BENGALURU: The Open Network for Digital Commerce (ONDC) is the next “UPI moment” as it will enable interoperability between e-commerce companies and also provide new growth opportunities for start-ups. This will help new-age technology reach the common man at an affordable cost, Trade and Industry Minister Piyush Goyal said.
Publishing the Nasscom Tech Start-up Report 2021 on Friday, he said: “Developed in India, the ONDC provides equal opportunities for small and large players and will help control digital monopolies and make the industry more inclusive for people. buyers and sellers.”
Goyal said we should aim for at least 75 unicorns in the 75-week period leading up to the 75th anniversary of independence. The minister also said that removing the burden of more than 26,500 compliances, waiving welfare taxes and simplifying tax procedure were some of the measures taken by the government to boost the start-up ecosystem. He also said there is a lot of potential in start-ups from Tier II and III cities.
READ ALSO | $650 billion in achievable exports: Piyush Goyal, Union trade minister
According to the Nasscom report, 29% of all start-ups are based outside emerging start-up hubs such as Ahmedabad, Kolkata, Coimbatore, Chandigarh, Thiruvananthapuram and Surat. Of these, 7% are high-tech start-ups.
Over the past decade, the start-up ecosystem has played a key role in the growth of direct and indirect employment opportunities, providing 6.6 lakh of direct jobs and over 34.1 lakh of employment indirect. The industries that have seen the most net new job creation are BFSI, edtech, retail and retail tech, foodtech, SCM & logistics and mobility.
As retail investors embrace new startups, alternative investment and exit options, and global macro environments, 2022 will see at least 15-20 startup IPOs by the end of this year. More than 2,250 startups were added in 2021 and more than $6 billion was raised in public markets with 11 startup IPOs in 2021, according to the report.
Additionally, start-ups raised $24.1 billion in 2021, twice as much as before Covid. Compared to 2020, the number of high-value deals increased 3x (deals over $100 million), the report adds.