Number of registered startups rises from 400 to 1.57 lakh in nine years, funding rises 14-fold to $115 billion
New Delhi| Funding in the country’s startups has grown more than 14 times to $115 billion in nine years. In 2016, it was just $8 billion. The number of registered startups has increased from 400 to over 1.57 lakh by the end of 2024 since the launch of the Startup India initiative in this period.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), the number of startups in states/UTs with dedicated startup policies has increased from four in 2016 to 31. The number of unicorns has also increased manifold. In 2016 there were 8 unicorns, now 118. Startups with a value of at least one billion dollars are called unicorns. The government had launched the Startup India initiative on January 16, 2016, to promote innovation and encourage investment in startup mechanisms.
According to DPIIT data, Indian startups have created more than 1.7 million jobs in the last nine years. Under the Startup India initiative, startups formed on or after April 1, 2016 can apply for income tax exemption. Accredited startups that are awarded an inter-ministerial board certificate are exempt from income tax for a period of three consecutive years out of 10 years since inception.
