At the TiE Global Summit 2024, KPMG, a multinational professional services network, highlighted India's potential to create over 30 million women-owned enterprises, potentially generating 150 to 170 million jobs. The report emphasizes the need for increased venture capital (VC) funding for women-led startups to unlock India's untapped entrepreneurial potential.
Over 20 per cent of India's MSME startups are led by women, with 45 per cent from tier 2 and tier 3 cities. Startups contributed $140 billion to the economy in FY23, with projections to reach $1 trillion by 2030. Supporting women entrepreneurs fosters a more diverse and inclusive entrepreneurial ecosystem, promoting local development and inspiring future generations.
The report further highlights the positive impact of investing in women-led ventures on local development and innovation in India. It also highlights the growth of the startup ecosystem, attributed to a vast consumer market, supportive government policies, the surge in venture capital funding, and a strong network of incubators and accelerators.
According to the report, the Indian startup ecosystem is expanding across the fintech, automotive, and healthtech sectors, offering investment opportunities. The electric vehicle market is expected to be worth $113 billion by 2029, requiring 1.3 million charging stations. Traditional unicorn hubs include Bengaluru, Delhi, and Mumbai which secured over $8.1 billion in funding in CY23 whereas cities like Pune, Chennai, and Hyderabad are still looking for their own space. Venture capital funding has seen a 43 per cent year-on-year increase from January to July 2024.
