The entrepreneurial revolution which began a decade ago gave way to the rise of “tech-startups”. There have been various developments in the Indian e-commerce landscape and we have seen a wide spread enthusiasm towards innovative technology in the industries across the board. India is now considered as a startup nation and stands as the third fastest growing economy for tech startups. As per reports from the NASSCOM -“India Startup Ecosystem”, it is estimated that in the year 2017 more than 1000 tech startups were established across India. A common trend observed in this emergence is that entrepreneurs are eager to explore the B2C landscape, mainly targeting health care, e-commerce and fin-tech sectors.
There has never been a time in history where innovative ideas and technological advancements have synergized so effectively and are showing exponential growth and evolution of the market place. Today’s entrepreneur understands the potential of technologies such as Machine Learning and Artificial Intelligence and focus on creating a business opportunity by offering services which meet market requirements. The financial sector of the Indian economy has seen rapid growth in terms of tech start ups which offer services as any other financial institution. The growth is estimated to be up to 31% with over 360 fintech startups having emerged in the year 2017.
Fintech startups are also encouraged by local and global investors as it holds potential for greater advancements using block chain technology and machine learning algorithms. This was shown in the reports by NASSCOM which show the fintech startup sector received funds over 200 million dollars only in the first half of 2017. There also has been a record growth of 135% since the year 2016 which shows that fintech start ups have the tactical advantage to scale through with advancing trends.
Healthcare technology domain has also shown a decent growth of 28% in the year 2017.This vertical extension was harnessed with the help of funding of more than 160 million dollars. The health care industry is observed to be highly accommodating when it comes to technological implementations and this is one of the primary attributes why this sector immersed with 129% growth since the year 2016.
It has been observed that the startup trend in the B2C segment shows businesses having a creative business model that interact frequently with market trends. B2C start ups comprise 70% of the total tech startups for the year 2017 which indicates businesses emphasize on creating an innovating approach to garner awareness in the market and to attain sustainable growth.
If you think you have an idea that can translate into industry wide solution or if the idea has potential to synergize with the emerging market trends, meeting consumer demands then you are all set to have your own tech startup in times such as these where investors are available to support a creative idea entrepreneurs are striving ahead to realize and accomplish their goals. So if you are in the market for any assistance in regards to the development of your idea into a viable business model, contact Magure software. Having worked with innovators across various industries and developing many android based apps in sectors such as fintech, media and entertainment. Magure softwares provide best in class service and work effectively to translate dreams into achievable goals.