A Study on Emerging Trends in Startups in India

: Innovation and technology have played a crucial role in developing emerging markets, and strengthening ecosystems worldwide, especially in India. India has a vibrant startup ecosystem with supporting infrastructure, incubators, angel investors, venture capitalists, mentors and a conductive policy environment. The startup India scheme launched in 2016 has completed the 5 year journey in 2021 and remarked India as one of the largest and strongest ecosystem in the world. With over 50,000+ recognized startups by DPIIT (Department for promotion of Industry & Internal trade), India ranks at third-largest startup ecosystem in the world. (Times of India,2022.) The country's startup environment has been expanding quickly. This research paper aims to study the rise of startups in India, that has been fueled by young and talented workforce, government support & funding options provided by the investors. This paper is an attempt to find out the dynamic changes that Startup India campaign has brought to the country. Further, it aims to discover opportunities, gaps & challenges that Startups face during their stages of operation. Since its inception, the journey of startup India campaign has successfully nurtured a large number of startup firms in the country, and has enabled thousands of youth to be employed & fulfill their dreams of building a startup. Focusing on this notion, the paper tries to find out the opportunities and challenges that startups are facing in the present scenario .


INTRODUCTION
Startup venture is defined as new businesses that are in their initial stages of operation, striving to grow and are typically financed by individual investors or capitalists.According to DPIIT (Department for promotion of industry and internal trade), 'An entity will be recognised as a startup for up to 10 years of existence and up to Rs 100 crore of turnover.Earlier, the existence period was five years and the turnover limit was Rs 25 crore'.The Indian startup ecosystem has evolved dynamically over the last few decades.The Start up India campaign, which is a flagship initiative of government of India was launched in 2015 by our Prime Minister Shri.Narendra Modi, to catalyze the start up culture and build strong entrepreneurial ecosystem in the country.There have been multiple factors, that urged an entrepreneur to get their startups off the ground and begin their operations.Also, the Indian startups face its own set of challenges and stellar opportunities.The failure may occur due to cultural diversity, improper mentoring, lack of government policies and many more complexities.Alone in 2021, India has minted 44 Unicorns and Indian startups have raised $42 billion.(EconomicTimes 2022).India has one of the largest startup ecosystems in the world with a rank of three.India had surpassed a historic milestone of 100 unicorn startups with a combined worth of $300billion.(Byjus 2022).India's startup ecosystem has been on a rapid growth trajectory in recent years with a strong focus on technology and ecommerce.Along with government initiatives, there is a definite movement in startup arena in India due to penetration of IT and internet.Many startups are coming up in service sector including education, legal, retail, insurance and health.With customers becoming aware of the benefits and convenience, the popularity and viability of startups is no more a difficult proposition for an entrepreneur.A number of venture capitalists and angel investors are aggressive and gung-ho on Indian startups as they see lot of potential with few expected to become unicorns (high valued companies) bringing in good returns.The government has launched a number of initiatives to promote startups across the country as a part of Startup India Initiative such as Startup India Action Plan, The Funds of Fund for Startups, regulatory reforms, Income Tax exemption for 3 years, the Startup India seed fund scheme etc.The role of government becomes very important in developing the necessary infrastructure and support to foster the startup ecosystem.India needs to build upon low cost and high-impact solutions, although there has been a rise in angel and venture capital funding, it becomes crucial that the ecosystem is well integrated to connect startups to fund houses and to other stakeholders.

IV. SIGNIFICANCE OF THE STUDY
The aim of this research is to provide a comprehensive understanding of the growth drivers as well as challenges faced by the Indian Startups in the current scenario.The research study also describes the support from various government schemes that have been primarily focussing on growth and socioeconomic development of the nation through innovation and transformation.This research work further investigates the opportunities and challenges associated with success or failure of Indian Startups.

V.
RESEARCH METHODOLOGY This research study is purely based on secondary data.Secondary data sources comprises of data collected from journals, magazines, news articles, authenticated websites, newsletter and annual reports from Ministry of commerce & industry, Department for Promotion of Industry and Internal Trade (DPIIT) and from other sources suitable.The study is descriptive and conceptual in nature.

Source of Data
For the present study, secondary data has been collected through different sources.Website www.startupindia.gov.in has been referred for accomplishing the research objective.Annual status reports from the department for promotion of industry and internal trade (DPIIT) has been alluded to describe the journey of startups in India since the startup India campaign have launched.Press release from PIB and several government blog has also been the fundamental part of the research styudy.

Theoretical Framework GROWTH OF STARTUPS IN INDIA
India is growing undeniably, and so is the startup scenario in India.Government of India has declared period from 2010-2020 as the decade of innovation.Over the past few years, lot of new and encouraging startup stories have garnered much deserved attention.The story of Indian startup ecosystem are everywhere, be it the payment services like Paytm, PhonePe, or educational techs like Unacademy, Byju's, Physics Wallah, or food tech startups like, Zomato, Swiggy or a bit unconventional ones, we come face to face with these startups for our day to day needs.The key sectors in the Startup Ecosystem are-

ATAL INNOVATION MISSSION (AIM)
• AIM provides a platform for the promotion of world class innovation Hubs, Grand Challenges, sectoral focus, other Self-employement and talent initiatives.• Provides for establishment of Atal Tinkering labs, innovation Centers, Incubation Centers and Atal Innovation Community clusters.• 14,916 schools across the country have been selected for Atal Tinkering Laboratories.
• 4,875 schools have received Rs.12 lakhs grant each and are operational.
• AIM has selected 86 incubators across the country, to provide financial support through grants in aid and that has already been disbursed.

SAMRIDH SCHEME [STARTUP ACCELERATOR OF MeitY FOR PRODUCT INNOVATION, DEVELOPMENT AND GROWTH]
• SAMRIDH scheme helps Startups to access Indian market and scales their products for global market.
• Scheme was launched by Ministry of Electronics & Information Technology to boost independent software vendors.• SAMRIDH mainly focuses on integrating all the incubators and accelerators and giving them direct assistance.• Financial assistance upto Rs. 40 lakhs for Startups under this scheme.
• Builds a meet up point for venture capitalists, entrepreneurs and mentors.
• Also provides hand-holding support to product Startups in the form of technical, regulatory, financial and market access mentoring.

eBiz PORTAL
• first online forum for government-to-business collaboration (G2B), which has been launched to modernise the nation and provide a welcoming environment for businesses.• Launched by Ministry of Commerce and Industry, developed by Infosys, is a public-private partnership model to provide a one-stop shop for investors and business communities in India.

CHALLENGES FACED BY INDIAN STARTUPS
A survey of Indian executives conducted by the IBM Institute for Business Values and Oxford Economics revealed that despite India's flourishing entrepreneurial culture, over 90% of startups do not survive beyond their first five years of operation.The Startups in India encounter a number of challenges, including a shortage of experienced staff, bureaucratic roadblocks, and fierce rivalry from established

VI.
LIMITATIONS OF THE STUDY The limitation of this study is that it is a detailed conceptual analysis about startup India ecosystem based on secondary data.More Research can be done about its prospects and benefits of startup to entrepreneurs by using primary data and other statistical tools.

VII. CONCLUSION
Indian Startups are now spread across the length and breadth of the country.It is pertinent that the Startup ecosystem is well integrated to connect startups to fund houses and various stakeholders.Startups in India face a variety of obstacles, including regulatory obstacles, inadequate infrastructure, and a lack of market knowledge.Successful businesses have shown that proactive measures can overcome these challenges, such as performing in-depth research, building strong relationships with stakeholders, utilising technology, and asking for mentorship and advice from seasoned business owners.Due to a growing market and a thriving ecosystem, Indian startups have the opportunity to be highly successful and to aid in the country's economic growth.However, to thrive in this ecosystem , Startups need to focus on key areas such as market research, building a strong team, fostering innovation, leveraging technology, forming strategic partnerships, and adopting a customer centric approach.It is also crucial to stay updated on government support and initiatives that can provide valuable resources and funding.

VIII. AUTHOR'S BIOGRAPHY
I am Pragati Gupta, pursuing PhD program in Faculty of Commerce at Central University of Allahabad, Prayagraj.I have qualified the UGC net exam twice and have been awarded with JUNIOR RESEARCH fellowship(JRF).My awards and achievements also includes CHANCELLOR'S GOLD MEDAL for acquiring the first position in the overall graduation.My research domain lies in financial management, marketing management and allied areas.I look forward to contribute more of my knowledge and skills in good academic writings.

Fig 1 .
Fig 1.Data showing the rise in the number of Indian startups

Fig 2 -
Fig 2-Chart representing the growth of start-ups in potential sectors.

Fig. 4
Fig.4 The chart represents the sector-wise failure percentage of startups in India.▪ Infrastructural limitations-inadequate physical and digital infrastructure can pose several challenges for Indian Startups.Non-Access to reliable internet connectivity, logistics and