up companies have sprung up in India in the past five years. The National Association of Software and Services Companies, the trade association for IT companies in India, estimates that the number of start-ups will exceed 11,500 in the next five years.
According to a 2015 report from KPMG, Indian venture capital firm Helion Venture Partners and hedge fund Tiger Global have bet big on Indian start-ups. In 2014 alone, investments worth $4 billion were made. That figure is expected to double by 2017.