India has the second highest number of start-ups in the world, making it a player to reckon with in the rapidly growing world of emerging and disruptive businesses. The Outlook Start-Up Outperformers 2023 deep-dives into India’s start-up ecosystem to analyse what works and what does not for its growth-stage start-ups. This issue of Outlook Business highlights the major takeaways from this ranking exercise.
The centrepiece of this special edition is formed by three rankings: growth-stage start-ups, states and cities, based on their performance on various parameters. For start-ups, the focus is on sectors enabled by technology, such as D2C (direct to consumer), ecommerce, edtech, fintech and healthtech, besides three watch-out sectors, namely, cleantech, deeptech and sustainability. Top performers in all these sectors have been profiled in this issue.
This ranking analysis is comprehensive and unique. It looks at both internal factors, that is, functioning and performance of start-ups, as well as external factors, such as enabling environment for businesses to start and thrive. More than 80 individual parameters—some comprising multiple sub-parameters or data points, categorised into 18 parameter categories and spread across three distinct ranking frameworks—make this one of the most exhaustive exercises ever undertaken for this ecosystem.
The analysis was based on cutting-edge, but proven, statistical techniques, such as distributions and ratios at one end and advanced tools like the analytical hierarchy process and multiple linear regression at the other.
A multi-disciplinary team spent months debating every aspect of the ranking methodology and analysis process, while experts from the industry and the academia provide a qualitative analysis and the way ahead. Union minister Rajeev Chandrasekhar, in an exclusive interview to Outlook Business, expresses confidence in the ability of the Indian start-ups to navigate global challenges. Details of the methodology too have been provided. More on this inside.
Analysis & Ranking
Bhagwan Chowdhry, professor of finance and faculty director, I-Venture@ISB Indian School of Business
Rahul Bharadwaj, founder and principal consultant Ayvole
Bharath N. Padasale, management consultant Accenture
Research & Data Support
Aman Mehta, research manager
Rishabh Mahajan, market research analyst
Mohammed Zeeshan Raza, market research analyst Ayvole
Editorial – Outlook Business
Project Head Nishant, executive editor
Data analysis & representation Nishant, executive editor
Abdul Haleem Sherif, correspondent
Nandini Keshari, trainee
Design: Vinay Dominic