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Nasscom Tech Start-up Report 2022 – Rising Above Uncertainty: The 2022 Saga of Indian Tech Start-ups

The report underlines the maturity of India's tech start-up ecosystem, highlighted by the ability to circumvent cyclical ups and downs in addition to the growth of new-generation start-ups. It also highlights Indian entrepreneurs’ emphasis on building strong fundamentals and the increasing diversity and vibrancy of the ecosystem. The Outlook for 2023 based on feedback received from start-up founders is also covered in the report.

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Key Findings

Strong ecosystem with New Gen tech start-ups base broadening:
  • 1300+ new tech start-ups, 23 new unicorns (2nd highest in the world)
  • 2022 funding at $18.2 Bn is 30% lower than 2021, higher than last 4-year average in value terms 
  • 3-4X growth in investments for critical areas like EnvironmentTech, Lifesciences, Aviation, Maritime & Defence 
Decline in late-stage funding but more investment in early-stage start-ups:
  • >40% drop in late-stage funding, led by reduction in mega deals 
  • >30% increase in seed and early-stage funding 
  • >1.6X increase in 2022 over 2021 in unique and active venture capital and private equity firms 
Indian entrepreneurs’ laying emphasis on fundamentals
  • More than half of the tech start-ups in 2022 saw an increase in revenue of >20% (survey findings) 
  • Overall, half of the tech start-ups continued or increased hiring in 2022 
  • 25% of mature start-ups are either EBITDA positive, or expect to be by mid-2023 
Diversity of Indian tech start-up ecosystem continues to expand
  • 39% of tech start-ups founded in 2022 from emerging locations in India, up from 34% in 2021  
  • 18% start-ups in the ecosystem with at least one-woman founder/co-founder 
  • 36 unicorns and potential unicorns with at least one women founder/co-founder 

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