As we march ahead with young teams led mostly by women, we proudly present to you the Outlook Start-up Outperformers 2023. In a crowd of lists and ranks, this compilation of three rankings stands out by its sheer robustness, its eye to detail and the exhaustive parameters that will help you separate the chaff from the grain.
As we march ahead with young teams led mostly by women, we proudly present to you the Outlook Start-up Outperformers 2023. In a crowd of lists and ranks, this compilation of three rankings stands out by its sheer robustness, its eye to detail and the exhaustive parameters that will help you separate the chaff from the grain.
What are the ingredients that go into the perfect brew for a successful start-up? How well-placed are our states and cities to support entrepreneurs? The Outlook Start-Up OutPerformers 2023 provides a holistic view of the start-up ecosystem in the country. A lowdown on what to expect in this issue:
The D2C market is expected to grow at approximately 40% between FY22 and FY27, according to a report by the Confederation of Indian Industry. Powered by technological advancements and strengthening of the digital ecosystem and local demand, numerous manufacturers have started selling directly to the customers. Within the D2C sector, direct online channels are witnessing growth
India is the second largest internet market in the world with over 800 million users, according to investment promotion agency Invest India. The access to cheaper internet, coupled with increase in spending power, has led to significant growth in the ecommerce sector in the country.
The top five growth-stage start-ups in the edtech sector
The top five growth-stage start-ups in the fintech sector
The edtech sector saw a sharp rise during the Covid-19 pandemic, which had put a pause on offline education. Edtech start-ups revolutionised the field of education with innovative offerings. However, post pandemic, the market size and the funding have shrunk. According to Tracxn Feed Geo Report, there has been a 48% decrease in funding for the sector in the first seven months of this year compared to the corresponding period last year
The fintech market in India is among the fastest growing ones in the world. The second most funded start-up sector in the country in 2022, fintech’s market size is estimated to reach approximately $150 billion by 2025, up from $50 billion in 2021, according to investment promotion agency Invest India. Its major sub-sectors are digital lending, payments, insurtech and wealthtech.
The top five growth-stage start-ups in the healthtech sector
Covid-19 revolutionised the health sector in the country, as entrepreneurs rushed to fill the gaps within the healthcare ecosystem with technological interventions. Investors matched their enthusiasm and together they pushed the sector to new heights. Digital transformation of the sector helped the start-ups cover a larger market base
The top three growth-stage start-ups in the cleantech sector
Top three growth-stage start-ups in the DeepTech sector
Top three growth-stage start-ups in the sustainability sector
Sectoral Peculiarities and Growth Factors of Start-Ups
Founders can now decide how to balance various aspects, accounting for some trade-offs, allowing them to grow sustainably in resource-constrained times
A business conceived at launch with negative economics accepted as fait accompli will struggle to reach profitability
Start-ups excel when they have doers, but businesses need to balance that with enablers who can play a synchronised symphony of talents
While initial growth and user acquisition are essential, they must be balanced with a clear vision for achieving positive cash flow
Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana top the list of states and Union territories in the Outlook Start-Up Outperformers 2023 rankings. Their biggest strengths are funding and investment opportunities and business environment, key factors that attract entrepreneurs and investors
The start-up sector has contributed significantly to the growth of Karnataka, Maharashtra, Telangana and other states that recognised the potential of innovative offerings early on. The rise of digital payment platforms, inflow of foreign direct investment, tax benefits and incentives, business-friendly policies, etc. have been major drivers of growth of this sector
There is a need for a structured approach to mentorship; not all mentor-mentee relationships are equally fruitful
Bangalore, Mumbai, Delhi, Chennai and Gurgaon, the top five cities in the Outlook Start-Up Outperformers 2023 rankings, have an edge over others because of the presence of key drivers for growth for start-ups, like funding and investment, human capital, availability of necessary infrastructure, etc. But other cities are catching up in some of these categories
Several factors have a high degree of correlation with the funding and investment category
The lure of reigning start-up hubs, like Bangalore, Mumbai, Delhi NCT, Chennai and Gurgaon, remains strong even as several Tier II and III cities vie for a larger share in the growth pie. A conducive environment, built by availability of wider talent pool, infrastructure incubators, mentors, investors, etc., lures new and aspiring founders to these cities
Cities like Hyderabad, Pune, Ahmedabad, Kolkata and Noida+Greater Noida are attracting entrepreneurs and investors looking for alternatives to the top five cities
The Outlook Start-Up Outperformers 2023 identified eight city clusters for the purpose of ranking the best start-up ecosystems in India
Clusters, with better infrastructure, fast internet connectivity and an efficient transport system, mean that start-ups can operate with reduced overheads
There are several factors that drive an entity to, or hold it back from, success. The Outlook Start-Up Outperformers 2023 rankings deep-dive into the factors that impact the success of a start-up, and by extension the growth of cities and states as start-up destinations
India’s journey to becoming the second largest start-up hub is dotted with several milestones. Be it the information technology boom or the opening up of the economy, every event has played its role in the country’s growth story
As a minister of state holding the dual portfolio of the Ministry of Electronics and IT (MeitY) and the Ministry of Skill Development and Entrepreneurship, Rajeev Chandrasekhar holds a vantage point in viewing the rise of tech-enabled start-ups in India. In an interview with Outlook Business, he delves into the dynamic growth journey of India’s innovation ecosystem and the pivotal role that the Central government is playing in shaping its trajectory. Edited excerpts:
Arjun Mohan, India CEO of edtech company Byju’s, explains how the edtech sector, one of the best performers during Covid-19 pandemic, fell out of favour with customers and investors and ended up in losses
A non-scalable model can let you improve the product, because in the early days, what you are trying to do is to test what is working and what is not
The fact that several niches remain unfilled ... shows that the existing social marketplace is not effective enough in clearing unmet needs
The start-up’s financial performance parameters are its gauges, which determine, at any given time, how well the engine is performing
There have been resignations in the Reserve Bank of India (RBI), but governor Urjit Patel’s in 2018 over policy differences was a rare event in the history of the central bank, writes former finance secretary Subhash Chandra Garg in his book. He details the frustration of the government with the RBI under Patel and the circumstances that eventually culminated into the latter posting his resignation on the RBI website
Venkatram Mamillapalle, country CEO and MD of Renault India Operations, is passionate about horticulture—he has a farm with more than 300 varieties of fruit trees. He is equally passionate about travelling and reading
As we march ahead with young teams led mostly by women, we proudly present to you the Outlook Start-up Outperformers 2023. In a crowd of lists and ranks, this compilation of three rankings stands out by its sheer robustness, its eye to detail and the exhaustive parameters that will help you separate the chaff from the grain.
What are the ingredients that go into the perfect brew for a successful start-up? How well-placed are our states and cities to support entrepreneurs? The Outlook Start-Up OutPerformers 2023 provides a holistic view of the start-up ecosystem in the country. A lowdown on what to expect in this issue:
Direct To Consumer Top 5
The D2C market is expected to grow at approximately 40% between FY22 and FY27, according to a report by the Confederation of Indian Industry. Powered by technological advancements and strengthening of the digital ecosystem and local demand, numerous manufacturers have started selling directly to the customers. Within the D2C sector, direct online channels are witnessing growth
India is the second largest internet market in the world with over 800 million users, according to investment promotion agency Invest India. The access to cheaper internet, coupled with increase in spending power, has led to significant growth in the ecommerce sector in the country.
The top five growth-stage start-ups in the edtech sector
The top five growth-stage start-ups in the fintech sector
The edtech sector saw a sharp rise during the Covid-19 pandemic, which had put a pause on offline education. Edtech start-ups revolutionised the field of education with innovative offerings. However, post pandemic, the market size and the funding have shrunk. According to Tracxn Feed Geo Report, there has been a 48% decrease in funding for the sector in the first seven months of this year compared to the corresponding period last year
The fintech market in India is among the fastest growing ones in the world. The second most funded start-up sector in the country in 2022, fintech’s market size is estimated to reach approximately $150 billion by 2025, up from $50 billion in 2021, according to investment promotion agency Invest India. Its major sub-sectors are digital lending, payments, insurtech and wealthtech.
The top five growth-stage start-ups in the healthtech sector
Covid-19 revolutionised the health sector in the country, as entrepreneurs rushed to fill the gaps within the healthcare ecosystem with technological interventions. Investors matched their enthusiasm and together they pushed the sector to new heights. Digital transformation of the sector helped the start-ups cover a larger market base
The top three growth-stage start-ups in the cleantech sector
Top three growth-stage start-ups in the DeepTech sector
Top three growth-stage start-ups in the sustainability sector
Sectoral Peculiarities and Growth Factors of Start-Ups
Founders can now decide how to balance various aspects, accounting for some trade-offs, allowing them to grow sustainably in resource-constrained times
A business conceived at launch with negative economics accepted as fait accompli will struggle to reach profitability
Start-ups excel when they have doers, but businesses need to balance that with enablers who can play a synchronised symphony of talents
While initial growth and user acquisition are essential, they must be balanced with a clear vision for achieving positive cash flow
Maharashtra, Karnataka, Tamil Nadu, Gujarat and Haryana top the list of states and Union territories in the Outlook Start-Up Outperformers 2023 rankings. Their biggest strengths are funding and investment opportunities and business environment, key factors that attract entrepreneurs and investors
The start-up sector has contributed significantly to the growth of Karnataka, Maharashtra, Telangana and other states that recognised the potential of innovative offerings early on. The rise of digital payment platforms, inflow of foreign direct investment, tax benefits and incentives, business-friendly policies, etc. have been major drivers of growth of this sector
There is a need for a structured approach to mentorship; not all mentor-mentee relationships are equally fruitful
Bangalore, Mumbai, Delhi, Chennai and Gurgaon, the top five cities in the Outlook Start-Up Outperformers 2023 rankings, have an edge over others because of the presence of key drivers for growth for start-ups, like funding and investment, human capital, availability of necessary infrastructure, etc. But other cities are catching up in some of these categories
Several factors have a high degree of correlation with the funding and investment category
The lure of reigning start-up hubs, like Bangalore, Mumbai, Delhi NCT, Chennai and Gurgaon, remains strong even as several Tier II and III cities vie for a larger share in the growth pie. A conducive environment, built by availability of wider talent pool, infrastructure incubators, mentors, investors, etc., lures new and aspiring founders to these cities
Cities like Hyderabad, Pune, Ahmedabad, Kolkata and Noida+Greater Noida are attracting entrepreneurs and investors looking for alternatives to the top five cities
The Outlook Start-Up Outperformers 2023 identified eight city clusters for the purpose of ranking the best start-up ecosystems in India
Clusters, with better infrastructure, fast internet connectivity and an efficient transport system, mean that start-ups can operate with reduced overheads
There are several factors that drive an entity to, or hold it back from, success. The Outlook Start-Up Outperformers 2023 rankings deep-dive into the factors that impact the success of a start-up, and by extension the growth of cities and states as start-up destinations
India’s journey to becoming the second largest start-up hub is dotted with several milestones. Be it the information technology boom or the opening up of the economy, every event has played its role in the country’s growth story
As a minister of state holding the dual portfolio of the Ministry of Electronics and IT (MeitY) and the Ministry of Skill Development and Entrepreneurship, Rajeev Chandrasekhar holds a vantage point in viewing the rise of tech-enabled start-ups in India. In an interview with Outlook Business, he delves into the dynamic growth journey of India’s innovation ecosystem and the pivotal role that the Central government is playing in shaping its trajectory. Edited excerpts:
Arjun Mohan, India CEO of edtech company Byju’s, explains how the edtech sector, one of the best performers during Covid-19 pandemic, fell out of favour with customers and investors and ended up in losses
A non-scalable model can let you improve the product, because in the early days, what you are trying to do is to test what is working and what is not
The fact that several niches remain unfilled ... shows that the existing social marketplace is not effective enough in clearing unmet needs
The start-up’s financial performance parameters are its gauges, which determine, at any given time, how well the engine is performing
There have been resignations in the Reserve Bank of India (RBI), but governor Urjit Patel’s in 2018 over policy differences was a rare event in the history of the central bank, writes former finance secretary Subhash Chandra Garg in his book. He details the frustration of the government with the RBI under Patel and the circumstances that eventually culminated into the latter posting his resignation on the RBI website
Venkatram Mamillapalle, country CEO and MD of Renault India Operations, is passionate about horticulture—he has a farm with more than 300 varieties of fruit trees. He is equally passionate about travelling and reading
Merrill Pereyra, Managing Director, Pizza Hut Indian Subcontinent
