Insights Success The 10 Best Architecture Consultants in Nov 2017 | Page 28

TechStats
T
ech companies in India have created jobs, driven growth, and increased access to various resources, resulting in
deteriorating poverty levels and enhanced lifestyles. The NASSCOM has already ranked India, as the 3rd largest
startup ecosystem with 200 active angels, more than 100 accelerators, 150 VCs and around 4,200 startups
operating in the nation. The country is at the vanguard of innovation, entrepreneurship, technology, and the last two years
have only added more to the Indian startup ecosystem. Below is a snapshot of the deeds that took place with some insights
on how it has evolved, and will continue to do so.
Upsurging Connectivity and Consumer Spending
In India, over 340 million people have access to the Internet, making it the second most connected nation in the world
(behind China). India spent about three hours per day on their smartphones in last two years. The flood of low-cost
smartphones and laptops, combined with relatively low cost mobile plans (wave of Reliance Jio) have inspired people
across the country, especially in rural India to connect to the Internet.
Consumer expenditure has also been on the upsurge over the years. Driven by increased
access, connectivity, convenience, employment and higher incomes, consumer
spending is all set to hit 3.5 trillion by 2020.
Home to a Young and Vibrant Startup Space
With the average age of startup founders at a mere 28
years, the country is home to some of the youngest
entrepreneurs in the world. The Indian ecosystem has
witnessed a growing number of flourishing startups
being churned out, displaying signs of a maturing
ecosystem. This scenario has led to an escalation in high
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| November 2017 |