start-ups landscape report14

S u p p o r t e d b y G o o g l e F o r E n t r e p r e n e u r s

A BRIGHT FUTURETECH START-UPS IN INDIA

22

The Indian Technology Start-up landscape has evolved to become the fourth largest base across the world. Since 2010, there has been a significant rise in the number of technology start-ups and today, our country hosts more than 3,000 tech/digital start-ups. If the landscape continues to evolve at this pace, then by the end of 2020 more than 11,500 start-ups are expected to get established in India, generating employment opportunities for over 250,000 people.

Key indicators such as opportunities existing in the domestic market, access to capital/mentors, and increased M&A and consolidation activities clearly point towards the new evolution of the ecosystem. Several founders are leveraging emerging technologies like big data& analytics, augmented reality, internet of things and cloud computing to come up with some of the best-in-class technology-based start-ups.

This report, titled Tech Start-ups in India: A Bright Future is a rst-of-its-kind report undertaking an in-depth analysis of the various aspects of the start-up ecosystem. The report clearly identi es 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]

Pari NatarajanCEO, Zinnov

R. ChandrashekharPresident, NASSCOM

Foreword


3 A BRIGHT FUTURETECH START-UPS IN INDIA

Executive summaryThe start-up ecosystem is often described as young, innovative, aspirant and futuristic. India, home to a new breed of young start-ups, has evolved to become the fourth largest base of technology start-ups in the world. Since 2010, the Indian Technology Start-ups landscape has seen a sharp rise in the creation of new start-ups and this number is expected to cross 3,100 by the end of 2014. It is a hyper growth in ection point for the Indian start-up ecosystem, with growth, capital and acquisitions all coming together to create a perfect storm.

The whole ecosystem is evolving and becoming more and more vibrant and multiple indicators are pointing towards this direction. The Indian middle class is becoming a voracious consumer of digital solutions. eCommerce, marketplaces and mobile apps are increasingly driving people online. Many start-ups are incorporating emerging technologies in their solutions and building global digital solutions from India.

Start-up funding is maturing signi cantly in deal value and in diversity of focus areas, and start-ups today have access to multiple sources of funding. While start-ups are betting high on the ecosystem, demand for supportive government policies continue to exist.

NASSCOM and Zinnov are delighted to present the rst-of-its kind report titled Tech Start-ups in India: A Bright Future, which examines various dimensions of the Indian start-ups ecosystem. This report is the result of a comprehensive three-month study, during which detailed research was carried out by the team at Zinnov to gather quantitative and qualitative data and insights through primary and secondary sources. The whole process involved personal interviews with various start-ups, VCs, Angel Investor and Incubator/Accelerators, and extensive desk research.

Some of the key findings presented in this report are:

India currently boasts of over 3,100 start-ups with an addition of 800+ new start-ups in 2014 alone. If the landscape continues to evolve at this pace then by 2020 more than 11,500 start-ups would get established in India, generating employment opportunities for over 250,000 people

The major growth drivers like large domestic market, access to capital/mentors, whitespace opportunities and increased M&A activity are accelerating the start-ups growth. Indian start-ups, with their unique solutions, are witnessing increased traction in global whitespace opportunities such as internet of things, augmented reality, smart hardware, big data & analytics, cloud computing, etc.

Domain solutions emerging Ad-Tech, Edu- Tech and Health-Tech and other niche solutions emerging for healthcare, agriculture, etc.

Bengaluru and NCR are the top 2 start-ups destinations and cumulatively these two geographies account for over 50 per cent of the start-up


base. Looking at recent rounds of funding, NCR

tops as the investment destination. Over 59 per

cent of start-ups are focused on B2C categories

which is dominated by eCommerce and online

marketplaces; B2B segments are dominated by

big data & analytics, ERP & marketing solutions

Young entrepreneurs dominate the start-up

landscape with over 73 per cent of founders in

the age bracket of less than 36 years. Most of

these founders with a strong consumer-centric

approach, have come up with some of the best-in-

class B2C start-ups. Women entrepreneurs have

also started to leverage the innovation economy

Scaling up and growth hacking-are key priorities for

start-ups. Start-ups are able to hire best-in-class

talent from the industry by offering above average

compensation, stock options, enhanced growth

opportunities and exible work culture

Start-ups today have access to multiple sources

of funding from VC/PE, angel investors,

banks and financial institutions as well as

incubators. Funding is maturing signi cantly in

deal value and in diversity of focus areas. During

2010-14 timeframe close to USD 3 billion is expected to be invested in Indian start-ups

The innovation imperative leading to a rise in collaboration and partnerships product rms with platform players, IT services, global MNCs, CIOs

Given the vibrancy in the ecosystem, the M&A activity is on the rise in India. Acqui-hiring, technology acquisition, market consolidation and customer acquisitions are the primary drivers for increase in M&A of Indian start-ups

While start-ups are betting high on the ecosystem, there is constant need to nurture this ecosystem. Demand for supportive government policies (ease of doing business, tax incentives, participation in government contracts, availability of risk capital, etc.) continue to exist. While the new government has made the right announcements, there is a need for directional efforts to see them implemented

Future of products devices at the edge, logic at the core, fusion of IOT, SaaS, mobile solutions, data analytics are leapfrog opportunities for India


`

Key unmet needs &expectations of start-ups

Start-up supportecosystem in India

VC/PEinvestment trends

Technology focusareas and whitespaces

Technology product/digitalstart-up landscape in India

Angel investorecosystem in India

Scope of the reportTo understand the evolution of the technology product and digitalstart-up landscape in India


Inception yearOrganisation with inception year of 2010 or later

HeadquarteredAn organisation that isheadquartered in India

Has founding teamwith Indian origin ANDproduct developmentlargely in India

DistributionUndertakes the packaging,selling and marketing of theproduct/platform itself orthrough channel partners

Intellectual propertyThat has developed and/or ownsthe technology IP (includes IP-ownedthrough acquisitions) and/or

That provides digital/technologyplatform for transactions and/orcustomer engagements

Technology product/digital start-upDe nition considered for the report

7This report has been co-developed by NASSCOM and Zinnov through a comprehensive three-month study to understand the technology product & digital start-ups landscape in India.

The preparation of this report has been facilitated by a number of organisations and people who have extended great help to the NASSCOM and Zinnov teams. 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 industry members and other colleagues, who went out of their way to provide detailed inputs and perspective of their services/clients/markets, etc. They offered great support 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 for supporting us on various policy-related aspects as well as formulating and nalising the numbers.

Finally, we would like to specially acknowledge the support offered by NASSCOM research team for their efforts and contribution towards the execution and completion of this report.

Acknowledgement



Start-up Landscape Founders Profile

Growth Drivers Global Reach of Organisations

4th LargestIndia emerges as the

start-up location globally73%Foundersless than36years of age

48%have

MNCworkexperience

36%Founderssolely engineers

6%Womenfounders

28%of start-ups continue to

be the technology hotspots

Catching up

FastDelhi-NCR

Bengaluru

3,100+201411,500+

65,000+

250,000+By 2020

Large

Domesticmarket

WhitespacesEvolving

43%product/digital

organisationshave focus onglobal market resulting in more

exits for investors

Increased

M&A

Focus Areas

ecosystem ofinvestors and mentors

59%B2C:

4%B2C/B2B:

37%B2B:

SECTION I LANDSCAPE/SCORECARD


Strong Growth Indicators - India

Start-ups created every year> 800

Funding** since 2010USD2.9+ billion

Active VCs/PEs in 2014

Angels in India550+

Incubators/Accelerators

Avg. valuation of start-ups

Ease of doing business ranking

No. of investors residing in the country

80+

*in India ~68 per cent of total start-ups listed on Angel List are tech. product/digital start-ups, same ratio has been applied to the total number of start-ups listed on Angel List for a country to arrive at the No. Tech. Product/Digital Start-ups**Includes projected investments by VCs, PEs, angels, incubators/accelerators during 2010-14 in start-ups incepted during 2010-14***Data from Angel List and World Bank Group (Ease of Doing Business rankings are benchmarked to June 2014)Source: Microsoft Ventures, Zinnov Product/Digital Start-up Database, Angle List

70+

Tech. Product/Digital

Start-ups by Key Countries*

US

41,500+ 3,500+ 3,300+ 3,100+ 2,700+

UK Israel India Canada

US

USD 4.2million

7th

25,000

India

USD 2.3 million

142nd

770

Still a Lot of Ground to Cover***

1 4

421 3 5

3,100+ start-ups in India; fastest growing community; 4th largest in the world


Growth Drivers

Large domestic market for tech and proximity of start-ups

Leverage India as test bed before going global

A number of whitespaces within consumer internet, big data, cloud and IOT, etc.

Evolving ecosystem of inves-tors and mentors

Entrepreneur peer group is supporting the development of other start-ups

As M&A is witnessing increased momentum in India, investors are getting more exit opportunities

Multiple drivers supporting the Indian start-up ecosystem to reach its hyper-growth in ection point


Technology Start-ups by Inception Year

Total number of start-ups

Total number of jobs created

Year 2020 is expected to see a remarkable rise in the base of start-ups, and the total number of start-ups are projected to grow at a CAGR of ~24% between 2014 and 2020This will equally impact the growth of Indian start-ups jobs, which is expected to grow at a CAGR of ~25%Note : P = Projected; E = EstimatedSource : Angel List, Zinnov Product/Digital Start-up Database; Venture Intelligence, YourStory.in

2020P

2014E

2013E

2012

2011

2010480+

525+

590+

680+

805+

2,000+

11,500+

3,100+

250,000-300,000

65,000-75,000

2020P

2014E

2020P

2014E

Further acceleration expected base is likely to expand four-folds by 2020


Top focusareas ofstart-upsby location*

*For Directional purpose onlySource: Zinnov Product/DigitalStart-up Database

Start-ups by Location(Total = 3,100+)

Hyderabad

8%Pune6%

Chennai

6%Bengaluru

28%

Mumbai

Top 6 locationsaccount for 90% of thestart-up activity in India

Kolkata, Ahmedabad,Cochin, Jaipur andThiruvananthapuram are the next emerging locations15%

Delhi-NCR

24%

Delhi-NCR Mumbai Hyderabad Pune ChennaiBengaluru

eCommerce/Aggregators

Big data & analytics

ERP

Productivity & collaboration

Education

Marketing & advertising

Bengaluru and Delhi-NCR emerging as start-up hotspots; reasonable traction in other locations


Discernable shift observed towards the B2C segment, dominated by eCommerce and online marketplaces; B2B dominated by big data & analytics, ERP and marketing

Overall

Focus Areas of Start-ups

2014 2010

B2B B2C B2C/B2B

Cumulative

Across years

B2Cfocus ofstart-ups

B2Bfocus ofstart-ups

B2C/B2B: 4%

Note: Analysis based on a sample of 521 start-ups across years*Others include Communication/Collaboration, productivity, gaming.HW and other consumer internet**Others include apps/web dev, infra mgmt solutions, content mgmt,data recovery, gaming, HW, mobility solutions, security and others Source: Zinnov Product/Digital Start-up Database

2010 2012 2014 Overall

eCommerce

Aggregator & online marketplace

Education

Social media

Travel

Others*

2010 2012 2014Big data& Analytics

ERP

Marketing& advertising

Communication /Collaboration

Productivity

Others**

45% 42%22%

39%

5% 21%

26%

21%18%

6%16%

11%13% 7% 10% 7%5% 4% 6% 7%

15% 19% 19% 16%

23% 30% 27% 28%

33% 26% 23% 26%

6% 16% 13% 10%6%

9%13% 9%

8%5% 7% 8%

24% 14% 17% 19%

5%

26%

69%

8%

40% 52%

B2B

37%B2C

59%


~73% Young founders (age


With a major focus on emerging opportunities around B2C segment

Note: Analysis based on a sample sizeof 613 start-ups across yearsSource: Zinnov Product/Digital Start-up Database

Aggregator

Gaurav MunjalFounder & CEOB.Tech from NMIMSSingle round of funding

Aggregator

Rahul YadavCo-Founder & CEOB.Tech from IIT BombayMultiple rounds of funding

eCommerceGaurav Kushwaha

CEO & FounderB.Tech from IIT Delhi

Multiple roundsof funding

Recruitment PortalSantosh Yellajosula

Co-Founder & VPM.Sc from BITSSingle round of

funding

Business AnalyticsArjun PillaiCo-Founder & CEOB.Tech from Cochin UniversitySingle round of funding

ERPManasij GanguliCo-Founder & CEOB.E. from BIT, MesraSingle round of funding

58%founders focus

on B2C segment

MajorFocus Areas

36%founders focus

on B2B segment

MajorFocus Areas

6% founders focus onB2B/B2C segment

MajorFocus Areas


16%

68%

16%0%

26%

7%37%

30%

Co-Founder & CEOMasters from NMIMSUSD 9 million in funding

Successful Women Entrepreneurs

Top Focus Areas of Start-ups

Founder & CEOBE from CRSCESingle round of funding

eCommerceB2C

Aggregator

Education

Marketing platform

84%Age Wise Break-Up ofStart-up Founders

36-45 Years

Others* BE/B. Tech

MBA

ME/M.Tech/MS/MCA

45+ Years

26-35 Years

Up to 25 Years

Education Break-Up ofStart-up Founders

Note: Analysis based on a sample size of 31 start-ups *Others include: Other Undergraduates, Others Masters and Doctoral degreeSource: Zinnov Product/Digital Start-up Database

Women entrepreneurs in start-up landscape

Aggregator

~6%

Sreepriya Koppula

Ruchi Garg

Richa Kar

FounderCertificate Programme from Stanford UniversitySingle round of funding

B2B13%

B2B/B2C

3%

Women entrepreneurs are starting to leverage the innovation economy


Large enterprises are collaborating with start-ups to enhance future growth

Collaboration driversServing unmetneeds of clients

Thrive for innovation

Business transformation

Global market access

High business valueto clients

Extended support

Branding/sales & marketing

Access to lients

Competencies offered

Benefits achieved

Collaboration modelsCorporate accelerator Programme

Intrapreneurshipprogramme

Enterprise partnership

Corporate fundsprogramme

New businessopportunity

Client connects

Product credibility

Support in solution integration

Supportinginfrastructure

Goodwillenhancement

Deeper clientengagement

Transition toa solution provider

Bundle servicesaround aninnovative product

Start-upsEnterprise

Innovation

Harvest new ideas

Compact productdevelopment cycle

Competencies offered


The global competitiveness of Indian technology start-ups is accelerating

Global Success Stories from India

43% product/digital firmshave focus onglobal markets

Young start-Ups Big data & analytics Marketing &

advertisement Mobility ERP Comm/Collaboration Cloud computing Niche use cases

Set Up 2010 Onwards

Growth firms Enterprise security Application software Analytics Productivity Emergence of B2C

Set Up Pre 2010

Early movers B2B enterprise products BFSI vertical focus

Set Up Pre 2000

More and more start-ups are exploring global marketsSince 2010 there has been a significant growth in the spectrum of firms that have focus and presence at a global levelSource: Desi Products Videshi Markets: Indian Software Products Building Global Business NASSCOM & Zinnov


with the huge domestic market driving demand

Largeenterprises

Public listed organisations

Organisations in Forbes 2000

Internet users

Mobile phone connections

Smartphone users

Tech-ready SMBs

SMBs with PCs

SMBs with mobile phones

Large enterprises

1

Customers

3

5,000+

10+ million

3,500+

5+million

100%

250+ million

115+millionn

900+ million

65+

Small & medium businesses

2

India domesticmarket


Global Market (USD) Opportunity

Easy Access to Capital

US & EU represent over two-third of the global technology market

US domicile opens more doors for VC & M&A activity (50-100 times bigger early stage funding ecosystem than India)

Business Environment/Laws in India

Anecdotal evidence of low adoptionof products by Indian firms

& long sales cycles

Global WhitespaceOpportunities

Over USD 100 billion+ of SMAC*led level playing opportunities** in

global markets for Indian firms

Many start-ups leverage India as the test market and then start focusing at the global marketStart-ups with a global focus are setting their units outside India as well, as they want to be close to their customers*Social, Mobile, Analytics & Cloud;**by 2015Source:Desi Products Videshi Markets: Indian Software Products Building Global Business NASSCOM & Zinnov;

Key factors for Indian start-ups to focus on global markets


Start-ups adopting innovative approaches to attract and retain best-in-class talent

InternshipsCollegerecruitmentHR

agenciesHackathons & meetupsReferralsSocial

networkJobportals

Hiring Channelsused by Start-ups*

Technology function

Sales function

opportunity to grow

82%start-ups pay more than the market median**

83%start-ups use stock options for long- term incentives**

63%start-ups have definitive link between performanceand compensation**

*Based on NASSCOMs analysis of 529 start-ups (http://10000startups.com/skills-infographic/)**Based on analysis of 40 start-ups across four business sectors, by Hay Group in partnership with Canaan Partners from the report titled How Indian start-ups are building to last

57%

25% 20% 16% 9% 7%7%

interesting work

Operations

open culture

A Value Propositionsby Functions toAttract Top Talent**

C

Monetary Benefits are Getting CompetitiveB

Talent


Hiring technology professionals is a top priority for start-ups

Source: http://10000startups.com/skills-infographic/

Top Skills Start-Ups are Looking For

Product management

Sales business

Marketing

Operations

Finance

HR

Technology

Others

66%

66%

20%

30%

14%

7%

80%

14%

20%

14%

14%

22%

22%

25%

41%

57%

61%

Others

C/C++

Ruby on rails

Python

PHP

AJAX

CSS3

HTML5

Java

Top programming

skills

Top marketing

skills

9%

25%

35%

38%

38%

70%

Others

Community management

Online advertisement/PPC/PPM

SEO/SEM

Growth hacking

Inbound marketing


Start-Up Landscape Delivery Platforms

Start-upsAddressing

Whitespaces/Emerging

Technologies

>25%start-upsleveragecloud asthe deliveryplatform

350+ Start-upsBig Data & Analytics

Security

AdTech

HealthTech

EduTech

Gaming

35+Start-ups

100+Start-ups

30+Start-ups

190+Start-ups

100+Start-ups

50+Start-ups

30+Start-ups

35+Start-ups

30+Start-ups

800+Start-ups

Analytics& ERPemerge as keycloud workloads

>7%start-upsprovideenterprisemobilityplatforms

>26%start-upsuse mobileapp as aprimarydelivery mode

Cloud

Mobility

Payment Solutions

Hardware

IoT

AugmentedReality

Cloud

SECTION II EMERGING TECHNOLOGY TRENDS


Ingenious start-ups are emerging in futuristic technology areas and delivering domain-speci c solutions

*Analysis based on a sample of 521 start-ups across yearsSource: Zinnov Product/Digital Start-up Database

Internet of Things

Big Data & Analytics

Founder worked with Veritas

(part of Symantec)

Co-founders worked with MindTree for

10+ years

Augmented Reality

Founder worked with Intel & AMD

Cloud Computing

Founder worked with Realcom Inc.

Security

Co-Founder worked with Philips

Electronics India Ltd.

Payments

Founder worked with

PayPal

EduTech

Founder worked with

Cisco Systems

>25% start-ups leverage cloud as the delivery platform

>7% start-ups provide enterprise mobility platforms

Analytics & ERP emerge as key cloud workloads

Many start-ups indifferent to location of cloud datacentre

>26% start-ups use mobile app as a primary delivery mode

Cloud* Mobility*

Gaming

Founder worked with DreamWorks

Animation

Hardware

Founder worked with Intel

AdTech

Co-founders worked with Bain & Company

HealthTech

Co-founders worked with

Sun Microsystems


Augmented/Virtual reality is already being touted as one of the most signi cant marketing transformations

Source: *Juniper Research, Zinnov Product/Digital Start-up Database

Major Use Cases: Marketing & Advertising, Healthcare and Visualisation Solutions

Quick Facts

Hyderabad2011

Chennai

2012Bengaluru

2012

Mumbai

2011Growth in AR is largely driven by improvements in computing

hardware and internet connectivity

Consumer mCommerceis emerging as one of the top growth areas for augmented reality

Globally, the market size of augmented reality based solutions is expected to grow to

USD 2 billion by 2015*

30+Augmented reality start-ups in India

Healthcare Communication Virtual Trial Room

Virtual Jewellery Trial Solution Marketing & Advertising

Customer Engagement Platform Marketing & Advertising

Virtual Home Design


Internet of Things is opening up signi cant whitespace opportunities for start-ups

Source: *Machina Research; Zinnov analysis, Cisco, Zinnov Product/Digital Start-up Database

Major Use Cases: Wearable Tech, HomeAutomation and Fleet Management

Quick Facts

Ahmedabad2012

Kochi

2012

Pune

2013

Mumbai

2014USD 1 billion+ investment committment by Indian Government on building

100 smart cities

IESA (India Electronics & Semiconductor Association) and

TiE Bengaluru have signed a MoU to promote IoT start-ups

India marketopportunity of

USD 10-12 billionby 2020

35+IoT start-ups in India

Wearable technology for a healthier lifestyle

GOQii

A wearable device to control any smart device

A connected car platform for remote monitoring

A connected c

GPS vehicle tracking & fleet management solutions


Hardware is the new software and start-ups are targeting niche areas with HW offerings

Source: Huffington Post, Tech Crunch, Zinnov Analysis, Zinnov Product/Digital Start-up Database

Major Use Cases: 3D Printing, Payment Solutions and Automation

Quick Facts

2013

2013

2013

2011

30+HW start-ups in India

Mobile payment solutions

An HDMI dongle that connects all the media to the TV wirelessly

Warehousing and distribution automation products, fleet of mobile robots

Bengaluru

NCRHardware firms such as Nest, GoPro, Beats, Jawbone, Oculus have recently accorded a multi-billion dollar valuation

Low-cost (


Over 300 BD&A start-ups offering huge opportunities in both global and Indian market

*Big data and analytics**Source: NASSCOM and Crisil, Zinnov Product/Digital Start-up Database

Major Use Cases: Big Data and Social Media Analytics

Quick Facts

Kochi2011

2010

2012four-fold growth inanalytics start-ups in India in the last four years

IBM innovation centre in Bengalore to partner with100 big data and Internet of Things start-ups in India

Big data & analytics market in India to reach~USD 1 billion in 2015,growing 83% annually**

350+BD&A* start-ups in India

Machine-to-machine big data analytics platform

Data visualisation and analytics tool

Real-time predictive analytics based on machine data

2011

Social media analytics platform

Chennai

Bengalure


With over 800 start-ups, cloud computing is emerging as the fastest growing technology

Source: *EMC and Zinnov; NASSCOM, Zinnov Product/Digital Start-up Database

Major Use Cases: BD&A, ERP, Comm./Collaboration and Productivity Solutions

Quick Facts

2012

2011

2012

In India, the cloud market isestimated to grow toUSD 4.5 billion by 2015*

>25% of start-ups inIndia are already using cloud as the primary delivery medium

By 2020,at least80% of IT industry growth would be driven by cloud and modern IT solutions

800+cloud computing start-ups in India

Cloud-based healthcare CRM solution

Self-service platform for big data analytics

Cloud-based video conferencing software

Bengaluru

2011

Chennai

Cloud-based billing platform for subscription business


35+ start-ups in security domain; new delivery models are emerging

Source: CRN, Economic Times , Zinnov Analysis, Zinnov Product/Digital Start-up Database

Major Use Cases: Cloud-based Security and Mobile Security

Quick Facts

2011

2013

2012India IT securitymarket is expected to double by 2016

BYOD trend is fuellinggrowth of solutions in the areas of data security and authentication

Enterprise security market in India is expected to reachUSD 234 million by the end of2014, growing at about 16% compared to 2013

35+security firms in India

Enterprise mobilesecurity firmworking in the space of "Bring Your Own Device"

Enterprise cloud security solutions, focusing on cloud security and accessibility

Cloud-based mobile security to secure mobile applications from getting hacked

2010

Provider of innovative pattern-based two factor Authentication Solution

ChennaiBangalore


Advances in technology and increased penetrations of smartphones and internet are driving the payments market growth trajectory upwards

Source: IAMAI, Zinnov Analysis, Zinnov Product/Digital Start-up Database

Major Use Cases: Online Payment SolutionsQuick Facts

2011

2011

2011

2010

800 million online transactions made in India in 2013

Delhi, Mumbai, Kolkata and Chennai contributed about60% of the totaldigital payment gateway market size in 2013

Digital payments in India is expected to touch USD 19.8 billion by December 2014, a40% increase from previous year

50+payment solutions firms in India

Payment device with a card reader which can be plugged into any smart device or phone

Online payment solutions firm

Bengaluru

Mumbai

NCR

Payments platform to solve payment issues faced by eCom. firms

Comprehensive web and mobile payment solutions for merchants as well as consumers

t d i


With ~200 innovative start-ups, opportunities under Edu-Tech are booming

Source: Yourstory.in, Zinnov Analysis, Zinnov Product/Digital Start-up Database

Major Use Cases: Technology Platform, Educational Content and Skills Development

Quick Facts

2013

2013

Mumbai2013

Cloud based knowledge management platform

Bengaluru2012

Tablets for education

Social learning network for science for partici-pants from academia to corporate research

Haryana

All-in-one software for managing schools

190+Edu-Tech start-ups in India

Indiasonline education market size is predicted to grow to USD 40 billionby 2017

K-12 sector is expected to reach USD 50 billion in 2015growing at an estimated Compound Annual Growth Rate (CAGR) of 14 %

Over 150 millionstudents in India have access to internet via their mobile phones


Ad-Tech is disrupting the niche analytics market

Source: IBEF, Livemint, Zinnov Analysis, Zinnov Product/Digital Start-up Database

Major Use Cases: Mobile Advertising, Marketing Analytics and Ad Campaign Management

Quick Facts

2014

2012

2013

2012

eCommerce, telecom and FMCG and consumer durablesare the top three verticals

Digital advertising market in India whichwas USD 503.56 millionin 2013, will witness35% growth by the end of 2014

Ad spending on mobile devices growing at an annual average rateof 46% while that onsocial media growing at an annual rate ofof 41%

100+Ad-Tech start-ups in India

Bengaluru

Pune

NCR

Ad platform for retargeting users over mobile and social ad ecosystem

social referral ad campaigns

i l f l

Software ad campaigns & marketing analytics

AdTech product for advertising & marketing analytics


Tremendous opportunities exist in the Health-Tech domain for start-ups

Accelerators dedicated solely tohealthcare start-upsare getting incepted in India

Source: Economic Times, Zinnov Analysis, Zinnov Product/Digital Start-up Database

Major Use Cases: Search, ERP and Records Management

Quick Facts

Indian health-techstart-ups are proving their capabilities in the global market as well

India'shealthcare ITmarket is expected to grow toUSD 1.45 in 2018, more thanthree times the USD 381.3 million reached in 2012

30+Health-Tech start-ups in India

2012

2012

2012

Cloud-based managementsoftware for doctorsand patients

Bengaluru

Durgapur

2013

Patient records management software

Doctor and hospital search and information portal

Pune

Online healthcare search


Gaming market in India provides huge opportunity for digital gaming start-ups

Source: IBN Live; Zinnov analysis, Zinnov Product/Digital Start-up Database, FICCI-KPMG report

Major Use Cases: Casual and Mobile GamesQuick Facts

2011

2012

2010

2011

2011

Bengaluru

Pune

Mumbai

Online and mobile games for various platforms iOS and Android game

developer/publisher

A game development studio creating realistic, casual and social video games for tablets and smartphones

d l

Develop casual and mobile games

100+Gaming start-ups in India

Casual gaming in India is expected to grow at aCAGR of 32% over2010-15 period

Mobile casual gaming revenue expected to grow at aCAGR of 27.5% over2010-15 period

7 to 8 million people inIndia claim to play on a console regularly


2010 2014

VCs/PEs Incubators/Accelerators

3

USD13 million

5

100+

5+ 25+ 50+

80+

USD1,818 million

70+

Investmentsonthe Rise

3/4 of TotalVC/PE Funding

2010 2014

Angel Investors

3

USD4.2 million

8+

73+

USD32.2 million

90+ USD524 million

USD1,574 million

Bengaluru

Delhi-NCR

SECTION III FUNDING LANDSCAPE


An evolving ecosystem of VCs/PEs/angels/ incubators/support networks is accelerating the growth of Indian start-ups

VC/PE funds

Support Ecosystem

Angel Investors/Networks

Incubators/AcceleratorsAEvent Platforms/ Support Networks B

Academic/Training ProgrammesC

Management Programme for Women Entrepreneurs

Indian Institute ofEntrepreneurship

Wadhwani Centrefor Entrepreneurship Development

Banks/Financial Institutions D

133 Member Lending Institutions


70+ VCs/PEs have invested over USD 2 billion in Indian start-ups in the past ve years

No. of Active Investors

13

2010 2011E 2012E 2013E 2014P

2010 2011E 2012E 2013E 2014P

265 217

549

1,818

9

138 101 207

743

5 28 41 83 70+

3 37 55 101 100+

USD 4.2million

USD 7.2million

USD 3.9million

USD 5.4million

USD 7.7million

USD 8.9million

USD 2.5million

USD 3.3million

USD 5.7million

-

USD 4.2million

USD 6.9million

USD 4.9million

USD 7.8million

USD 9.4million

Total No. of Deals

Average Deal Size (B2C)

Average Deal Size (B2B)

Average Deal Size (Overall)

Year-on-Year Investment Commitment in Start-Ups**(in USD millions)

Investment Commitment in Start-ups Excluding eCommerce**

Quick Facts*

*Average Deal Size (Overall)/(B2B)/(B2C) is based on publicly available deal values (In the public domain deal value is not available for every deal), excluding deals >= USD 100 million; (E): Estimated, (P): Projected**Total Investment Commitment is estimated based on Avg Deal Size (excluding deals >= USD 100 million) and Total No. of Deals; For the year 2014, Investment Commitment is projected for the whole year based on the run rate so farSource: Zinnov Product/Digital Start-up Database


VCs/PEs are making heavy investments in the expansion stage

Year-on-Year VC/PE Investments by Stage of Funding*

Start-up Inception Time

1,818 (P)

13

94 13

Seed Stage(USD 5-20 million)

Early Stage(>USD 1-5 million)

Expansion Stage(>USD 20 million)

77

259

1,470

USD 0.5million

2010 2014

Illustrations of Start-up by Stage of Funding Received Across Years

*Investment by stage of Funding is based on Avg Deal Size (excluding deals >=USD 100 million) and Total No. of Deals, and using the Total Investment Commitment projected in the previous slide as base; (E): Estimated, (P): Projected Source: Zinnov Product/Digital Start-up Database

Seed Stage Early Stage

Growth Stage Expansion Stage

(in USD million)

USD 0.8million

USD 4million

USD 4million

USD 5million

USD 3.5million

USD 0.8million

USD 0.5million

USD 15million

USD 17million

USD 19million

USD 210million

USD 65million

USD 627million

USD 45million

USD 17million


Average VC/PE investment sizes have more than doubled for younger start-ups

VC/PE Investments (USD million) by Start-up Inception Time**

Average Deal Size by Start-up Inception Time*

Average Investment/Investor by Start-up Inception Time*


1,1818 (P)

186

1,632

13

2010 2014

*Average Deal Size and Average Investment/Investor is based on publicly available deal values (In the public domain deal value is not available for every deal), excluding deals >=USD 100 million; (E): Estimated, (P): Projected**Investment by Start-up Inception Time is based on Avg Deal Size (excluding deals >=USD 100 million) and Total No. of Deals, and using the Total Investment Commitment projected in the previous slide as base; (E): Estimated, (P): Projected Source: Zinnov Product/Digital Start-up Database


VC/PE funding has evolved over the years and is now a lot more holistic in B2C & B2B segments

Marketing &advertising

Big data& analytics

Productivity

ERP

Communication/Collaboration

Others**

eCommerce


Travel

Social media

Education

Others*

100%34%

64%

1%

67% 61%40%

53%

33%

11%

16%15%

14%

4%

20%12%

11%11% 9%2%

11%2%9%

Share of No. of VC Deals by Start-up Type

B2B B2C B2C/B2B

Cumulative

Across Years

Shareof B2C focused VC deals

B2C/B2B

5%

Note: Analysis based on a sample of 237 deals across years*Others include comm/collaboration, productivity, gaming, and other consumer internet; **Others include apps dev/web dev, security solutions, HW, content mgmt, infra mgmt solutions, mobility solutions & others. Source: Zinnov Product/Digital Start-up Database

B2B32%

B2C63%

2010 2012 2014 Overall

2014 2010

Overall2010 2012 2014

21% 16% 20%21% 16% 18%14%

14%

16%18%

7% 16% 9%8% 7%

21% 28% 28%Share

of B2B focused VC deals


VC/PE funding is maturing signi cantly in deal value and in diversity of focus areas

CRM Aggregator

Communicationtool

*Top 5 Investors based on total amount invested during 2010-14 in start-ups incepted during 2010-14 in B2B and B2CSource: Zinnov Product/Digital Start-up Database

Travel

Business Resiliency& Service Availability CRM

BusinessAnalytics

ContentManagement

RoboticsCRM

eCommerceeCommerce eCommerce

Travel

Communication tool

Illustrative

eCommerceSecuritySolutions

Location BasedServices

eCommerceTravel

Major Investments

by Top 5 Investors inB2B firms*

(Illustrative List)

Major Investments by

Top 5 Investors in B2C firms*

(Illustrative List)


NCR & Bengaluru continue to attract a large part of VC/PE investments

Year-on-Year VC/PE Investments by Location* Total VC/PE Investments by Location*

Over the past two years, NCR has seen the highest investments by VCs/PEs, followed by MumbaiChennai and Pune are also catching up fast*Investment by Location is based on Avg Deal Size (excluding deals >=USD 100 million) and Total No. of Deals, and using the Total Investment Commitment projected in the previous slide as base; (E): Estimated, (P): Projected Source: Zinnov Product/Digital Start-up Database

Others Pune Chennai Mumbai Bengaluru NCR

1,574

524

109 93 48

513

97% of funding in NCR is towards B2C start-ups

NCR and Bengaluru account for ~3/4 of the total investment

4

52

9

80

221

38

333

9

62

374330

0.1 1.50

50

100

150

200

250

300

350

400

2010 2012 2014

NCR Bengaluru Mumbai ChennaiPune Hyderabad Others

1,200

1,128

Am

ount

Inve

sted

Includes ~USD 950 million investment in Snapdeal, Hike and Jabong

Includes ~USD 250 million investment in Olacabs

Quick Facts

(in USD million) (in USD million)


A number of VCs/PEs are maturing signi cantly in the Indian context

Avg: 3.6

Ran

k ba

sed

on A

mt

Inve

sted

**

*Rank Based on No. of Deals: Percentile rank (on a Scale of 0-10) of 20 Investors based on the number of investment made during 2010-14**Rank Based on Amt Invested: Percentile rank (on a scale of 0-10) of top 20 Investors based on total amount invested during 2010-14, The top investor is ranked 10, second one is ranked 5 and rest of the investors are given percentile ranksSource: Zinnov Product/Digital Start-up Database

0

1

2

3

4

5

6

7

8

9

0 1 2 3 4 5 6 7 8 9 10

No. of Deals: High, Amt Invested: High

No. of Deals: High, Amt Invested: LowNo. of Deals: Low, Amt Invested: Low

Softbank

Avg: 2.1

Tiger Global

CDC Group

Bharti SoftbankeBay &Saama Capital

Steadview Capital BessemerVenture Partners

Ru-NetHoldings

Intel CapitalCannanPartners

IDG Ventures India

SAIF Partners

IndoUSVenture Partners

Kalaari Capital

Matrix PartnersNexus Venture Partners

Helion Venture PartnersSequoia Capital

Accel Partners

Analysis of Top 20 VCs/PEs (Based on Total Amount Invested)

Rank Based on No. of Deals*

No. of Deals: Low, Amt Invested: High


550+ angel investors focusing on India market, ~8X growth in total investment since 2010

*Average Deal Size (Excluding Outliers) is based on publicly available deal values minus deals where an individual/Angel network has invested >=USD 1 million; (E): Estimated, (P): ProjectedAmount Invested is projected for each year based on Average Deal Size (Excluding Outliers) and Total No. of DealsFor the year 2014, Total No. of Deals and Amount Invested is projected for the whole calendar year based on the run rate so farSource: Zinnov Product/Digital Start-up Database

Number ofActive AngelInvestors(Individuals)

Total No.of Deals

1:1

AmountInvested

Average DealSize(Excluding Outliers)

8+

3

USD 4.2million

USD 9.1million

USD 23million

USD 33.9million

USD 32.2million

29+

19

48+

45

112+

95

90+

73+

Total 550+ AngelInvestors Focusedon India Market

Angel Investors Ecosystem in India*

2010 (E) 2011 (E) 2012 (E) 2013 (E) 2014 (P)

USD416,000

USD476,000

USD312,000

USD368,000

USD80,000


Angel investments are accelerating for mature start-ups


32.2 (P)

2010 2014

10.6

21.7

4.2

Angel Investments ($ Mn) by Start-up Inception Time**

Average Deal Size by Start-up Inception Time*

Angel investment is not restricted to select areas, investors are ready to bet on innovative ideasPast four years have seen a gradual shift in investment from the earlier dominant sectors to new upcoming sectors in both B2B and B2C*Average Deal Size is based on publicly available deal values (In the public domain deal value is not available for every deal), excluding deals where an individual/Angel network has invested >=USD 1 million; (E): Estimated, (P): Projected**Investment by Start-Up Inception Time is estimated based on Avg Deal Size (excluding deals >=USD 1 million) and Total No. of Deals, and using the Amount Invested projected in the previous slide as base; (E): Estimated, (P): ProjectedSource: Zinnov Product/Digital Start-up Database

Inception Time: 2-5 YearsInception Time:


Similar to VC/PE funding, angel investments are also getting a lot more holistic

Share of No. of Angel Deals by Start-up Type

B2B B2C B2C/B2B

Cumulative

Across Years

B2C/B2B6%

Note: Analysis based on a sample of 200 deals across years*Others include comm/collaboration and other consumer internet; **Others include apps dev/web dev, security solutions, HW, content mgmt, & others. Source: Zinnov Product/Digital Start-up Database

Big data& analytics

Productivity

Marketing &advertising

ERP

Communication/Collaboration

Others**

eCommerce


Travel

Social media

Education

Others*

5%

B2B34%

B2C60% 100%

48%

16%37%

19%

16%

20%

19%

16%

14%

10%

21%

13%5%

26% 3%5% 13%

2010 2012 2014 Overall

38%56% 67%

33%

2014 2010

Overall2010 2012 2014

20% 6% 19%

13%18%

14%

13%6%

14%100%

13%

12%

13%

20%

12%

11%

20%

47%29%

Share of B2C focused

angel deals

Share of B2B focused

angel deals


Over 80+ business incubators and accelerators are providing seed stage support to start-ups

Incubated 60+ Start-ups

Consumer Internet Big Data & Analytics Productivity GIS LocationUnified Communication


Incubator/Accelerator Ecosystem in India

Top Focus Areas in 2014


Apart from on premise guidance and support, some incubators are also providing virtual incubation to start-upsIncubators/Accelerators with exclusive focus on specific/niche areas are emerging in IndiaSource: Zinnov Product/Digital Start-up Database

50+Public

Incubators

25+Private

Incubators

5+ MNC

Accelerators


Successful entrepreneurs are coming forward to support other emerging start-ups

Guidance from entrepreneurs who have already done it before Help in building connections with other mentors, investors and customers Act as a potential customers and test the product in beta stage Provides much needed encouragement and motivation

*Source: The Economic Times

GSF has roped in redBusfounder Phanindra Sama to deepen mentoring and support infrastructure

GGGG

Indian entrepreneurs are mentoring start-ups through various channels

Dorai Thodla, founder of iMorph, Inc., providesmentorship throughTiE Chennai

The Bansals of Flipkart made seed investment in News in Shorts & are mentoring the start-up

In Mobi's co-founder and CTO Mohit Saxena is mentoring App Virality

1

4

3Mentoring through

Incubators/ Accelerators

Mentoring through support

platforms

TTT

Entrepreneurs turned Angel Investor &

mentoring the investee start-up

2Mentors

from Networks

How P2P mentoring helps start-ups


Business incubators and accelerators provide the much needed hand holding to the start-ups

Connect entrepreneurs to peers, mentors and potential long-term advisors to the firm

Connect with local venture funds and angel investors to raise funds

Source: GSF India, Microsoft Ventures India, Startup Village

Mentorship & Networking

Help start-ups build partnerships and business relationships to launch products in their target markets

Partnerships

Start-ups which are a part of the incubation programme are offered office/workspace, shared administrative services and some even offer seed fund

Workspace/Funds

Start-ups have

graduated from the

Accelerator Programme

Conferences/Events

have been organised

toshowcase start-uptalent

Angels are associated with GSF

Accelerator programme

Start-ups have

graduated from the

Accelerator Programme

Mentors associated with the

Accelerator

Average funding

received by start-ups

part of the Accelerator programme

$215 K

Start-ups are

supported by

including virtual

incubatees

Regular incubatees

Partners including

VCs, angels, banks

650+ 45+50+

1506436 6 18


Event platform and support networks are fuelling start-up growth

2014 >122009-10 2-3

Number of National Start-up Events

Smaller group meetings happen almost every weekend

Start-ups get access to mentors and experts; access to incubators is also fast tracked

Hands-on-experience where entrepreneurs and aspiring entrepreneurs find out the viability of their start-up ideas

Source: The Economic Times, National Entrepreneurship Network, Yourstory.in, Start-ups Unplugged

Mentorship & Idea Viability

Technology/Start-up conferences organised where start-ups showcase their talent and ideas to potential investors

Connect start-ups with other entrepreneurs and thus help them build a network oftheir own

Networking& Funding

Events were

organised in 2014

eWeek:EntrepreneurshipWeek, Annual Event

Member Academic Institutions& partners

supportaspiring & growing

entrepreneurs

Participants took part in the events in

2014

Entrepreneur stories have been profiled by YourStory

Niche readers

from India and

acrossthe world

Entrepreneurs provided

networking opportunities

via conferences and meetups

50,000

Entrepreneurs have attended

the event

Fund has beenraised

Start-ups have been launched

7,000 75$120 Mn

3,000,00014,0005,000 450 700,000


Multiple start-up speci c academic/training programmes are providing mentorship to entrepreneurs

Provide consultancy and monitoring service to MSMEs/potential entrepreneurs and enhance employability of participants

Source: Start-up Leadership, NSRCEL

Consultancy

Design and organise training activities for different target group and undertake research in the areas relevant to entrepreneurship

Training

The training and academic institutions may also provide incubation support to start-upsIncubation

Incubatees till date

Partners which include academic

institutions, government agencies &

industry experts

Events have been

organised till date to promote

entrepreneurs

35+ 7 167

Start-ups have been trained in

India

Faculty are a combination of mentors who are

entrepreneurs, investors and world experts,

and professors from business school

150+ Faculty


Increased M&A Activity

Favouring Factors toBranch Out from India

Enterprises acquiring start-ups

Start-up

Talent acquisition Technology gains to existing portfolio

Enterprises

Start-up consolidating with Start-ups

Start-upStart-up

Accelerate consolidation Enhanced customer base

Key Asks from the Government

A

BClear transparent framework for disbursement of thestart-up fund

Eligibility relaxation to participate in large scaletechnology projects

Revised TDS laws

Relaxation from banks to secure financing/funding

Tax saving schemes on funding

Special Regulatory Zones (similar to SEZ) to testindustry products

C

Easy Access toCapital in the US

Global Market(USD) Opportunity(

SECTION IV EMERGING TRENDS AND RECOMMENDATIONS


Given the vibrancy in the ecosystem and its potential, the M&A activity is on the rise in India

Large firms are acquiring Indian start-ups for talent and embedding innovative technology in the existing portfolio

Start-ups are acquiring start-ups to accelerate consolidation and extend reach to existing customer base

Acqui-hiring There's growing interest from Facebook, Google and Yahoo! in acqui-hiring from India

TechnologyAcquisition

Oracle acquired Bitzer Mobile in 2013. Bitzer augments Oracles portfolio and is expected to be a core component to its mobile security strategy

Consolidation

Consolidation wave sweeping the consumer internet space GoGrab.in merged with AnyCommerce in 2014 Flipkart acquired Myntra in 2014 Zovi acquired Inkfruit in 2013 Flipkart acquired Letsbuy in 2012

CustomerAcquisition

Goozop a global digital agency, acquired Red Digital, an Indian social media agency to increase revenue from Indian operations


As M&A is witnessing increased momentum in India, investors are getting more exit opportunities

Tech M&A in India(Illustrative List)

201420132011

USD 136 million

USD 31million

USD25 million

Not disclosed

Not disclosed

USD135 million

USD62 million

USD43.4 million

Not disclosed

Not disclosed

>USD10 million

USD 300-330 million

USD15 million

USD15 million

USD9 million

Source: Venture Intelligence, YourStory.in, NextBigWhat.com, Others

2012

US3

5

USD


Start-ups are betting high on evolving ecosystem, however, a number of challenges are constraining the growth

With long sales cycles, customer acquisition is a major pain point

High likelihood of receivables turning into bad debt (5-10% probability)

Source: Zinnov, NASSCOM

Despite maturing ecosystem securing funding is tough

Start-up funding is perceived as one of the most important success criterion

Complex and stringent government policies are a major cause of concern

Lack of execution clarity on existing policies creates state of uncertainty

Growth Barriers


Clear and transparent framework for disbursement of the ` 10,000 crore start-up fund

Risk capital for first gen entrepreneurs, growth capital for serial entrepreneur and sector-specific allocations

Key Policy Related Asks from the Government

Preferential treatments/relaxation of eligibility criterion by government for start-ups to participate in large scale technology projects

Re-imagine TDS and allow start-ups to pay taxes at the end of the year (instead of tax being deducted at source)

Guidelines to public sector banks for relaxation on debt financing terms/ collateral/invoice requirements for working capital asks

Provide tax saving schemes on return on VC/angel investments in start-ups and build ecosystem excitement

Create Special Regulatory Zones (on the lines of SEZ) with regulatory flexibility to test best products in industries such as VOIP, Healthcare, BFSI, etc.

11

4444

55 66

22

33

Though the Government is making right efforts to make the start-up ecosystem more conducive to growth, there is still a need for clear and transparent guidelinesSource: Zinnov, NASSCOM

Demand for supportive government policies continues to exist


About NASSCOM 10,000 Start-ups

10,000 Start-ups is an ambitious attempt by Indias premier IT industry body NASSCOM to scale up the start-up ecosystem in India by 10x. The programme is supported by Microsoft, Google, Intel, Verisign & Kotak. 10,000 Start-ups aims to enable incubation, funding and support for 10,000 technology start-ups in India over the next 10 years.

The programmes vision is to:

Foster entrepreneurship

Build entrepreneurial capabilities at scale

Strengthen early stage support for tech start-ups

To meet these objective, the programme has brought together key stakeholders of the ecosystem including start-up incubators/accelerators, angel investors, venture capitalists, start-up support groups, mentors and technology corporations. With 10,000 Start-ups NASSCOM aims to build a vibrant ecosystem for technology entrepreneurship in India.

Indias largest platform to connect with the tech entrepreneurship community

Under the aegis of 10,000 Start-ups, NASSCOM organises and supports workshops, meet-ups, hackathon, pitches for technology entrepreneurs building solutions for web and mobile in order to build a vibrant tech start-up ecosystem in the country. Since its launch in April 2013, the 10,000 Start-ups has done about 350 events in 22 cities of the country which were attended by a whopping 25,000 attendees.

In the last one and half years, 10,000 Start-ups has built a vibrant social community for more than 100,000 followers and an opt-in mailing list of about 30,000 existing and aspiring entrepreneurs. The programme has also hosted some of the global icons of the technology world like Eric Schmidt, Michael Dell, Vinod Khosla, Sundar Pichai and more recently, Satya Nadella.

Indias biggest tech start-up programme in terms of impact.

After it was launched in April 2013, the 10,000 Start-ups programme has received over 9,000 applications from various parts of the country and about 500 tech start-ups have been shortlisted in 2 phases. These start-ups have got the opportunity to pitch to more than 30+ partners of the programme including leading accelerators, angel investor networks and venture capital rms.

These rms received access to a pool of mentors including technology leaders, successful founders, domain experts, angel investors, etc. Beyond this, they also received platforms to meet large enterprises, system integrators and strategic who could potentially be customers and strategic partners. With the support of the Government of Karnataka, NASSCOM also established a co-working facility called Start-up Warehouse exclusively for tech start-ups right in the heart of the city.

Through various initiatives, the programme has been able to successfully impact 150+ technology start-ups out of the 500+ who have been shortlisted under the programme. These rms have raised funds, got into acceleration programmes, found customers and on-boarded mentors through the programme.

We look forward to scaling this number drastically in the days to come!


Accel Partners Freemont Partners Norwest Venture Partners Abhishek Goyal GSF SuperAngels Ratan Tata

Ascent Capital Google Capital Ojas Venture Partner Amit RanjanIndian Angel Network Ravi Gururaj

Avalon Ventures Greylock Partners Omidyar Network Anand Ladsaria Kanwaljit S Bombra Ravi Kiran

Bertelsman Helion Venture Partners Qualcomm Ventures Anand Lunia Kishore Ganji Ravi Trivedi

Bessemer Venture Partners IDG Ventures Ru-Net Holdings Angel Prime Krishna Motukuri Rehan Yar Khan

Bharti Softbank IndoUS Venture Partners Saama Capital Anupam Mittal Krishnan Ganesh Sachin Bansal

Blackrock Intel Capital SAIF Partners Bhupen Shah Manav Garg Samir Sood

Blume Ventures InterWest Partners Sequoia Capita Bimal Shah Manoj Menon Sasha Mirchandani

CDC Group Inventus Capital Partners Softbank Binny Bansal Mumbai Angels Sharad Sharma

Cisco Ventures Kalaari Capital Steadview Capital Calcutta Angels Murali Venkat Rao Sunil Kalra

Clear Stone Venture Partners KITVEN Funds Telstra Ventures Ccube Angels Naveen Tewari Umang Kumar

Draper Fisher Jurvetson

Lightspeed Venture Partners Tiger Global Chennai Angels Nitin Aggarwal Urrshila Kerkar

eBay Matrix Partners Unilazer Ventures Deep Kalra Nitin Singhal Venkat Vallabhaneni

Epiphany Ventures Mayeld Fund Vertex Venture Holdings Dinesh Aggarwal Rajan Anandan Vikash Taneja

Fidelity Growth Partners India

Nexus Venture Partners

Walden International

Girish Mathrubootham

Rajesh Sawhney Vishal Gondal

VCs/PEs Angel Investors/Networks

Illustrative list of VCs/PEs and angel investors/networks


Incubators/Accelerators

5ideas Kyron Target Accelerator Program In50hrs

91Spring Board MICA Incubator: MICA-EDC TBI BITS Pilani LetsVenture

BitChemy Ventures Microsoft Ventures TBI IIT Delhi

T-TBI (Technopark TechnologyBusiness Incubator)

Microsoft BizSpark India Startup Challenge

Boot Up Factory 10,000 Startups: NASSCOM Manipal Institute of Technology Innovation Centre

NASSCOM Product Conclave/Emerge Awards

Catalyzer National Design Business Incubator (NDBI) - NID AhmedabadTBI - NDRI Karnal

NEN

CIE - IIIT Hyderabad NSRCEL (IIM Bangalore)

TBI VIT

NextBigWhat

CIIE - IIM A PayPal Incubator

The Fabric

SME Joinup

Citrix Start-up Accelerator PitneyBowes Accelerator Program

Tlabs - Times Internet Group

StartDunia

Freemont Partners RTBI - IIT M

TSC (The Startup Centre)

STARTOHOLICS

Growth Story SAP Startup Focus

Veddis Advisors

Startup Festival

GSF SEED MDI

Venture Centre

Startup Weekend

Health Start SIDBI Innovation & Incubation Centre - IIT KanpurVenture Nursery

Startups Unplugged

IIITB Innovation Centre - IIIT Bangalore SINE - IIT Bombay Villgro Startups.in

Indian Angel Network Incubator Startup Oasis

Wadhwani Center for Entrepreneurship Development- ISB Hyderabad

TIE

Khosla Labs Start-up Village Zone Startups Yourstory

Event PlatformsSupport Networks/

Illustrative list of incubators/accelerators and support networks/event platforms


DisclaimerMethodology and assumptions for the Analysis of Top 20 VCs/PEs in Page No.43

1) This analysis is based on publicly available deals done by VCs/PEs. It is not exhaustive in nature as this list may not include some top investors as all their deals may not be available in public domain

2) For ease of analysis, in deals involving multiple investors, the total deal amount is split equally among investors. In deals where the amount invested by each investor is available from public sources, then in such cases the amount is allocated accordingly

The slides including names and logos of Start-ups/VCs/PEs/Angel Investors/Angel Networks/Incubators/Accelerators/Event Platforms/Support Networks/Academic/Training Programs/Banks/Financial Institutions and pictures of start-ups Founders/Co-Founders/CEOs are illustrative in nature, and the logos, trademarks and pictures are owned by respective companies

The M&A deal values included in slide No.53 are sourced from publicly available sources. In some cases this may be an approximate value (not the actual deal value) as at times the deal value available in public domain is based on analysts or industry leaders estimates


ZinnovRepository:

Public Sources:

NASSCOM 10,000 Start-up Database

Angel List

Yourstory.in

Techcrunch/Crunchbase

Venture Intelligence

Start-up Websites

VC Websites

Angel Networks Websites

Media Articles

Zinnovproduct/digitalstart-updatabase

PrimaryInteractions:

35+Technologyproductcompanies/start-upsInteractionswith VC &AngelInvestors

List of Sources

International Youth CentreTeen Murti Marg, ChanakyapuriNew Delhi 110 021, IndiaT 91 11 2301 0199 F 91 11 2301 [email protected]

start-ups landscape report14

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