Move over Bengaluru- Delhi is now start-up capital

Topic: Economy

In News: Delhi has replaced Bangalore as the start-up capital of India, according to the Economic Survey 2021-22.

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The national capital added over 5,000 recognised start-ups compared to the 4,514 start-ups added in India’s software capital between April 2019 and December 2021.
Maharashtra emerged the State with the highest number of recognised start- ups with 11,308 ventures.
Gurgaon and Noida are drivers of this trend with their cosmopolitan neighbourhoods, co-working spaces, af- fordable rentals, and access to the largest urban MRT system in the country.
Several things have combined to build this momentum in favour of Delhi-NCR.
- The early set of successful internet entrepreneurs from Delhi-NCR sparked a lot of enthusiasm and aspiration among younger people.
- They were then followed by the next wave of success that included Zomato, Policybazaar, PayTM, etc., which have gone all the way to IPO.
Delhi as the start-up capital seemed to rest primarily on the number of recognised start-ups registered in Delhi over Bengaluru over a 33-month period.
The Economic Survey noted that India had a record number of start-ups (44) reach Unicorn status in 2021, and overtook the UK to emerge the No 3 country by number of uni- corns after the US and China. As of January 14, 2022, India had 83 unicorns with a total valuation of $277.77 billion.