Apparel Online India Magazine March 1st Issue 2019 | Page 78

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New ideas and big impacts:
Start-ups changing the world
Working hard to get a bite of the US $ 115 billion
Indian fashion market, the industry is spawning
numerous start-ups that are jostling for a share to
enter with their distinct style statements. Giants such
as Myntra, Jabong, Flipkart, Koovs and few more
have already muscled their way in, and now smaller
ventures are racing to differentiate themselves in the
cut-throat market. Taken up mostly by the young guns
from diverse segments with a common goal to rule
the fashion ecosystem, these start-ups in India are
offering everything from maternitywear to kidswear,
lingeriewear, custom-made formalwear, designer
apparels, handlooms, sportswear to luxury brands. start-ups has declined from US $ 191 million in 2017
to US $ 151 million in 2018.
But what is a start-up, really? The term ‘start-up’
has been bandied around with increasing frequency
over the past few years to describe scrappy young
ventures. Those who had a stint with start-ups
define it as a culture and mentality of innovating
on existing ideas to solve critical pain points. The
American Heritage Dictionary suggests that start-
up is ‘a business or undertaking that has recently
begun operation’. The overall start-up base in the country is estimated
to exceed 7,500, a growth of 12-15 per cent from
last year. The number of women founders has
multiplied to 14 per cent last year, from 11 per cent
in 2017 as well as more Tier-1 and Tier-2 cities are
emerging as start-up accommodators. A whopping
figure of 7,200 to 7,700 start-ups incepted during
2013-19, with overall base proliferating at a rate of
12-15 per cent.
Last year, India managed to retain its position as
the third-largest start-up ecosystem in the world
with more experienced professionals taking the
entrepreneurial route. It has also scrolled up three
places in 2018 to position itself in the 57th rank in
the Global Innovation Index from the 60th position
in the previous year. Besides this, India also holds
the title of being the highest unicorn holder of 8
ventures right after the US and China. The Indian
unicorn list is expected to add 10 more businesses
by the end of 2020.
Though there are no hard and fast rules for defining
a start-up since revenues, profits and employment
numbers shift drastically between companies and
industries, still founders protest that a start-up is a
culture not delineated by metrics, and that a start-
up can remain so at all ages and sizes. Start-up is a recent phenomenon in the country. It is
only in the last one-and-a-half decade that people in
the country have moved on from being ‘jobseekers’
to ‘job creators’. Start-ups are crucial because they
are bringing in innovations, new jobs and competitive
dynamics into the business environment.
As per a recent National Association of Software
and Services Companies (NASSCOM) report, the
start-ups in India saw a 108 per cent growth in total
funding from US $ 2 billion in 2017 to US $ 4.2 billion
in 2018. However, the seed stage funding of Indian Presenting to you the top 22 Indian fashion start-
ups, along with their success stories, that will surely
prove to be an excellent source of motivation for
people planning to establish their presence in the
fashion world.
78 Apparel Online India | MARCH 1-15, 2019 | www.apparelresources.com