8 DECEMBER2023INFOCUSINFOCUSAccording to data from Tracxn, a Startup Data Platform, Bengaluru has 1,783 women-led startups which is more than Mumbai (1,480) and Delhi (1,195). However, Noida (324), Kolkata (184), and Ahmedabad (181) respectively secured the eighth, ninth, and tenth positions.India has become the third-largest hub of the startup ecosystem globally after the US and China. There are over 61,400 startups in India. With a supportive regulatory environment, Bengaluru has emerged as one of India's leading startup cities, encouraging more entrepreneurs to take up. The gender gap however remains noticeable. Many programs, including grants, fellowships, and incubation programs for women-founded startups, aim to eradicate this gender gap, but they are required to take a great step.Karnataka is the first state in the nation to offer a grant in aid of Rs 50 lakh to startups to support innovators in need of early-stage funding without requiring equity in return. The respective program has put a great emphasis on female entrepreneurs as 30 per cent of the winners are female founders.Tracxn ranks top 10 women-led startups in India, with funding increasing from 171 in 2014 to 460 in 2022. However, funding for these startups has decreased to 185 in 2023, bringing a sharp decline.From 2008 to 2018, 14 women-led unicorns were formed, with Bengaluru-based Open becoming the 100ty unicorn, featuring two women co-founders, COO Mabel Chacko, and CFO Deena Jacob.Indian unicorns Nykaa, Mamaearth, Hasura, Pristyn Care, OfBusiness, Mobikwik, The Good Glamm Group, and Livspace have at least one woman co-Founder with Honasa Consumer's firm Mamaearth went public in November. According to the ADP® Research Institute's People at Work 2023: A Global Workforce View report, India is making significant strides in addressing the global gender pay gap. While the average worldwide pay increase for men in 2022 was 6.7 percent, men in India experienced a percent 2 percent rise, and women experienced a 7 percent increase. Looking ahead, both genders in India anticipate an 8 percent pay increase, indicating positive momentum.India had the highest level of satisfaction with firms' efforts to promote gender pay equality, with 63 percent expressing satisfaction, outperforming other Asia-Pacific countries. Furthermore, the research emphasizes India Inc.'s dedication to valuing experience, since senior employees, notably those aged 55 and beyond, earned the greatest pay increases last year, at 10 percent.India's growth extends to Diversity, Equity, and Inclusion (DEI) programs, as 59 percent of respondents reported advances over the last three years, placing it first in the Asia Pacific area. For long-term success, Rahul Goyal, Managing Director, ADP India & Southeast Asia, underlined the necessity of meeting the remuneration demands of the youngest generation entering the employment market. While satisfying experience is important, achieving Gen Z's expectations is as important.India's extraordinary success in closing the gender pay gap and expanding DEI measures demonstrates the country's leadership in fostering a fairer and more inclusive workplace. The optimistic prognosis extends beyond pay fairness to possibilities for skill development, underscoring India's commitment to offering equitable growth opportunities for all employees. BANGALORE HAS HIGHEST NUMBER OF WOMEN-LED STARTUPS IN INDIAINDIA LEADS IN CLOSING GENDER PAY GAP:ADP REPORT
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