Startup Report 2015

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Start-up India –

Momentous Rise of theIndian Start-up Ecosystem

Edition 2015

Supported by Google for Entrepreneurs



Start-up India –

Momentous Rise of theIndian Start-up Ecosystem

Edition 2015

Supported by Google for Entrepreneurs



International Youth Centre, Teen Murti Marg, Chanakyapuri

New Delhi - 110 021, India

Phone: 91-11-23010199, Fax: 91-11-23015452

Email: [email protected]

Published by

NASSCOM

Designed & Produced by

MKM CREATIVE

Email : [email protected]

Disclaimer

The information contained herein has been obtained from sources believed to be reliable. NASSCOM disclaims all warranties as

to the accuracy, completeness or adequacy of such information. NASSCOM shall have no liability for errors, omissions or

inadequacies in the information contained herein, or for interpretations thereof.

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client organization without prior written approval from NASSCOM and Zinnov

Copyright ©2015



India has truly become a start-up ‘Nation’. Since 2010,

The Indian technology start-ups landscape has seen a

tremendous growth towards creation of innovative start-

ups and India, a home to a new breed of young start-

ups, has clearly evolved to become the third largest

base of technology start-ups in the world. Within one

year, the number of star t-ups in India has grown by 40

per cent, and this number is expected to cross 4,200

by the end of 2015.

Multiple indicators point to the fact that this ecosystem

is not only undergoing rapid evolution, but is also

becoming increasingly attractive. With over 100 per

cent growth in number of PE/VCs/Angel investors along

with a 125 per cent growth in funding over last year,

one can safely say that the Indian star t-up ecosystem

has risen to the next level. The total funding in the

India based start-ups is estimated to be nearly $5

billion by the end of 2015. Various central and stategovernment start-up initiatives are further supporting

this progressive phase of start-ups in India.

This maturing start-up ecosystem is contributing to the

Indian economy in multiple ways. In addition to

enhancing the lifestyle of citizens, start-ups are

creating innovative technology solutions that address

key problems that India as a country face around

power, healthcare, employment, and education.

Further, start-ups are empowering SMBs by

enhancing their customer reach and overall

business productivity.

After the terrific success of first edition in

2014, the second edition of NASSCOM-Zinnov

report titled “Start-up India – Momentous Rise

of the Indian Start-up Ecosystem” is a

treasure trove of facts and trends on theIndian start-up ecosystem. The report clearly

identifies the current scale and size of the

start-up landscape, factors that are impacting

the growth of the overall ecosystem and steps

that need to be taken to make the environment

more conducive for start-ups.

We hope this report would be useful to you

and we welcome your feedback and comments

at [email protected]

Foreword

R Chandrashekhar

President, NASSCOM

Pari Natarajan

CEO, Zinnov

R Chandrashekhar

President, NASSCOM

Pari Natarajan

CEO, Zinnov



This report has been co-developed by NASSCOM and

Zinnov through a comprehensive four month study to

understand the Technology Product & Digital Star t-ups

Landscape in India.

The preparation of this report has been facilitated by a

number of organizations and people who have extended

great help to the NASSCOM and Zinnov team. We wish

to sincerely thank all of them for their valuable

contributions without which this report would not have

been possible.

First, we would like to thank all the ecosystem

members and other start-up colleagues, who went out

of their way to provide detailed inputs and perspectiveof their services/ clients/ markets etc. They offered

yeoman service to this project by providing the requisite

data and insights as required by the team.

This study has been greatly enriched by the

valuable insights and detailed inputs provided by

various investors, angels as well as other key

stakeholders in the ecosystem. We would also like

to acknowledge the special contribution made by

Google and Microsoft for supporting us on various

policy related aspects as well as formulating and

finalizing the numbers.

Finally, we would like to specially acknowledge the

support extended by our 10K partners - Google for

Entrepreneurs, Microsoft Ventures, Kotak Mahindra

Bank, IBM and Amazon Web Services to support

NASSCOM 10,000 Start-ups Program.

We would also like to give a special mention to the

NASSCOM research team and Zinnov Management

Consulting for their efforts and contribution

towards the ideation, execution and completion of

this report

Acknowledgement



Start-up India –

Momentous Rise of the Indian Start-up Ecosystem07

6 reasons why Bharat is a ‘Start-up Nation’

WHY INDIA?

rd

3 110

~$5 B

Ranking Among

Global Start-upEcosystem

Number of Incubators/

Accelerators in India,

growth of 40% since2014

Total Funding in 2015,

growth of ~125% over

2014

28yrsYoung and aspiring

minds - Average Age of1

Start-up Founders

156Number of PE/VC firms

grown by over 100%

since 2014

8/10Top VC/PE Firms in India

are Foreign

1Notes: Analysis for Bangalore start-ups; Bangalore has the youngest average founders age among the top 20 start-up ecosystems

I see Start-ups,

technology and

innovation as exciting

and effective instruments

for India’s transformation,

and for creating jobs forour youth.

”

”

Shri. Narendra Modi,

Hon'ble Prime Minister- India



Innovative minds are accelerating the growth of

India’s economy

Start-ups Contribution to the Indian Economy

Building innovativesolutions2

Enhancing CitizensLife Style 1

Growing Opportunitiesfor Stakeholders 3

Start-up India –




Technology driven start-ups are trying to disrupt

every aspect of a consumer’s life...Start-up AGETRADITIONAL

Start-up India –


Reaches Paharganj

and searches for

budget hotel

Books an affordable

hotel online

Goes to mobile

recharge shop to

top-up

Makes a recharge

using mobile app

Visits a property

broker to get ahouse on rent

Searches for houses on

rent online and directly

contacts owner

Stands in queue to

books a cab from

pre-paid booth

Uses mobile app to book acab to the temporaryaccommodation

Stores

unnecessary items

in warehouse

Goes for on-demand storage

for storing unnecessary items

Son struggles tofind auto rickshawwhen he goes fortuition

Son uses mobile appfor test preparation andbook auto rickshaw

Visits furnituremarket to buy sofa

Start-up AGE

TRADITIONAL

Face languageproblems with localvegetable vendor

Struggles to find alocal good gym

Orders furnitureonline

Purchases groceriesusing the mobile app

Explore a nearbygym online andwears a fitnessband

Unable to find shopto buy South Indiansari for wife

Finding a plumberto get leaking pipelineis a challenge

Selects and buys aSari from huge rangeavailable online

Easily finds a plumberwho serves their areaonline

Before moving to Delhi

Arrives at Delhi airport

First few days in Delhi

Before moving to Delhi

Arrives at Delhi airport

First few days in Delhi

Shifts to new houseShifts to new house

Settles in new houseSettles in new house



...Leveraging technology to solve problems that have

been plaguing the country for decadesPower

$68 BnGDP loss due toelectricity shortage

IoT based solutionto make dieselgenerators moreefficient

Solar/wind energyforecasting andscheduling; Onlinerenewable energymarketplace

1 Infrastructure2 Healthcare3

$10 BnTraffic congestioncosts per year

Intelligent trafficmonitoring systemwith real time alerts

Big data andanalytics to tackleissues such asinfrastructure,healthcare andeducation

1 doctorPer 1700persons

Web-based andmobile platformfor patients toconnect with doctors

IT based healthcaresolution to predictphysical traits andassess the probabilityof developing a rangeof diseases

FinancialInclusion

4

120 MnRural householdswithout bankaccounts

Partnership withbanks and tabletbanking platform tofacilitate bankingservices

Simpler financing forpeople throughaccess to creditscores and otherrelated information

AgriculturalProductivity5

48% Of agricultural yieldof Asian countries

Web/mobile basedICT for farmers to improve theirefficiency andincrease produce

SMAC based supplychain family ofsoftware for rapidgrowth of agri-businesses

Skilling andEmployment6

500 Mn Government’s skillingtarget till 2022

Recruitment platformfor grey-collaredindustry to connectcandidates to jobopportunities

English learningmobile app forspeakers of regionalIndian languages

Education7

23% Gross Enrolment Ratioin higher education

Affordable technologyto personalize learning& increase access tohigh quality education

Online platform toconnect scholarshippromoters toscholarship seekersdirectly

Start-up India –




1

Employment FDI Growth Multiplier Effect SMB Growth

With huge rise in the numberof start-ups in India, employmentopportunities are being generated

Global investors are investingin the Indian start-up ecosystemleading to increased FDI

Traditional businesses are beingpositively impacted throughincreased spending by start-ups

Start-ups are empoweringSMBs in enhancing their reachand serve customers better

Growth in EmploymentOpportunity

80-85K

2015 2020P

Start-ups raising the barshigh at a global canvas - #6

Start-ups in billion dollar club

Top Deal in 2015

Advertising/Marketing

~$600 Mn

Estimated spend ofeCommerce playerson ads in 2015

Logistics/Warehousing

$950-1,900 Mn

Estimated spend ofeCommerce industryby 2017-2020 oninfrastructure, logisticsand warehousing

Taxi aggregators :Increase business forcab drivers througheasy discoverability

eCommerce firms:New channel of salesand enhanced geographic

reach for offline retailers

Accommodation start-ups:Improving business ofbudget hotels throughstandardization

Hyperlocal eCommercefirms: Offering newopportunities to kiranashops and grocery stores

Source: Economic Times, e27 Report, ASSOCHAM Report, Forbes, YourStory Report, Zinnov Analysis

Creating significant growth opportunities for every

stakeholder within the ecosystem

2 3 4

Start-up India –


250K $1.9 Bn Funding from

top deals in 2015

$635 Mn from investorsincluding Alibaba Group,and SAIF Partners

$500 Mn from investorsincluding Alibaba Group,SoftBank & Foxconn

$150 Mn led byInvestment AB Kinnevik &Tiger Global

$700 Mn from Tiger Global

& Steadview Capital



Objective

This report analyzes the current scenario and emerging trends across the various dimensions that definethe Indian start-up ecosystem, and gauge India's position as a global start-up hub that is becomingattractive for investors, start-ups, & corporates

1

Landscape

2 3 4 5

Funding Verticals Incubators/

Accelerators

Talent

Deep-dive into the Indian Start-up Ecosystem

6

Policies



Executive Summary (1/2)

rd

India ranks 3 globally with more than

4,200 startups

2.3X growth in number of active

investors, growing digital consumer

base, mobile first population,

improving political environment, and

high interest from global investors are

few of the key drivers

Promising start-up verticals for 2015:

IoT, Analytics, Health-tech and

Hyperlocal eCommerce

Bangalore, NCR and Mumbai continue

to be the top start-up destinations

with nearly 65% of the total Indian

start-ups.

Driven by high share of B2C focused

start-ups, NCR witnesses the

maximum amount of funding

Hyderabad, Chennai, Pune, Jaipur and

Ahmedabad are the major upcoming

start-up locations

Funding is estimated to grow by 125%, from

$2.2 Bn in 2014 to $4.9 Bn in 2015; much

higher as compared to cumulative funding

of ~$3.2 billion over the 2010-14 period

More than 390 start-ups have received

funding as compared to 179 start-ups in

2014. While overall VC/PE funding has

grown by 2.2X over 2014, seed stage VC

funding has grown by an incredible 6.5X.

Total number of active investors have grown

by 2.3X from 220 in 2014 to 490 in 2015

Global investors and corporates are betting

high on India market. Tiger Global, Sequoia

Capital, Softbank, Warburg Princus, and

Alibaba are among the top investors,

participating in deals worth more than $500

mn

Investors have access to more exit

opportunities with more than 65 M&A deals

in 2015, worth close to $800 Mn

B2C Segment

eCommerce start-ups and aggregators continue towitness maximum share of the investment

Hyperlocal eCommerce and consumer services

emerge as the top areas witnessing maximum

investment growth

B2B Segment

Driven by high growth in niche eCommerce and

hyperlocal eCommerce, start-ups enabling

eCommerce emerge as the top funded category in

the B2B space

Analytics across various domains – consumers,

supply chain, recruitment is another growing

segment

Emerging Verticals

IoT, Health-tech and Payments are witnessing

positive growth and strong investment

Whitespaces

Robotics, 3D printing and Machine learning are few

emerging areas, expected to grow in near future

Funding Verticals

Landscape

1 2 3

Start-up India –




Number of incubators/

accelerators grew by 40% from~80 in 2014 to ~110 in 2015

Nearly 50% of the

incubators/accelerators are setup

outside NCR, Bangalore and

Mumbai, providing an opportunity

to entrepreneurs from non-metro

cities

Colleges and corporates are

increasingly setting up their

incubators/accelerators

The industry sees a new trend

towards vertical focused programs

being setup by few

incubators/accelerators

The start-ups are creating a new world

of talent

Executives from national and

international conglomerates are joining

top positions at start-up ventures or

starting their own ventures

India is the youngest start-up nation in

the world- 72% of the founders are less

than 35 years old

~50% rise in share of female

entrepreneurs in 2015 over 2014,

driven by 4.5X growth in funding to

women driven start-ups

Start-ups are providing an exhilarating

work culture along with attractive

monetary benefits to lure new and

retain existing talent

Prime minister announced integrated

platform to promote and boostentrepreneurship in the country

Government policies and initiatives are

aimed towards improving the overall

start-up ecosystem

Industry expects more support and

focus on improving ease of doing

business and facilitating exit

opportunities

Incubators/Accelerators

Talent Policies

Start-up India –


4 5 6

Executive Summary (2/2)



1

Landscape

2

Funding

3

Verticals

4

Incubators/

Accelerators

5

Talent

SECTION 1 –

Start-up LANDSCAPE

6

Policies



The country has moved up to 3rd position and has thefastest growing base of start-ups worldwide…

Technology

Driven Product

Start-ups by

Key Countries47,000-

48,000

UnitedStates

4,500-

5,000

4,200-

4,400

3,900-2

4,100

3,300-

3,500

UnitedKingdom India Israel China

Technology Start-ups by Year of Inception

20152013 2020P

~700

~1,200

~2,100

Strong Growth

Indicators - India

Quick

Facts

NASSCOM launches

the “10,000 Start-ups

Program”

7 0 %

7 5 %

~156

~292

~110

Source: Zinnov Research & Analysis, The Next Web, LeWeb Blog1

Notes: Active Angel (or VC/PEs) is defined as an investor who has made at least one investment in 2015. Presented numbers are for Jan-Sep 2015 period. 2Number of tech start-ups in Israel have been estimated from the total number of start-ups in 2015 using % of tech start-ups in 2014

Start-up India –


1Active VCs/PEs in 2015

1Active Angels in 2015

Incubators/ Accelerators



More than 65% ofthe start-ups are located

in NCR, Mumbai and

Bangalore

~91%Male Female

1Share of Women Founders

2015 2020P

4,200 - 4,400 12,000+

Total Start-ups to grow

multifold

Employed in Start-ups1

2Investments in Start-ups

~$4.9 Bn

80-85K

Start-ups are borneach day

3-4

Worth of fundingweekly

$ 95 Mn

~9%

# of Incubators/Accelerators

~110

# of M&A Deals

65+

Represents the respectivenumber has witnessedgrowth since 2014

Source: Zinnov Research & Analysis, Deal Cur ry, AngelList, Crunchbase; Compass report on “The Global Start-up Ecosystem Ranking 20151 2

Notes: Based on a sample set of 600 start-ups formed over 2010-15 period. Estimated based on average deal size and number of deals(extrapolated based on number of deals in first3three quarters). Deals worth 4.1 Bn already closed by end of Q3-2015. To calculate the average deal sizes of more than 50 millions were not considered.

rd3 Largest

start-up location globally

Bangalore ranked 15

among Global Start-up

Ecosystem

Average valuation3

is on rise

$2.5-2.7 Mn

Start-up India –


…With rapid growth in the industry ecosystem across

all dimensions



Key Drivers

Inspiration from

Role Models

Successful start-ups act as

inspiration for aspiring

entrepreneurs

Unicorns

Industry Leaders

High Growth of Investor

Ecosystem

Growth in # of investors

since 2014

Growth in # of start-ups

funded since 2014

2.3x

2.2x

Tech driven large

Consumer and

SMB Market

300 Mn1

Internet Users

$ 16 BneCommerce1

Industry

10 MnTech Ready

1SMB’s

Digital Nation with

Mobile-First Consumer

140 MnSmartphone

1Users

213 MnMobile Internet

1Users

41%eCommerce

sales through1

mobile

Entrepreneurial

Environment

Government Policies

Promoting bank financing

for start-ups through Start-

up India, Standup India

Growing Platform

Large number of events,

awards, coverage platforms

help in recognition,

networking

Incubators/ Accelerators

Large base of ~110 helps

in mentoring and raising

funds

Start-up India –


Inspiration from successful start-ups, huge marketopportunity and an enabling support system have

been the key drivers

Source: Zinnov Research & Analysis, Press Articles1Notes: 2014 Number



Increasing number of high net-worth individuals consider start-up as a viable investment option over

other traditional investments such as gold, stock and real estate

Number of active angel investors have grown from 115 in 2014 to 292 in 2015

Successful Indian entrepreneurs giving it back to the eco-system and investing time and

money on young start-ups

Business tycoons such as Ratan Tata, Azim Premji have already started investing in

start-ups. Over 10 investments in Start-ups made by Mr. Tata till date

Organizations dedicated to start-ups are covering all aspects extensively and are seeingmassive interest from the audience

Leading dailies are also focusing on start-ups. Excited freelancers building-up1

ET has dedicated a full page for covering start-ups – “Start-ups & Tech”. Alone haspublished >170 articles in Sep 2015

Enterprises are realizing the disruptive potential of start-ups and are thus, partnering/ investingin them

Wipro has setup a $100 Mn VC fund to invest in start-ups in data, open source and industrial

internet space. While, IBM is partnering with 100 Indian big data and IoT start-ups

Global companies and investors such as Alibaba Group, Soft Bank, Sequoia and Foxconn are

starting to invest in the Indian start-up ecosystem

Commitments to invest in India in the next few years have been made along with creating India

specific funds

Viable Investment

Support

Sharing and buildingupon ‘success’

Media Support

Interest from

India-based

Conglomerates

Global Ecosystem

Accelerated

Source: Business Standard, Economic Times, Zinnov Analysis1

Notes: Economic Times

1

2

3

4

5

Start-up India –


...Gained further momentum in 2015 with growing

interest from corporates and other stakeholders

Ratan Tata

Azim Premji



Majority of the 1200 new start-ups are B2C, primarilypresent in 3 segments – eCommerce, consumer services

and aggregators

eCommerce

eCommerce is stillwitnessing strong newstart-up activity inniche areas

Consumer Services

Start-ups offering awide variety ofconsumer servicesare cropping up

Aggregators

Vertical remains astrong focus for newstart-ups withaggregation in uniquesub-segments

Enterprise Software

New softwarecompanies are tryingto differentiate withunique product/service offerings

13-15% 10-12% 9-11% 8-10%

Hyperlocal eCommerce

Start-ups are offeringvarious hyperlocalservices in metro andtier-1 cities

8-10%

Health-Tech

Traditional healthcarefacilities and servicesare being disrupted byhealth-tech start-ups

6-8%

Edu-Tech

Edu-tech start-ups areleveraging technologyin new ways toenhance leaning forstudents

6-8%

Analytics

Start-ups are applyinganalytics to benefitfirms in variousfunctions

5-7%

eCommerce Enablers

Driven by rise of theeCommerce segmentfirms are offeringspecialized servicesto support operations

5-7%

Social Platforms

New social start-upsare focusing onbringing togetherpeople with specificinterests

5-7%

Enterprise Software

Other emerging areasare IoT, Payments, Ad-tech, Media-tech, Fin-tech , Recruitment, etc.

16-18%

Share of vertical intotal # of new start-

ups in 2015

x%

Start-up India –




66% of start-ups are concentrated in the top 3 cities

of Bangalore, NCR and Mumbai

Source: Zinnov Analysis, Zinnov Startup Database

Start-up India –


1

Bangalore: 26%

2

NCR: 23%

Focus areas of Startups


ü eCommerce

ü Consumer

Services

ü Hyperlocal

eCommerce

ü Analytics

ü eCommerce

ü eCommerce

Enablers

ü Aggregators

ü Hyperlocal

eCommerce

3

Mumbai:17%Focus areas of Startups

ü Aggregators

ü eCommerce

ü Hyperlocal

eCommerce

4

Hyderabad: 8%


ü Consumer

Services

ü Payments

ü IoT

5 Chennai: 6%Focus areas of Startupsü Enterprise

Software

ü Analytics

6 Pune: 6%Focus areas of Startups

ü Hyperlocal

eCommerce

ü eCommerce

Top Cities

Emerging Cities

Major Startup Focused Indian CitiesDistribution of Indian Startups (4200+)

1. Bangalore

2.

NCR

3. Mumbai

Top Cities

1. Chennai 2.

Pune

3. Hyderabad

4. Ahmedabad

5. Jaipur

Emerging Cities

City Index based on:

(a) Number of startups

(b) Number of investor deals(c) Amount of funding(d) Enabling ecosystem (such as proximity of investors,incubators, accelerators and coworking spaces)

Index Score(0-5) >4.8 4.5-4.8 4-4.5

Top Cities

0.75-1.5 0.5-0.75 <0. 5

Emerging Cities

Bangalore is evolving fast to become a global startup hub, closelyfollowed by NCR and Mumbai



Emerging cities are targeting start-ups by focusing oninitiatives that strengthen their value propositions

CHENNAI PUNE HYDERABAD

Key Trends

Key Start-ups

Emerging as the SaaS Hub

Has large base of of B2B SaaS productcompanies triggered by the success ofZOHO supported by right set of domaintalent

Key Trends

Key Start-ups

Key Trends

Key Start-ups

Government SupportGood Environment

OTHER

CITIES

JAIPUR

AHMEDABAD

Talent Availability

• Technical talent dueto presence of largenumber of technical

universities• However, sales/

marketing expertiseis still lacking

• Cost effective realestate

• Good connectivity/

infrastructure• Pleasant weather

• Forming incubation center T-Hub incollaboration with ISB, NALSAR and IIITHyderabad to accommodate 1,500

companies• Provide technical, legal, IP support• Announced $100 Million venture capital

fund

Key Investors Key Investors Key Investors

KOCHI

Enabling Environment: Factors such as lower costs due to lower rentals and lower costs of living,good talent pool with low attrition and proximity to Delhi NCR

Ecosystem: Ahmedabad has incubators, mentors and a well-entrenched ecosystem for start-ups.Also, IIM-A has been fertile ground for entrepreneurship

Policy Support: Kerala Start-up Mission to promote start-ups in the state. Kochi’s ‘start-up village’ isplanned to incubate 1,000 product start-ups. Also, NASSCOM recently setup its star t-up warehouse

as part of its 10,000 star t-ups initiative

Source: Your Story, Kerala Government, Business Standard

Start-up India –




SECTION 2 –

FUNDING TRENDS

1

Landscape

2

Funding

3

Verticals

4

Incubators/

Accelerators

5

Talent

6

Policies



Funding is estimated to grow by 125%, from $2.2 Bnin 2014 to $4.9 Bn in 2015

Total Fundingin Start-ups

$2.2 Bn

2014

1 2 5 %

1~$4.9 Bn

2015 (E)

1~$6.5 Bn + Total funding would be much higher if

start-ups incorporated before 2010are considered, such as:

$700 Mn

$100 Mn

$120 Mn

$60 Mn

Start-ups Funded

20142

2015

3Number of Deals

194

436224

458

42014

2,42015

2,110

4,705

2014 2015E

115

29275

156

25

46

2014 20152

Total Investments(USD Mn)

Active Investors

1.Notes: Estimated based on average deal size and number of deals(extrapolated based on number of deals in first three quarters). Deals worth 4.1Bn already closed by end of Q3-2015. 2. 3.Number includes funding in Snapdeal, Olacabs, Paytm also. Presented numbers are for Jan-Sep 2015 period. Defined as a transaction between start-up and investor. A single round

4. 5.

of funding could be counted as multiple deals as there could be multiple investors investing. In addition, 17 deals in 2014 and 59 deals in 2015 did not have investor details. Defined as an investor who has made at least one investment in that year

Start-up India –


2. 3 X

Angel Investors PEs/ VCsOthers (Corporates,Incubators, Accelerators)

$150 Mn

$110 Mn

1 2 5 %

2. 1 X

2.3X

2.0X

Growth from2014 to 2015

2.2X

4X

2.0X

2.5X

2. 2 X

179

400

48 196



NCR, Bangalore and Mumbai account for over 93% of the

total investments

NCR

Mumbai

Bangalore 2015

$ 1.2 Bn (E)

2015

$ 2.3 Bn (E)

2015

$ 1.1 Bn (E)

70% of the investments towardsB2C start-ups



Ola Cabs - $ 625 Mn, Freecharge- $80 Mn

Paytm - $680 Mn, Snapdeal - $ 500 MnEcom Express - $133 Mn and Oyo Rooms - $100 Mn

Antuit - $56 Mn, Big Basket - $50 Mn,Homelane - $50 Mn, Little - $50 Mn, UrbanLadder - $50 Mn, Zovi- $50 Mn

1Total Start-up Investments by Location

Start-ups deals in 2015 with more than $50 million

Bangalore represents a fair mix ofinvestment across B2B and B2C as

compared to other top locations

Emerging Start-upCities

Start-up India –


1Notes: Additional estimated investment for Q4-2015 has been split across the three geographies based on the investment in the respective cities during the first three quarters. Deals above $100Mn were not included while splitting the investment across these cities.

$ 100-110 MnChennai

$ 80-90 MnPune

Contributing over $200Mn funding by 2015



Start-up India –


Global investors and corporates are betting high on

India market 1Top VC/PE Firms (2015 )

COMPANY 2INVESTMENTS KEY VERTICALS

1

2

3

Tiger Global

Sequoia Capital

Warburg Pincus

Shopclues

$100Mn

GOR

$45 Mn

ZO Rooms $24 Mn

HomeLane

$52 Mn

Oyo Rooms

$100 Mn

Grofers

$23 Mn

Ecom Express

$133 Mn

IoT; Mediatech; Edutech;Gaming

Consumer Services;Healthtech; Gaming

eCommerce Enablers

1Top Overseas Corporate Investors (2015 )


1

2

3

Alibaba

Softbank

Foxconn Technology

Group

Paytm$635 Mn

Snapdeal$500 Mn

Oyo Rooms$25 Mn

Snapdeal$500 Mn

Snapdeal

$500 Mn

eCommerce, Payments

eCommerce; Aggregators

eCommerce

1Top Indian Last Gen Start-ups (2015 )


1

2

3

Paytm

Flipkart

Ola Cabs

eCommerce; ConsumerServices

Aggregators

Payment Solutions

Little$50 Mn

Zovi$50 Mn

NestAway $12 Mn

ZinkaNA

Mswipe Technologies

NA

1 2Notes: Till date, Investments mention the full value of the deal, the complete amount may not come from the respective VC/PE firm listed, but from multiple investors.

Key Trends

I

II

III

IV

eCommerce and Aggregators are key verticalsfocus across all the investors

High Interest from Foreign Funds

Leading VC/PE firmsare foreign-based8/10

Overseas corporates are aggressively looking to

invest in Indian start-ups

Plans to invest over $1 Bn in Indianstart-ups over next 2 years

Plans to invest $100 Million inIndia in next 3 years

Start-up founders are also investing in Indian start-ups

Invested in 5 start-ups namely, Belong.co,Bewakoof, Routofy, Shadowfax Technologies,UrbanClap and Zenatix

Kunal Bahl, (Founder, Snapdeal)



29

B2C segment dominates, led by eCommerce &aggregators; B2B funding evolves as eCommerce enablers

and analytics emerges as focus areasInvestment Split by

Customer Segment

(2015)

Share of B2B Focused Investments

1Share of B2C Focused Investments

2014

2015

2014

2015

60%

250%

36%

33%

30%

28%

48%

18%

Aggregators

Aggregators

eCommerceeCommerce

AnalyticsEnterpriseSoftware

eCommerceEnablers

95%

B2B

17%

B2C

26%

3%

Investment Growth

(2014-15)

Focus Areas of

Start-ups

eCommerceEnablers

HyperlocaleCommerce

8%ConsumerServices

7%Hyperlocal

eCommerce

83%

Source: Zinnov Product/Digital Start-up Database 1Notes: Share of investment for the respective year and segment

$4.9 BnTotal Investment

Start-up India –

Momentous Rise of the Indian Start-up Ecosystem



Start-up India –


Year on Year VC/PE Investments

by Stage of Funding

Illustrations of Start-up by Stage of Funding Received

Across Years

Early Stage ($1-5 Mn)Seed Stage (<=$1 Mn)

Expansion Stage (>$20 Mn)Growth Stage ($5-20 Mn)Growth Stage Expansion Stage

Seed Stage Early Stage$4,705 Mn

$3,756 Mn

$664 Mn

$186 Mn

$99 Mn

2014

2015

$2,110 Mn

$1,707 Mn

$298 Mn

$90 Mn

$15 Mn

$0.5 Mn

$0.5 Mn

$0.5 Mn

$0.4 Mn

$3.5 Mn

$2.5 Mn $2 Mn

$6 Mn

$16 Mn

$15 Mn

$12 Mn

$50 Mn $133 Mn

$100 Mn $50 Mn

$10 Mn

$45 Mn

$5.4 Mn

$1.6 Mn

$0.2 Mn

$36 Mn

$5.8 Mn

$2 Mn

$0.7 Mn

Average Deal Size

While overall PE/VC funding has grown by 2.2X over 2014,

seed stage VC funding has grown by an incredible 6.5X



Start-up India –


B2B: 17%

B2C: 83%

$4,705 Mn

Total Investment

(2015)

Share of B2C Focused VC/PE Investments(2015)

Share of VC/PE Investment

by Start-up Type (2015)

Share of B2B Focused VC/PE Investments(2015)

35% Aggregators

38% eCommerce

8%

Hyperlocal

eCommerce

7%

ConsumerServices

46%eCommerce

Enablers

17%

Analytics

VC/PE

B2B: 32%

B2C: 68%

$196 Mn

Total Investment

(2015)

Share of Angel Investments (2015)Share of Angel Investment by

Start-up Type (2015)

AngelInvestor

23%

Aggregators

12%Consumer Services

16%

Payments

11%Edu-Tech

8%eCommerce

150+ VC/PEs investing across B2B & B2C Segments; angelinvestors are more diverse in their vertical selection

Robotics

9%

EnterpriseSoftware

9%

Source: Zinnov Product/Digital Start-up Database



Start-up India –


$ 2.7 Mn

$ 4.4 Mn

$ 3.5 Mn

$ 2.9 Mn

Indian Start-ups gaining access to customers

even without external funding

$ 2.3 Mn

$ 4.2 Mn

2015 2014

Some othermajor

countrieswith highaveragevaluation

United States

United Kingdom

India

Israel

Average Start-up

Valuation

Valuation M&A Exit

While valuations have consistently been on the rise, many

Indian start-ups have shown growth without external funding

Source: Zinnov Product/Digital Start-up Database, Angellist

Notes: Valuation figures include non-tech statups, Does not include valuations over $10,000,000 or under $10,000

Valuation

Mobile-first e-signature solution~3Mn app downloads

Among Top 10 grossing apps

Cloud based supply chainmanagement

1$250K revenue

11000% annual growth

Cross-browser testingproduct

520K+ registered users

25K+ paying customers

Mumbai2011

Bangalore2010



Start-up India –


Valuation M&A Exit

Indian start-ups on acquisition spree - Over 65 M&As

successfully executed in 2015

65+ M&A deals

in 2015

M&A by Region of Acquirer Companies

India

~90%

Rest of the World~10%

M&A Trends

M&A

Accelerate Consolidation

Diversify Business Offerings

Expand Customer Base

Acquire Technical Expertise

M&A

Source: Deal Curry, News Articles



Start-up India –


Indian Corporates acquiring Indian Start-ups Indian Start-ups acquiring other Indian Start-ups

Overseas Corporates acquiring Indian Start-ups

Indian Start-ups acquiring Overseas Start-ups

Acquired Company Acquiring Company



Acquired Company

Acquiring Company

Croak.it!

Corporates are acquiring start-ups to maintain theirmarket leadership

Start-ups are acquiring other start-ups to increasetheir customer base and gain market share

Overseas corporates acquiring Indian start-ups inorder to enhance their technical expertise

Indian start-ups acquiring overseas start-ups for

technology gains to compete with ecosystem

M&A

Start-ups are being acquired for access to new customers,maintaining leadership, and technical acumen

Source: Deal Curry, News Articles, Venture Intelligence

2 0 1 5

2 0 1 5

2 0 1 5

2 0 1 5



Start-up India –


Valuation M&A Exit

2014-15 has seen some large exits instilling positivityand confidence with the investor community

Channels for Exit

$10 M

$400 M

$40 Mn

10 NA

21 $235 Mn

29 $418 Mn

19

$68 Mn

$20 Mn

$200 M

$5.5 M

USD400 Mn

USD 300 Mn

USD 200 Mn

USD 100 Mn

USD 0 Mn

Not Disclosed

Q4- 2014 Q1-2015 Q2-2015 Q3-2015

No.of Deals :Deal Value :




Source: Zinnov Product/Digital Start-up Database, Deal Curry, News Articles.

Exit



SECTION 3 –

EVOLVING VERTICALS

1

Landscape

2

Funding

3

Verticals

4

Incubators/

Accelerators

5

Talent

6

Policies



Start-up India –


Diverse start-up landscape – Healthy mix of mature,traditional and emerging areas focused companies

Vertical Maturity1

2012

0

2,200

300

1,500

100

20132011

T o t a

l F u n d i n g 2

( i n $ M n )

Consumer

ServicesHyperlocal

eCommerce

eCommerce

Enablers

IoT

Health-Tech

EnterpriseSoftware

400

200

3eCommerce (Traditional)

600

2010

EMERGINGVERTICALS

M

E

• Large players within each

segment have already emerged

• Top players w ithin eachsegment are backed by large

VC/PE funds• Limited scope for disruptions by

new entrants

• No established large player

in the segment

• Significant opportunity for

disruptions by new entrants

• Segments witnessing strong investor

traction

• Large players are yet to emerge

• Expected to witness more consolidation

MATURE

VERTICALS

4eCommerce (Niche)

Aggregators

Analytics

G

1. 2. 3.

Notes: Based on the average year of inception of the companies in the segment Funding for year 2014 and 2015 Includes start-ups which are involved in the sale of goods 4.of all segments Includes start-ups which are involved in the sale of goods of a particular segment only such as kids, fashion or healthcare

GROWING

VERTICALS

Payments



Start-up India –


eCommerce: Driving a major share of investment in the

country

Quick Facts

eCommerce

820+

# of start-ups1

$ 1.4 BnFunding

Average Age of Sub-Segment v/s

Total Funding of Sub-Segment

Average Year of Inception

2010

2012

0

1,500

200

300

100

20132011

Mature Start-ups

Emerging Start-ups

Key Investments (2015)

Top Investors (2015)

$ 500 Mn

$ 100 Mn

Across

Kids

FashionHome

Decor

2015E

1. 2.

Notes: Estimated based on a sample of 600 companies formed over 2010-2015 period; Funding for the year 2014 and 2015

2

T o t a l F u n d i n g ( i n

$ M n )

M

$ 211 Mn

Fashion

$ 645 Mn

Traditional

$ 88 Mn

Home Decor

$ 47 Mn

Kids

$ 31 Mn

Others

$50 Mn



Start-up India –


Aggregators: Established in transport, travel andreal-estate sub-segments

Quick Facts

Aggregators

480+

# of start-ups1

$ 1.1 BnFunding




2011

2013

0

1,000

160

240

80

2012

Funding by Sub-Segment (2015)



$ 625 Mn

2015E

1. 2.Notes: Estimated based on a sample of 600 companies formed over 2010-2015 period, Funding for the year 2014 and 2015

2


$ M n )

$ 125 Mn

$ 32 Mn

Mature Start-ups

Emerging Start-ups

Travel

DealSearch &Cash back

Real Estate

Fashion

Insurance Policies

Transport

M

$ 20 MnFashion

$ 16 MnDeal Search

$ 632 MnTransport

$ 27 MnReal Estate

$ 207 MnTravel

$ 32 Mn

Others



Start-up India –


eCommerce Enablers: Driven by high growth in nicheand hyperlocal segments

Quick Facts

eCommerceEnablers

50+# of start-ups1

$ 360MnFunding




2011

20130

300

30

60

2012




2015E

1. 2.Notes: Estimated based on a sample of 600 companies formed over 2010-2015 period; Funding for the year 2014 and 2015

2


$ M n )

$ 40 Mn On-demandInventory

$ 234 Mn

Logistics

$ 24 Mn

HyperlocalLogistics

$ 1 Mn

InventoryManagement

$ 133 Mn

$ 40 Mn

$ 85 Mn

Mature Start-ups

Emerging Start-ups

Logistics

Hyperlocal

Logistics

Inventory

Management

App/Web

Development

On- demand

Inventory

2014

G



Start-up India –


Consumer Services: It’s huge size and unorganizednature sets it up as a key disruption area

Quick Facts

ConsumerServices

100+# of start-ups1

$ 230 MnFunding






2015E

2


$ M n )

2011

2013

0

80

40

60

20

2014

2012

Mature Start-ups

Emerging Start-ups

Car Rental

HyperlocalDeals

Home Service

Interior

Design

Customer

Support

$ 50 Mn

$ 11.5 Mn

$ 50 Mn

$ 16 Mn

$ 56 Mn

Hyperlocal Deals

$ 24 Mn

Car Rental

$ 59 Mn

Interior Design

$ 33 Mn

Home Services

$ 8 Mn

Others

$ 16 MnCustomerSupport

G



H l l C Di d hi d



Start-up India –


Hyperlocal eCommerce: Diverse demographics andinadequate infrastructure are catalyzing transformation inthis segment

Quick Facts

HyperlocaleCommerce

50+# of start-ups1

$ 250 MnFunding






2015E

2


$ M n )

$ 50 Mn

$ 35 Mn

2011

2013

0

200

100

150

50

2014

2012

$ 20 Mn

$ 137 Mn Grocery

$ 56 Mn

Food

$ 6 Mn

Healthcare

Healthcare

Grocery

Food

Matured Start-ups

Emerging Start-ups

G


1. 2.Notes: Estimated based on a sample of 600 companies formed over 2010-2015 period5; Funding for the year 2014 and 2015



Start-up India –


Analytics: Strong use cases for analytics across differentfunctions are fueling growth of analytics start-ups

Quick Facts

Analytics

~400# of start-ups1

$ 180 MnFunding






2015E

2


$ M n )

2013

0

75

25

50

2014

2012

G

$ 56 Mn

$ 8 Mn

$ 1 Mn

$ 15 Mn

$ 5 Mn

$ 1 Mn

$ 26 Mn

Enterprise Business

Intelligence

$ 57 Mn

Infrastructure& SupplyChain

Analytics

$ 17 Mn

Marketing Analytics$ 5 Mn

Human Capital

Analytics

Mature Start-ups

Emerging Start-ups

Infrastructure & Supply

Chain Analytics

Human Capital

Analytics

Marketing

Analytics

Enterprise Business

Intelligence





Start-up India –


IoT, Health-tech, and Payments are set to disrupt themarket; Mobility is the key driver for a mobile-first nation

E

75+ start-ups

120+ start-ups 70+ start-ups

35% Start-up’s havefocus on mobilebased deliverymodel

IOT

PaymentsHealth-Tech

1Notes: Estimated based on a sample of 600 companies formed over 2010-2015 period



Health-Tech: Huge population base and potentialof India’s healthcare industry is driving growth in health-tech

E

120+ start-ups in India which almost

grew 2x since 2014

The Indian healthcare IT market today is

worth USD 1.0 billion (2014) and pegged

to grow ~1.5X by 2020

Accelerators dedicated solely to HealthcareStart-ups are getting incepted in India

Indian health-tech start-ups are proving theircapabilities in the global market as well

Start-up India –


Source: Rediff, News Articles1.

Notes: # of startups estimated based on a sample of 600 companies formed over 2010-2015 period, Investment numbers do not include undisclosed deals. *Practo is pre 2010 incorporated

Quick Facts

Over $80 Mn

1invested in Start-ups since Jan’2015

Health-Tech

Success Story: Practo, an online health serviceplatform with 200K+ doctors & $120Mn+funding in last 8 months

Online Healthcare Search

Raised $10.2 Mn funding

from Tiger, Nexus and Ratan

Tata

New Delhi

2013

Mumbai

2013

Bangalore

2013

Home healthcare market player

Raised $1 Mn in angel funding in

2015

Home healthcare provider

Raised $37.5 Mn funding from

Accel partners, QualcommVentures and Ventureast in 2015

Udaipur

2014

Rural healthcare provider

Raised pre- series A funding from

Ankur Capital in 2015

*Excludes Practo*, which receivedfunding of $120 Mn in 2015

Payments: Cashless/online transactions and



smartphone growth are driving emergence ofpayments solutions from start-ups

70+ Start-up’s in India

India has just 260 Mn bank accounts i.e.rd

2/3 of the country is unbanked

Over 95% of the 30 Bn of paymentstransactions annually are by cash/cheque

RBI has given license to 11 companiesincluding Paytm to setups payments banks

Mobile rechargeand bill paymentsplatform

Raised $80 Mn funding

in 2015

Online payment gatewaysolution

Raised $120 K seed funding in

2015

Online citizenservices bill payments

Raised $10 Mn funding

from SRI Capital in 2015

Mobile PoS andpayments processingsolution

Raised $23 Mn in Series

C funding in 2015

Start-up India –


Mumbai

2011

Bangalore

2011

Jaipur

2013

Hyderabad

2012

Source: YourStory, News Articles1.Notes: # of start-ups estimated based on a sample of 600 companies formed over 2010-2015 period, Investment numbers do not include undisclosed deals;

2.Paytm received funding majorly for its eCommerce platform, hence not included in the overall payments funding

Over $145 Mn*

1invested in Start-ups since Jan’2015

Payments

Quick Facts

E

Success Story: Paytm, an onlinepayments platform received $635 Mnfunding in 2015

Start-up Offering

Hardware

Only Software/Service

2*Excludes Paytm , which received

funding of $635 Mn in 2015

I T St t idi th I T t t di t



IoT: Start-ups riding on the IoT wave are set to disrupthow consumers and industries interact with machines

75+ Start-up’s in India which grew over

35% since 2014

USD 10-15 Bn IoT Market Opportunity

by 2020

$1 Bn+ investment committment by Indian

govt on building 100 smart cities every yearfor next 5 yrs

PM announced the launch of Centre of

Excellence for IoT in Bangalore - A combinedinitiative of Department of Electronics & IT,ERNET India and NASSCOM to promote thesIoT ecosystem

Start-up India –


Wearable technology fora healthier lifestyle

Raised venture funding

in 2015

IOT based energy monitoringequipmentRaised $200K in Seed Capital

from Snapdeal and Rajan

Anandan

Wearable device to controlany smart deviceRaised $ 0.2 Mn crowd

funding in 2014

A connected car platformfor remote monitoring

Raised Seed Capital from

Pose Ventures and

Snow Leopard

Mumbai

2014

Kochi

2013

Gurgaon

2013

Pune

2013

Notes: # of start-ups estimated based on a sample of 600 companies formed over 2010-2015 period, 1. Investment numbers do not include undisclosed deals.

E

Over $75 Mn

invested in Start-ups since Jan’20151

Quick Facts

IOT

Success Story: Altizon, company focusedon making enterprises IoT readynamed Garter 2015 cool vendor

Robotics 3D Printing and Machine Learning are



Robotics, 3D Printing and Machine Learning arekey whitespaces which will drive future attentionfrom start-ups

Start-up India –


Source: News Articles

Illustrative Start-up Leaders across Verticals

Robotics 3D Printing Machine Learning

Grey Orange Robotics founded in 2011,based out of Gurgaon (NCR) builds

robotics systems for warehouseautomation

Raised $30 Mn funding from Tiger

Global and Blume Ventures in 2015

Fracktal Works founded in 2013, basedout of Bangalore develops 3D printershaving clientele including L&T, Toshiba

and Cisco

Raised $3 Mn seed funding from 1 Neoteric

Technology Solutions in 2015

InvenZone founded in 2013, based outof Mumbai provides a niche platform forresearchers using advanced machinelearning and deep learning algorithms

Raised undisclosed

amount of angel funding in 2014

Other Start-ups Other Start-ups Other Start-ups



SECTION 4 –

INCUBATORS/ ACCELERATORS

1

Landscape

2

Funding

3

Verticals

4

Incubators/

Accelerators

5

Talent

6

Policies

With over 40% growth annually 110+ business



With over 40% growth annually, 110+ businessincubators & accelerators are providing seed stagesupport to start-ups

Incubator/ Accelerator Ecosystem in India

40%+ YOY Growth in #of Accelerators/

Incubators

New Colleges Setting up

Incubation CentresIncubators located in Delhi, Bangalore and Mumbai

Key Trends

45%+

110+Accelerators/

Incubators

18 new colleges inTamil Nadu expectedto have incubationcentres by 2015

NASSCOM partneringwith State Governmentsfor Start-up warehouses• 80 Start-ups have been

incubated across Start-up Warehouses, with~10Mn Funding raised

Key Focused Verticals: Big Data & Analysis;Consumer Internet with emerging verticals such aspayments, healthcare, education, advertisement etc.

Vertical Focused Accelerators coming into play toprovide industry specific connects and guidance,however few start-ups to select from becomes achallenge

Launching Online as well as Offline Programs toexpand their reach and going global

Source: Zinnov Research & Analysis

Start-up India – Scripting a new future:


More Corporates Moving

to Accelerator Market

NASSCOM IoT CoE

Most incubators and accelerators also provide funding



Most incubators and accelerators also provide funding,mentorship and networking opportunities, in addition tobusiness support

2012 Bangalore

Provides mentorship, technical

guidance and networking

through 16 weeks program

2012 Noida

2012 Gurgaon

2014 Bangalore

2014 Bangalore

2014 Bangalore

2011 Bangalore

DetailsFounded Location FocusAreas

Notable Start-ups Funding

1

2

3

4

5

6

7

• Cloud• Internet• Mobile

• Internet• Mobile

• Internet• Mobile

• eCommerce• Healthcare• Clean-tech

• Internet• IoT

• Mobile• Marketing• Analytics

• Virtualization• Cloud• Mobility

Provides mentorship,

networking, co-working space

through 16 week program

Provides networking,mentorship, initial capital etc.


Provides mentorship and

operational support through

100 day accelerator program/

24 week scale-up program

Provide mentorship, networking

and guidance in technology

through a 6 day program

Provides mentorship,

networking, co-working space


Provides support, in-depth

training, co-working space


Funding disclosed only in few

cases (27% of the start-ups

have received Series A funding

later on)

Invests up to $50k at 8%

equity

Invests $30k-$60k at 8-9%equity (subsequent rounds of

up to $500,000 into a few

select start-ups)

Provide grants of $2.5K or

invests $50K-$1Mn

No funding provided (Start-ups

get $20,000 worth of cloud

credit to buy cloud services)

Provide funding of upto $30k

Awards $10k equity free grant

to selected start-ups

Source: News Articles, Company Websites

Start-up India –




SECTION 5 –

TALENT

1

Landscape

2

Funding

3

Verticals

4

Incubators/

Accelerators

5

Talent

6

Policies



India is the youngest start-up nation in the world - 72% of thefounders are less than 35 years old

A g e

<20 years

0.3% 15% 26% 31% 15% 6%

>45 years

6%

20-25 years 26-30 years 31-35 years 36-40 years 41-45 years

E d

u c a t i on Engineering

Graduate

35%

M.B.A.

26%

OtherGraduate

15%

Other PostGraduate

-

10%

EngineeringPost-Graduate

4%

1Others

10%

Founders Gender

Breakup

~91%

~9%

Comparatively small shareof women entrepreneurs

1Notes: Others include MS, Administration Graduate, Doctorate, Under Graduate, etc.

Start-up India –


Demography of start-up founders



50% rise in share of female entrepreneurs in 2015over 2014…

Women Entrepreneurs in1

Start-up Landscape~9%

Age Wise Break Up of

Start-up Founders30% 26-30 years

47% 31-35 years

16% 35+ years

27%

12%39%

22%

BE, B. Tech M. Tech, MS, MCA

MBA2

Others

Education Break Up ofStart-up Founders

B2C

eCommerce

Aggregator

70%

B2C

EnterpriseSoftware

Big Data &Analytics

30%

$168 Mn+Funding received by womenstart-ups in 2015

Top Focus Areas of Women Driven Start-ups

Naiyya SaggiCEO(MBA from HarvardBusiness School)

$600 K of funding

Successful Women Entrepreneurs

Shanti MohanFounder & CEO(BE from BIT Sindri)

Suchi MukherjeeFounder & CEO(MSc. from LondonSchool of Economics)

$30 M of funding

$650 K of funding

Start-up India –


Source: Zinnov Product/Digital Start-up Database 1 2Notes: Analysis based on a sample size of 31 Start-ups, % of start-ups with women as founder or co-founder, includes 'Other Undergraduates', 'Others Masters' and 'Doctoral' degree"



…Driven by 4.5X growth in funding to women driven start-ups

Funding to Women1

driven Start-ups

$ 168 Mn

$ 36 Mn

2014

Sources of Funding to Women drivenStart-ups (2015)

2%Undisclosed

10%Angel

88%VC/PE

2015(till date)

2 (Founded in 2015, India’s 1st VC Fund focused on Women Entrepreneurs )

Founders

Ankita VashishthaFounder & CEO(Managing Partner, Tholons Capital)

Usha AminCo-founder & CFO(Past Chairman & MD, Accenture)

Total Corpus

$ 15 Mn

Focus Areas

• eCommerce

• Social Media

• Cloud

• Analytics

• Education

• Healthcare

Start-up Investments

Source: Company Website, Your Story, Zinnov Analysis1 2Notes: Includes start-ups where a woman is one of the co-founders, SEBI approved

$

$

$

Start-up India –


Top Deals (2015)

$37.5 Mn

$40 Mn



Indian CXOs and senior executives are coming forwardto join start-ups or starting their own ventures

Key Drivers

Industry Leaders becoming part of Start ups

Technology Leaders joining Start ups

Business Leaders

joining Start ups

Industry Veterans

starting own ventures

Punit SoniChief Product

Officer, FlipkartWorked atGoogle, Motorola

AnandChandrasekaranChief ProductOfficer, SnapdealWorked at Yahoo,Airtel

Namita GuptaChief ProductOfficer, ZomatoWorked atFacebook,Microsoft

Ananth NarayananCEO, Myntra

Worked atMcKinsey

Abhishek PoddarDirector, Productand Business,EzetapWorked at HP

Sumant

NaikKhanvteDirector, ProductManagement,ZipdialWorked at JuniperNetworks

K RadhakrishnanCo Founder,

GrocerMaxWorked at FutureGroup, RelianceRetail

Ashish GoelFounder, UrbanLadderWorked atMckinsey, Amar

Chitra Katha Media

Deepak GargFounder, RivigoWorked atMcKinsey

High pay-packagescoupled with stockoptions

1

Higher roles andresponsibilities

2

3 Better futurecareer growth

Start-up India –




Brain drain to brain gain- people settled abroad are returningto India to start new businesses

Saurabh Arora, Lybrate

Sameer MaheshwariHealthkart

Ashwini Asokan,MAD Street Den

Suchi Mukerjee,

LimeRoad

Poornima Vardhan, 335TH

Maturing start-up ecosystem in India

Massive market opportunity with high # ofpotential customers

White spaces in India which can be addressedby start-ups offerings

Ease of funding availability

Low running cost for start-ups

1

2

3

4

5

• Masters from CarnegieMellon University, USA

• Worked at Intel, USA• Year Founded: 2014

• Masters from Carnegie MellonUniversity, USA

• Worked at Intel, USA

• Year Founded: 2012

• MBA from Harvard Business School, USA• Worked at UBS• Year Founded: 2011

• MBA from Columbia Business School, USA• Worked at Facebook, USA• Year Founded: 2013

• MBA from Columbia Business School, USA• Worked at Facebook, USA• Year Founded: 2011

• MBA from The Wharton School, USA• Worked at UBS, USA• Year Founded: 2014

Sandeep Aggarwal,Shopclues & Droom

Start-up India –


Key Drivers

Start-ups are providing an exhilarating work culture along



Start ups are providing an exhilarating work culture alongwith attractive monetary benefits to lure new and retain

existing talent

Flat Hierarchy ascompared to

Corporates

Multitasking

More Opportunity to Grow

FlexibleWork Timings

Competitive MonetaryBenefits

Continuous real-time

semi-structured

feed back

Freedom to Innovate

& Explore

Start-up India –




SECTION 6



SECTION 6 –

GOVERNMENT POLICIES

1

Landscape

2

Funding

3

Verticals

4 5

Talent

6

PoliciesIncubators/

Accelerators

Government policies and initiatives are aimed towards



Government policies and initiatives are aimed towardsimproving the overall start-up ecosystem

Operations

1

Start-up India Standup India

Prime minister announced

integrated platform to promote

and boost entrepreneurship in

the country

2Launched India Aspiration Fund

(IAF)

To boost start-up ecosystem,

launched IAF with initial corpus of

INR 2,000 Cr to finance and1

promote MSME sector

2SETU Program

Established techno-financial/

incubation programme to support

start-ups and set aside INR 1,000

Cr in 2015 Union Budget

3

Funding

Atal Innovation Mission

Established a platform to promote

culture of innovation and R&D and

earmarked INR 150 Cr in 2015

Union Budget

1

Technology

Improving Ease of Starting aBusiness

• To create Ebiz portal forreducing approvals required tostart a business

3• To complete tax registration in

2 days

1

Dedicated Start-up Exchange

SEBI has plans to setup an

alternative trading platform for

internet start-ups with relaxed listing

requirements

2

NEWStart-upS

Plans Incentives to IoT Start-ups

• Easy import facilities & dutybenefits

• Minimize excise & central salestax

• Subsidised rates on purchasingland

1 2State Government Start-upPolicies

State Governments are coming upwith start-up friendly policies andpartnership with NASSCOM forstart-up warehouse setup in theirrespective locations

Source: News Articles1 2 3

Notes: Self-Employment and Talent Utilization, Micro Units Development Refinance Agency, Department of Electronics & Information Technology, 4 5Micro, small and medium enterprises, Central excise and service tax

Start-up India –


3Technology Business Incubator (TBI)

Scheme by Department of Science andTechnology to facilitate creation oftechnology led and knowledge drivenenterprises

G t f th b t th t b f l ti g



Government can further boost the ecosystem by formulatingoverarching start-up centric policies

1

Start-up Policy

Formulate start-up policy for

India to promote overall

start-up growth and fosteran environment of

entrepreneurship

2

Infrastructure

Develop infrastructure

across cities for better

connectivity, transportationand basic amenities to spur

business growth

3

Exit Options

Lay out rules on exit options

for entrepreneurs as well as

investors to boost crossborder M&As

“The industry would also certainly like to see a pro-investor tax policy and avoidance of doubletaxation for foreign investors toenhance investments in thecountry.” - Safir Adeni, President,TiE- Hyderabad

4 5

Ease of Doing BusinessFocus on easing regulatorynorms for starting and

operating a business in thecountry along with sector

specific regulations

IncentivesProvide subsidies, fundsand other incentives to

start-ups in areas such asproduct development and

market access

6

Tax BenefitsRationalize taxes related tostart-up investments such as

angel-tax, differencesbetween investments in

listed & unlisted shares andmobilize domestic investors

"Start-ups create jobs and intellectual property andcatalyze FDI by attractingventure capital. Because of thecurrent tax regime, start-ups are being compelled to incorporate overseas."- Saurabh Srivastava, Founding& Managing CommitteeMember, IAN

"It (budgetary provisions for start-ups) will generate interest in international VC firms to considerIndia as a favourable investmentdestination.” - Shashank ND, CEO, Practo

Source: Money Control

Start-up India –


Key Policy Related Asks from the Government



NASSCOM

10,000 Start-ups Program



NASSCOM 10,000 Start-ups Program

Start-up India –


10,000 Start-ups is an ambitious attempt by

India's premier IT industry body - NASSCOM

to scale up the start-up ecosystem in India by

10x. 10,000 Start-ups aims to enable

incubation, funding and support for 10,000

technology start-ups in India over the next

ten years. The program's vision is to:

Foster entrepreneurship and build entrepreneurial

capabilities at scale

Strengthen support

system for tech start-

ups

Impact 10,000 Tech

Start-ups on F.A.M.E.

Model by 2023

To meet these objectives, the program brings together key stakeholders of the ecosystem including start-up incubators /

accelerators, angel investors, venture capitalists, start-up support groups, mentors and technology corporations and we

operate as the knowledge base of start-ups' working models, verticalized interest, etc. From 15 partners initially, we've grown

to a network of 70 partners today. The program is supported by foundation grants and corporate partnerships.



Start-up India –


10,000 Start-ups Core Components

Bring together the community of

India's top entrepreneurs in a wide

range of industries including

consumer and enterprise IT, medical

and hardware, IOT and eCommerce.

Credits worth $25,000 in value from

our Partners, including cloudcomputing and storage credits,

developer platforms, and other

software's in addition to drop-in

office space (Start-up Warehouses)

and legal advice.

Education through customized

programming and on-demand

experts delivered to match the

founders' needs.

Mentorship from over 200 serial

entrepreneurs, experts, angels andVCs, including individuals from

LinkedIn, Google, Amazon, Microsoft,

and many more in Silicon Valley.



10,000 Start-ups - Initiatives

Start-up India –


NASSCOM Start-up Incubation Network

(Start-up Warehouses) – Star t -up

Warehouses are designed for start-ups

ecosystem creation and enhance early stage

support for technology start-ups in various

states of India. An Incubator and co-working

space for dozens of technology start-ups and

early stage product companies at a highly

subsidized cost, in the heart of the city. The

co-working space allow early-stage

technology start-ups to work for 6-12 months

during which it will facilitate demos and

pitches by start-ups to investors, largecorporates, other accelerators/incubators

and individual mentors. It also provides a

large event place for hackathons, regular

talks and workshops to sharpen the skills of

start-ups on go to market, scaling up, global

technology trends, and other learning &

development needs.

Currently in operation:

• Start-up Warehouse,

Bangalore. Supported by

the Govt. of Karnataka


Kolkata. Supported by

the Govt. of West Bengal


Kochi. Supported by the

Govt. of Kerala

In the pipeline:

• Start-up Warehouse, Navi Mumbai & Pune.

Supported by the Govt. of Maharashtra

Start-up Warehouse, Gurgaon. Supported

by the Govt. of Haryana

80 Start-ups have been incubated across

Start-up Warehouses, with ~10Mn Funding

raised. 400 Jobs created by them, 150+

events across warehouses that includes

hosting international delegations, Investor

meet-ups, Hackathons, Start-up Konnect

sessions.


Top Gun Start-ups from 10K Start-up Warehouses:

Bookpad, Boutline, Catapoolt, Changer Mints, English Dost, EPoise

HackerEarth, Hiree, iReff, Jiffstore, Mera Tiffin, Metome, Native5, Ridingo,

Shield Squire, SignEasy, Smart Buildings, Smart Pocket, TookiTaki



Start-up India –


NASSCOM Industry Partner Program (NIPP) – NIPP focuses on market validation and early customer development for

start-ups. The program on innovative mature technology ventures to test their solution, pricing model, and marketing

strategy, also do a proof of concept for sustained engagement between large corporates.

NIPP Member Companies Include:

Google, Microsoft, Intel, Amazon Web Services, IBM, Motorola, Dell, AllState, Wipro, CA Technologies, Societe Generale,

UBS, Accenture, Deutch Bank, Zafin, Sony

Start-up Konnects - 10K Start-up Konnects, aims to bring together Funding Partners, Mentors, Enterprise Tech Industry Network

and 10K shortlisted start-ups for the purpose of win-win partnerships. These connect events enable early stage start-ups to

connect with bigger contemporaries and 'sell' to them their ideas, innovations and niche products.

WomenTechShip - We are creating the right environments, programs and policies, for woman to thrive. With WomenTechShip as

our regular series, we aim to support women advance in domain technology fields. These women meet-ups include education in

technology, hackathons, inspiring talks by women leaders and skill based workshops and sprints. Bit Giving, Cash Karo,

FreshMenu, Green Cosmos, SeekSherpa, Social Cops, , SmartVizX, Trumpet, WeTravelSolo to name a few

Innotrek - It's a global connect access program, that gives the brightest tech start-ups a chance to go to Silicon Valley, get

access to global VCs and connect with some of the biggest and most renowned tech giants of the world. AdPushup, Bookpad,

CustomerXps, Faircent, FindUrClass, Instasafe, Loginext, LazyLad, Posist, Wagmob to name a few




Start-up India –


Our events deliver press and funding to founders

We conduct events where our network of investors and enterprises come to hear our companies pitch. These

events have been attended by over 200 investors and press from leading publications like Economic Times,

Times of India, Business Standard, Financial Express and more. Prior to each Konnect session, our staff and

mentors work with each start-up extensively to refine their pitches. Throughout the session we provide access to

numerous top-tier investors, angels, corporate representatives, and press. This is essential for fundraising,

publicity, and corporate partnerships.

10,000 Start-ups IMPACT

Started in April 2013, since then, we've done about 600+ high impact events in 26+ cities of the country which

were attended by a whopping 30,000 attendees and have impacted 1100 start-ups out of 11,000+ Applicants.

From which 170+ Start-ups have received funding, 500+ Start-ups have got mentored, 100+ Start-ups

Accelerated and 1000+ Enterprise Connected. 10% women entrepreneurs in the program.The program is supported by our founding partner Google for Entrepreneurs, and Industry Partners Microsoft

Ventures, Kotak, IBM and Amazon Web Services.




Appendix

Based on number of start-ups India is counted among



Start-up India –


the top 5 largest start-up communities in the world

Source: Zinnov Research & Analysis, AngelList

2,775-2,800

<5,000

Start-ups5,000–7,500

Start-ups

7,500–

10,000

Start-ups

10,000+

Start-ups

1,290-1,320

Countries based on the

number of Start-ups

Canada

UK

Netherlands Russia

Germany

France

India

Australia

USA

Brazil

6,000-6,200

3,000-3,100

83,000-83,500

47,000-48,000

7,900-8,000

4,500-5,000

1,225-1,250

560-575

1,350-1,375

630-650

Total Tech Start-ups

Total Start-ups

1,025-1,050

2,200-2,300

1,600-1,650

750-775

2,500-2,525

1,160-1,175

9,500-10,500

3,300–3,500

China

4,500-5,000

3,900-4,1009,500-10,500

4,200-4,400

Israel



Start-up India –


NASSCOM- ZINNOV Start-up City Index

Source: Zinnov Analysis, Zinnov Start-up Database

Index Score -Top Cities

1. Bangalore

2.NCR

3. Mumbai

City Index ScoreCalculated based on:• Number of start-ups• Number of investor deals(c) Amount of funding(d) Enabling ecosystem (such as proximity of investors,incubators, accelerators and coworking spaces)

Bangalore is evolving fast tobecome a global start-up hub,closely followed by NCR and

Mumbai Top Cities

Emerging Cities

Major Start-up Focused

Indian Cities

1.

Chennai

2.

Pune

3. Hyderabad

4. Ahmedabad

5. Jaipur

Index Score – Emerging Cities

Other cities such as Chennai,Pune, Hyderabad, Jaipur,

Ahmedabad, Chandigarh etc. aretaking steps to emerge as key

cities in start-up space

Index Score

(0-5) >4.8

4.5-4.8

4-4.5

Top Cities

0.75-1.5

0.5-0.75

<0. 5

Emerging Cities

Investors look for sound team, idea and business modelb f i ti i t t



Start-up India –


before investing in start-ups

Team

1. Founders

Pedigree- Education (associated brands of

colleges ) and experienceNumber of founders and their relationshipwith each other

Mix of technical and business orientedfounders

2. Complete Team

Product capabilities of the team

Educational background and experience

3. Future Prospects

Retention rate and measures to improvethe same

Hiring plans

Idea

Objective

Should focus on solving a customer pain

point

Business Model

Customers

Number of customer base with the focus

on paid customers

Clarity

Should have clear understanding of theidea and its execution

Innovation

Getting first mover advantage throughinnovative idea

Vision

Long term plan of expanding the ideaimplementation

Revenue Model

Sound business model to generaterevenue and profits

Market Potential

The idea should provide large businessopportunity

Start-ups have to go through a step wise process inorder to get multiple rounds of funding



Start-up India –


order to get multiple rounds of funding

Fund Raising Process for Start-ups

Product Brief

Elevator Pitch to present

Market Opportunity

Business Model

Key Clients

Revenue Model

Achievements

Past 3 Years Financials

Future 3 YearsFinancials

Past Year Failures &Achievements

Hiring Plans

Key Clients Acquired

STEP 3

Series A: First Round of FundingSeries N Round of

Funding

Reference byClient

A

Participation inCompetitions

B

Networking:Alumni, Mentor

C

Channels

Evaluate Investment Risks

Seed FundingMultiple series of funding

Key Presentations

Initial funding'sprovided by friends

and family

Small amount offunding raised byangel investors

Key Presentations Key Presentations

Start-upScreening: First

Meeting with

Investors

Fund: Meeting with

Investor

STEP 2STEP 1 Evaluate: Second

Meeting with

Investors & its team

STEP 4

Incubators & accelerators provide networking,mentorship and other facilities by conducting an



Start-up India –


extensive 3-6 months program

Role of Incubator/ Accelerator

Accelerator role is to foster rapid growth ofits portfolio companies

Incubator role starts at an early stage toenable business ideas to grow and helpthem innovate

1

Selection Process

Start-ups apply for admission in thebatches formed by incubator/ accelerator

Factors taken into consideration whileselecting start-ups are product, idea,market opportunity, team attitude andcapabilities etc.

2

Program Details

3-6 Months typical Incubation programduration

Conduct ~2 batches in a year with a batchsize of 10-15 applications

3

Incubator/Accelerator Offerings

Networking

Helps connecting with the investors andprovides a platform to network with otherstart-ups

4 Start-ups Benefit

70% start-ups taking help fromincubator/accelerator succeed in the marketcompared

5

Incubator/Accelerator Benefit

Takes a small share in equity (falling in therange of 3%-10%) or fixed fee

To understand the new innovations in themarket

Corporate MNCs can pitch theirtechnologies to form a part of start-upproducts

6

Mentors/ Guide

Helps in forming the company vision,refinement of the product and thebusiness strategy

Mentors includes proven CEOs, investors,industry experts etc.

Facilities

Provides funding and additional facilitiessuch as office space, internet, computers,accountants etc.

Others

Provides marketing assistance, businesstraining programs, technology assistanceetc.

Driven by smartphone adoption, a huge consumer base in



Start-up India –


India is coming online

Rapidly growing

smartphone base

140 Mn 1Smartphone user-base in India

213 Mn 2Mobile internet users in India

35% Annual growth rate of smartphone3

users in India

41% 1eCommerce sales through mobile

300 Mn 1Number of internet users in India

63 MnConsumers making online

2purchase

$100 Mn Size of the online grocery2market in India

$22 Bn2

Indian eCommerce industry size

Consumers creating

online identity

Source: Cisco Report, CLSA Report, Zinnov Analysis1. 2. 3.

Notes: 2014, 2015, Between 2015 and 2019

The number of active investors, both angels and VC/PE,h i ifi tl



Start-up India –


have grown significantly

1Notes: Estimated based on average deal size and number of deals(extrapolated based on number of deals in first three quarters). Deals worth 4.1Bn already

2closed by end of Q3-2015. To calculate the average deal sizes of more than 50 millions were not considered. Presented numbers are for Jan-Sep 2015 period.3 A ‘Deal’ is defined as a transaction between start-up and an investor. A single round of funding could be counted as multiple deals as there could be multiple

4 5 investors investing. In addition, 17 deals in 2014 and 59 Deals in 2015 did not have investor details. Active Angel (or VC/PEs) is defined as an investor who has made at least one investment in 2015

YOY Investment Commitment in Start-ups

by VCs/ PEs (in USD millions)

1,2281,379

882

3,326

2014 2015eCommerce Others

2,110

4,705 (E)

2X

increase in number of active VC/PE

investors

Nearly 2.25x increasein total number

of deals in 2015 compared to 2014

156 Active

VCs/PEs in2015*

YOY Investment Commitment in Start-ups

by Angel Investors (in USD millions)

2 2046

176

2014 2015

eCommerce Others

48

196

Nearly 2.5x

increase in number of

active Angel investors

Nearly 2x in total number of deals in2015 compared to 2014

292 Active

AngelInvestors in

2015*

Over 436deals signed

2015*

VC/PE

AngelInvestor

Share of eCommerce inthe overall portfolio has

declined from 58% in2014 to 29% in 2015

Over 458

deals signed

2015*

Marginal increase in shareof eCommerce, however,the overall Angel portfolio

remains fairly diverse withinvestments across

Aggregators, ConsumerServices, eCommerceEnablers, among others

F j VC/PE f d d B2B & B2C t t



Start-up India –


Few major VC/PE funded B2B & B2C start-ups

Online ShoppingPortal

Home DesignSetup Company

Hotel RoomsAggregator

Mobile-basedNews App

Robotics Company

Courier ServicesCompany

Business AnalyticsSolution

$ 100 MnFunding

$ 50 Mn

Funding

$ 100 Mn

Funding

$ 20 MnFunding

Funding

$ 30 Mn

Funding

$ 56 Mn

Funding

$ 50 Mn

Funding

Investor

Investor

Investor

Investor

Investor

Investor Investor

1

3

2

4

1

3

2


Key B2B Start-ups Funded in 2015

$ 133 MnInvestor

VC/PE VC/PE

Key B2C Start-ups Funded in 2015

4

Customer SupportSoftware

F j l f d d B2B & B2C t t



Start-up India –


Few major angel funded B2B & B2C start-ups


Key B2C Start-ups Funded in 2015

Real Estate Portal

Hyperlocal Service

eCommerce Website

Online HealthSearch Services

Car Rental Service

Loan Exchange Platform

Recruitment Analytics

$ 3.5 Mn

Funding

~$ 3 Mn

Funding

~$ 2.7 MnFunding

$ 6 Mn

Funding

~$ 3 Mn

Funding

~$2 Mn

Funding

~$ 3-4 MnFunding

Online Credit EvaluationPlatform

Lead Investor

Investor

Investor

Investor

Investor

Investor

Investor Investor

Undisclosed

Ratan Tata

Undisclosed

Shailesh Mehta

Devesh Sachdev

Kunal Bhal, PhanindraSama, Raju Reddy,

Rohit Bansal

$ 50 Mn

Funding

1

3

2

4

1

3

2

4

Angel

Investor

Angel

Investor

Key B2B Start-ups Funded in 2015

D fi iti d N t



Start-up India –


Definitions and Notes

Definitions

Start-ups Angel Investor

Only technology product/ digital start-ups have beenconsidered for the report

Inception Year

Company with inception year of 2010 or later

Headquarters

A company that is headquartered in India OR

Has founding team with Indian origin AND productdevelopment largely in India

Intellectual Property

That has developed and/ or owns the technologyIP (includes IP owned through acquisitions) AND/OR

That provides digital/ technology platform fortransactions and/or customer engagements

Distribution

Undertakes the packaging, selling & marketing ofthe product/ platform itself or through channelpartners

Individuals investing in their personal capacity

While considering funding, investments byaccelerators and incubators has also been

considered as part of angel funding

VC/PE

Includes venture capital firms, private equity

firms, investment banks, companies andcorporates*

* Companies and corporates have been includedin VC/PE only for purposes of funding values

Notes: There maybe deviation in values presented for 2014 when compared to the previous version of the report published last year as the numbers stated in this report for 2014 are actuals, while those in the previous version consisted of estimations for the year 2014 based on our analysis till July 2014

Vertical Definitions (1/2)



Start-up India –



Sell products on the

internet

Sub-Verticals: Across, HomeDécor, Fashion, Kids, etc.

eCommerce

Offer information about

goods/ services fromseveral sources

Sub-Verticals: Transport, RealEstate, Travel, Deal Search, etc

Aggregators

Help e-commerce firms with

various businessoperations

Sub-Verticals: Logistic, App/ Web

Development,

Inventory, etc.

eCommerceEnablers

Sell products/services

catering to smaller areasand with short delivery time

Sub-Verticals: Grocery, Food,Healthcare

HyperlocaleCommerce

Offer a range of services

targeted directly toconsumers

Sub-Verticals: Interior Design, CarRental, Hyperlocal Deals, etc.

ConsumerServices

Enable payment through

software and hardware

solutions

Sub-Verticals: Hardware, Hyperlocal

Deals, etc.

Payments

Operate in the education

sector and provide

technology related services

Sub-Verticals: Tutoring, Vocational,

Test Prep, etc

Edu-Tech

Help users with common

interests interact and

engage

Sub-Verticals: Dating, Fashion

Content, Coders, Sharing, etc.

Social Platforms

Operate in the healthcare

sector and provide

technology related services

Sub-Verticals: Health Apps,

Doctor, etc

Health-Tech

Involved in development of

computer and mobile

games

Sub-Verticals: Across, Home Décor,

Fashion, Kids, etc.

Gaming




Start-up India –



Provide various types of softwareproducts to customers

Sub-Verticals: ERM, CRM, Security, etc.

Enterprise Software

Offer platform to connect employers

and candidates

Sub-Verticals: Blue Collar, VerticalSpecific, etc.

Recruitment

Operate in the Media sector and

provide technology related services

Sub-Verticals: Mobile, Social Media, TV,Email/Messaging, etc.

Ad-Tech

Operate in the BFSI sector and


Sub-Verticals: Credit Rating, Crowdfunding,Investment, etc.

Fin-Tech

Provide hardware in the IoT spacesuch as sensors which collect data

Sub-Verticals: Robotics, Sensors,Wearables, etc.

IoT

Provide analytics related servicesas the final products/solutions

Sub-Verticals: Marketing Analytics,Enterprise Business Intelligence, etc.

Analytics

Operate in the media sector and


Sub-Verticals: News, Talent Showcase, etc.

Media-Tech

Present in verticals other than

the ones listed

Sub-Verticals: Content Creation,Communication, 3D Printing, etc.

Others

Appendix: Zinnov conducted dialogues with ecosystemstakeholders and supplemented it with information fromsecondary sources



Start-up India –


secondary sources

Start-ups

70+ Primary

Interactions

PEInvestors

Angel

Investors

Incubators Accelerators

v Zinnov product and digital start-up

database

v Zinnov start-up domain knowledgebase and expertise

Zinnov

Repository

Other

PublicSources

VC Websites

Angel Networks Websites

Media Articles



International Youth Centre, Teen Murti Marg, Chanakyapuri, New Delhi – 110 021, India

Phone: +91-11-23010199, Fax: +91-11-23015452, E-mail: [email protected]

Website: www.nasscom.com

Startup Report 2015

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