Indian Startup Ecosystem Post‑2020: Top 5 Sector

Deep-Dive
Introduction
The onset of the COVID-19 pandemic in 2020 dramatically reshaped India’s startup ecosystem. Funding
initially dipped in 2020 but then surged to an all-time high in 2021, followed by a correction in 2022–2023
1 . Indian startups raised a record ~$42 Bn in 2021, before dropping to ~$25 Bn in 2022 and about

$11 Bn in 2023, reverting to 2020 levels 1 2 . This boom-and-bust cycle was driven largely by a frenzy of
late-stage capital in 2021 and a subsequent funding “winter” amid global headwinds. However,
throughout this volatile period, a few key sectors consistently led in funding, innovation, and growth,
emerging stronger from the pandemic’s challenges. The top five sectors in India’s startup ecosystem since
2020 have been: Fintech, E-commerce & Consumer Internet, Software/SaaS (Enterprise Tech), EdTech,
and HealthTech. These sectors not only garnered the highest investor interest but also drove meaningful
innovation (e.g. digital payments, online education, telehealth) and produced the bulk of new unicorns and
exits. The following report provides an in-depth analysis of each of these five sectors – examining their
post-2020 trends, market evolution, early-stage opportunities, exit activity, and the emerging business
models and technologies transforming each space.

Figure: Year-on-year funding for Indian startups (2019–2023), peaking in 2021 and declining sharply by 2023 2 .
Despite the pullback after 2021, the ecosystem’s cumulative capital influx since 2020 remains robust, with certain
sectors (fintech, consumer tech, SaaS, etc.) capturing a majority share.

In addition to their funding dominance, these sectors have been nationwide in impact – driving adoption
not only in metropolitan hubs but also across India’s Tier II and III cities. Notably, e-commerce and fintech
usage surged in smaller cities during the pandemic, and over 45% of new startups now arise from Tier
II/III locations 3 4 . Government initiatives (e.g. Startup India, digital public infrastructure like UPI and
DigiLocker) further catalyzed growth, enabling startups in sectors like finance, education and health to
reach previously underserved populations. The result is a more geographically diverse and resilient startup
landscape. Below, we deep-dive into each of the five key sectors:

1. Fintech: Driving a Digital Finance Revolution

Fintech (financial technology) has been the flagship sector of India’s startup boom since 2020,
accelerated by the push for contactless digital payments during COVID-19. In 2020, fintech overtook all
other industries in deal activity 5 , and it has consistently ranked among the top sectors by funding and
number of startups. Indian fintech startups attracted over $20 Bn in funding in the last five years
(2018–2023), accounting for ~21% of all startup funding in this period 6 . Even in the 2022–23
downturn, fintech remained a magnet for capital, reflecting the sector’s strong fundamentals. The adoption
of digital finance in India is extraordinary – fintech services have an 87% adoption rate among
consumers (versus ~67% globally) 7 , thanks to ubiquitous smartphones and enabling infrastructure like
UPI. The Unified Payments Interface in particular saw explosive growth, processing billions of low-value

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transactions and bringing millions of first-time users into digital payments. This period also saw rapid
expansion in digital lending, insurtech, and wealthtech as consumers and small businesses moved their
financial activities online.

Market Size & Trends: The overall Indian fintech market was estimated around $50 Bn in 2021 and
continues to expand with double-digit growth. Within fintech, digital payments have become nearly
ubiquitous – UPI transactions grew over 75% YoY in FY2021 alone as cash usage dropped 8 . Mobile
wallets, QR-code payments, and BNPL (buy-now-pay-later) options proliferated during the pandemic.
Digital lending startups also boomed, fulfilling credit needs when traditional lenders turned cautious.
Fintech lenders tapped into a huge “new-to-credit” customer base; indeed, fintech companies have the
highest share of new borrowers in India’s personal loan market 9 10 . Another major trend is neobanking
and financial inclusion – startups launched app-based banks and investment platforms targeting
underserved segments (students, blue-collar workers, rural merchants). Wealthtech (digital brokers, robo-
advisors) saw user growth as well, exemplified by startups like Zerodha and Groww bringing millions of
young investors into capital markets. Overall, fintech startups have helped democratize access to finance,
reaching user segments that were traditionally difficult to serve 9 . Notably, India now hosts 29 fintech
unicorns as of mid-2024, with payments and lending startups leading the pack 11 12 . The hub of
fintech activity is Bengaluru, which alone attracted ~47% of all fintech funding and is home to 14 of those
unicorns 13 – underscoring the strong founder and investor ecosystem in this sector.

Structural Shifts: A key structural shift post-2020 has been greater regulatory formalization and
infrastructure in fintech. The Reserve Bank of India rolled out new guidelines for digital lending, prepaid
instruments, and data security, which, while increasing compliance burden, ultimately strengthen the
sector’s credibility. The introduction of Account Aggregators and the India Stack allow secure sharing of
financial data, enabling new models in credit underwriting and personal finance management. Fintech
startups are also partnering more with traditional banks (co-lending, Banking-as-a-Service) rather than
competing head-on, leveraging banks’ licenses with fintechs’ agility. Meanwhile, the government’s push for
a cashless economy (e.g. through UPI, RuPay, DigiLocker, e-RUPI vouchers) during the pandemic created a
baseline digital infrastructure on which many private fintech innovations are built. Fintech adoption
extended far beyond metros – UPI and mobile payment apps gained users in small towns and rural areas,
giving many their first exposure to formal financial services. This broad base of users and data is now
fueling second-order opportunities like sachet insurance, micro-investments, and tailored credit products
for “Bharat.” In short, fintech in India is maturing from rapid user acquisition to sustainable growth,
with tighter regulation, deeper integration with incumbent financial institutions, and a focus on
monetization and credit quality.

Early-Stage Opportunities & White Spaces: Despite fintech’s growth, large swathes of India remain
financially underserved, pointing to numerous white-space opportunities for startups:

• Rural and MSME Finance: Innovative lending models for farmers, gig workers and small businesses
in Tier II/III cities (e.g. supply chain finance, agri-fintech) to close the $300+Bn credit gap. Fintechs
leveraging alternate data (e.g. mobile bills, warehouse receipts) can underwrite these new customer
segments.
• Insurance & Insurtech: Insurance penetration in India is only ~4%. There is room for digital-first
insurance products (health, crop, vehicle) and platforms that educate and onboard first-time
buyers. Startups can bundle micro-insurance with other services for outreach.

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 • Wealth Management for the Masses: Beyond urban affluent customers, fintechs can tap the
emerging middle class in smaller cities with low-cost investment products, robo-advisory in
vernacular languages, and goal-based savings tools. As ~90% of Indians still have little
discretionary investment, this is a huge untapped market.
• Embedded Finance & Fintech-as-a-Service: Providing fintech capabilities within non-finance
products – for example, payment/credit plugins for e-commerce merchants, or financial services
embedded in SaaS platforms (billing, lending within a SME software). This “fintech layer” in other
sectors is a growing opportunity.

These early-stage opportunities are drawing interest even amid a funding slowdown. Investors continue to
bet on startups that can crack India’s financial inclusion puzzle with scalable tech and prudent risk
management.

Exits and Key Players: The fintech sector has seen some of India’s most significant exits in recent years. In
2021, Paytm’s IPO (the largest ever tech IPO in India) raised ~$2.3 Bn, marking a milestone for the
ecosystem 14 . Another fintech IPO in 2021 was PolicyBazaar (online insurance marketplace). While these
stocks faced post-listing volatility, their listings demonstrated public market appetite for tech startups. M&A
activity has also been robust – 2021 saw a record 210+ startup M&A deals, many in fintech, and this rose
to 240 deals in 2022 amid consolidation 15 16 . For example, Prosus’s PayU announced a $4.7 Bn
acquisition of payment gateway BillDesk in 2021 (though it was later called off due to regulatory concerns),
and Pine Labs acquired fintech infrastructure startup Setu in 2022. Large incumbent players have been
active acquirers: Walmart (Flipkart) acquired BNPL provider ZestMoney, and Razorpay (a payment
unicorn) acquired IZealiant to enhance its banking solutions. The sector also produced multiple unicorns
that are expected to seek exits in coming years (e.g. PhonePe, which spun off from Flipkart and raised
$850 Mn in 2023, is reportedly eyeing an IPO). As of 2024, analysts count 26 fintech unicorns in India
worth a combined $90 Bn+ 17 18 , indicating significant future exit potential. Notably, many fintech
founders and early employees have become angel investors or serial entrepreneurs, recycling their success
– for instance, alumni of Paytm, Capital Float, and BankBazaar have founded new startups or funded others,
enriching the fintech founder/investor ecosystem. Bangalore’s so-called “Fintech Mafia” (akin to the
famed PayPal Mafia globally) is a growing network of savvy founders and investors driving the next
generation of fintech innovation.

Emerging Business Models & Tech Innovations: Fintech continues to evolve rapidly with new
technologies. A few notable innovation themes driving the sector’s transformation are:

• Account Aggregators & Open Banking: Implementation of the Account Aggregator framework
(licensed data-sharing networks) is enabling fintechs to build personal finance management apps,
alternate credit scoring models, and lending marketplaces by securely accessing users’ financial
data (with consent). This open banking ecosystem is expected to spur a wave of innovative credit,
wealth, and money management products.
• Embedded and Full-Stack Fintech: Startups are combining fintech with other services – for
example, “SaaS+Fintech” models where a software provider for retailers or manufacturers also
offers integrated payments and financing 19 20 . This boosts monetization and stickiness by
addressing the transaction layer. Likewise, e-commerce platforms adding pay-later and insurance
offerings represent fintech blending into every industry.
• RegTech and Cybersecurity: With greater regulatory oversight, there is demand for solutions that
help fintechs and banks comply with norms (KYC, fraud detection, data security). Startups offering

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 AI-driven fraud analytics, automated compliance, and cybersecurity tailored for digital finance are on
the rise.
• Central Bank Digital Currency (CBDC) & Crypto Infrastructure: India’s pilot of a digital rupee and
evolving stance on cryptocurrency have opened opportunities for blockchain-based fintech
innovation. A few startups are working on crypto trading platforms, blockchain remittances, and
DeFi (decentralized finance) solutions, although regulation remains cautious.
• AI/ML in Finance: Fintechs are adopting AI for credit scoring (using alternative data to underwrite
thin-file customers), personalized financial advice (chatbot advisors), and risk management (real-
time fraud flags). The use of machine learning to analyze transaction data is improving loan
default predictions and enabling hyper-personalized product recommendations in banking and
insurance.

Overall, fintech in India has transitioned from primarily payments-centric a few years ago to a diverse
financial services ecosystem today. It plays a foundational role across the economy, evident by fintech’s
deep links with other sectors (commerce, SaaS, healthcare, etc.) and its contribution to formalizing the
economy. India’s fintech adoption rate (87%) is among the highest in the world 7 , and continued
innovation in this sector will be crucial for reaching the next 500 million users and $1 Trillion digital
economy goals.

2. E-commerce & Consumer Internet: The Online Retail Boom

If fintech was the lifeblood (payments) of India’s digital economy, E-commerce and consumer internet
have been its most visible face. The pandemic period saw unprecedented growth in online retail, food
delivery, and digital consumer services, as lockdowns forced both merchants and consumers to embrace
online channels. E-commerce has consistently been the top startup sector by deal volume in recent
years 21 , reflecting the breadth of activity from large marketplace platforms to niche D2C (direct-to-
consumer) brands. In 2023, for instance, the e-commerce sector led with 192 funding deals, more than
any other sector 21 . By funding amount, consumer tech (which includes e-commerce and online consumer
services) became the largest category in 2024, drawing $5.4 Bn – about 40% of all venture funding 22 . This
surge was driven by segments like B2C commerce, grocery and food delivery, online travel, and gaming
22 . The overall Indian e-commerce market size reached ~$147 Bn in 2024 23 , nearly doubling from pre-

pandemic levels, and is projected to continue growing at ~18% CAGR. The pandemic catalyzed a
fundamental shift in consumer behavior: millions of Indians made their first online purchases for essentials
in 2020 and soon came to rely on the convenience of e-commerce for everything from groceries to medicine
to apparel.

Trends & Market Evolution: Early in the pandemic, e-commerce demand was concentrated in essential
categories (grocery, healthcare products) as companies like BigBasket, Grofers (now Blinkit), Amazon, and
Flipkart ramped up last-mile delivery for staples. By late 2020 and into 2021, online demand spread to
discretionary categories – electronics, fashion, and home goods saw a boom as pent-up consumer
spending moved online 24 . This period also witnessed the rise of “quick commerce”: startups like Zepto
and restaurant aggregators like Swiggy (Instamart) and Zomato (Blinkit) began offering 10–20 minute
hyperlocal delivery for groceries and daily needs, an innovation born from the urgency of lockdown life.
Quick commerce became a breakout theme, with rapid adoption and large late-stage funding rounds in
2021–22 25 . Another trend was social commerce and video commerce – companies such as Meesho,
which leverages social networks and community sellers in small towns, and live-streaming sale platforms,
tapped into new shopper demographics. Additionally, D2C brands in categories like beauty, fashion, and

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nutrition (e.g. Sugar Cosmetics, Mamaearth, Licious) gained popularity, using digital channels to reach
consumers directly. The digital transformation of retail extended to India’s vast small merchant base: B2B e-
commerce platforms like Udaan and Jumbotail enabled neighborhood stores to procure inventory online,
while the Open Network for Digital Commerce (ONDC, launched 2022) is aiming to democratize e-
commerce by interconnecting buyers, sellers and logistics providers on an open protocol.

Importantly, Tier II and III cities emerged as the new growth frontier for e-commerce. Prior to 2020,
metro cities dominated online shopping, but the pandemic accelerated adoption in smaller cities and
towns. For example, by 2022–23 over 75% of Flipkart’s customers during major sale events came from
Tier II/III cities 26 , and Amazon India also reported that the majority of new shoppers were from outside
the top 8 metros. Mid-sized cities like Lucknow, Coimbatore, Guwahati, etc. have seen e-commerce usage
soar, with users spending more time and money online than ever 27 28 . Nykaa’s 2021 Pink Friday
sale saw 57% of orders from Tier II/III cities on Day 1 29 , highlighting how digital retail has permeated
the heartland. Several factors fuel this trend: improved logistics and delivery networks in smaller cities,
increasing internet penetration and trust in online shopping, and a lack of offline retail options in many
areas (making online the only way to access wide product variety) 30 31 . This shift beyond the metros
significantly expands the e-commerce market size, as tens of millions of new consumers come online.

Structural Shifts: The e-commerce sector’s structure post-2020 is characterized by consolidation at the
top and fragmentation at the edges. On one hand, large players have gotten larger: Amazon and
Walmart-owned Flipkart still command a major share of general e-commerce, while Reliance’s JioMart
and Tata Digital (Tata Neu) have entered aggressively, leveraging their deep pockets and supply chains.
This era saw big strategic moves – e.g., Tata acquired BigBasket (online grocery) in 2021 and launched
the Tata Neu super-app bundling retail, travel, and pharmacy, indicating traditional conglomerates’ intent
to dominate digital commerce 32 . Reliance not only built JioMart for groceries but also acquired diverse
online assets (from Zivame in lingerie to Netmeds in pharmacy to Urban Ladder in furniture) during 2020–
21. At the same time, startup-led consolidation took place: food delivery saw Zomato acquiring Uber
Eats India (2020) and later Blinkit in 2022 to expand into grocery, while Swiggy acquired Dineout (2022)
to add restaurant reservations. In fashion e-commerce, Myntra (Flipkart-owned) acquired smaller players
like Jabong earlier, and players like Ajio (Reliance) grew in-house. By 2022, the top e-commerce
ecosystems were each multi-category and multi-format – e.g., Flipkart group spans Flipkart, Myntra
(fashion), PhonePe (fintech) and Ekart (logistics); Amazon offers everything from pantry to video streaming;
Reliance’s digital commerce covers groceries, pharma, fashion, and more.

Yet, outside these giants, niche vertical and D2C brands flourished by focusing on specific categories or
innovative models. This includes subscription commerce (for example, FreshToHome for meats), rental
platforms (Rentomojo for furniture), and a plethora of D2C brands with unique propositions (organic foods,
sustainable fashion, regional snacks, etc.). The pandemic forced even traditional brands to build direct
online channels, increasing competition but also overall online assortment. Logistics and supply chain
innovation underpins this structural shift – startups like Delhivery, Ecom Express, Shadowfax scaled up
rapidly to handle surging e-commerce parcels, and today third-party logistics providers (3PLs) power the
backend for thousands of online sellers. This led to the rise of logistics tech as a sub-sector overlapping with
e-commerce: notably, Delhivery became a unicorn and went public in 2022, raising ₹5,235 Cr (about
$700 Mn) in its IPO, one of the few successful tech listings of that year. The logistics network penetration
into Tier II/III cities (and even rural areas via India Post tie-ups and hyperlocal delivery agents) has made it
feasible for e-commerce to reach nearly 90%+ of India’s pin codes.

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Another structural development is the attempt to “open” the e-commerce market through ONDC (Open
Network for Digital Commerce). Launched with government backing, ONDC in 2022–23 started connecting
small sellers and local logistics players on a decentralized network, aiming to reduce reliance on any single
big platform. Early traction has been modest, but it signals a move toward interoperability in digital
commerce that could lower entry barriers for startups. Finally, consumer protection and data rules have
tightened (the draft E-commerce Rules 2020, Consumer Protection rules etc.), which might increase
compliance costs but also improve trust in online transactions long-term.

Early-Stage Opportunities & White Spaces: Despite consolidation, the e-commerce and consumer
internet space in India still offers plenty of room for new ventures, especially targeting the next cohort of
online users and the infrastructure gaps. Key white spaces include:

• Social and Vernacular Commerce: Building shopping experiences tailored for non-English-speaking
and first-time internet users. For example, video/live commerce in regional languages,
community group buying models (people in the same locality pooling orders for discounts), and
influencer-driven commerce targeting Tier III+ consumers. With the majority of new internet users
being vernacular speakers, this is a high-growth niche.
• New Retail Technologies: Solutions that bridge offline and online retail for India’s 13 million kirana
(mom-and-pop) stores. Startups can innovate in POS financing, inventory management SaaS for
small retailers, or B2B marketplaces for rural retailers. Integrating kiranas into the digital
economy (as delivery points, online order partners, etc.) is a ripe opportunity.
• Category-Focused Plays: Certain product categories are still under-penetrated online. For instance,
online education supplies, auto parts marketplaces, cosmetics for deeper skin tones, or
affordable housing rentals – specialized platforms focusing on these needs can differentiate
against generalists. The success of platforms like Cars24 (used cars) or LivSpace (home interiors)
shows the potential of vertical focus.
• Hyperlocal and Subscription Models: Beyond quick commerce, startups can explore hyperlocal
services in smaller cities – e.g., on-demand home services, local language content apps, etc.
Similarly, subscription commerce for consumables (daily milk/vegetables delivery, grooming kits,
etc.) can drive loyalty in a market known for price-sensitive, deal-seeking behavior.
• Experience and Travel Post-Pandemic: As normalcy returns, there’s room for innovation in travel
tech (tailored itineraries, regional tourism platforms) and offline experience booking (events,
activities). The pandemic forced traditional travel agencies out, so digital-first travel startups have
an opening to capture pent-up demand with novel experiences and flexible booking options.

Investors are still funding e-commerce startups that have unique acquisition models or supply chain
efficiencies for these opportunities – for example, Mensa Brands (founded 2021) raised huge rounds to
acquire and scale promising D2C brands, indicating confidence in new consumer brand roll-ups.

IPOs and Exit Activity: The e-commerce/consumer tech sector has delivered some of India’s most
prominent exits. 2021 was a landmark year with multiple tech IPOs: online food delivery leader Zomato
went public in July 2021, followed by beauty e-tailer Nykaa (FSN Ecommerce) in November 2021. Both
IPOs were heavily oversubscribed and signaled public markets’ enthusiasm for consumer internet
companies. Nykaa’s IPO, for instance, valued the profitable e-commerce company at ~$13 Bn and was seen
as a validation of the D2C model. Zomato’s listing (raising $1.3 Bn) was likewise a first for the food-tech
segment 14 . In 2022, Delhivery’s IPO was another key exit – as a logistics-tech player closely tied to e-
commerce growth, its public debut (market cap ~$4.5 Bn) underscored investor appetite for “picks and
shovels” e-commerce plays. However, the global market downturn meant 2022–2023 saw far fewer IPOs in

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this sector; many planned listings (Flipkart, OYO, Pharmeasy, etc.) were postponed. Still, the pipeline
remains strong: as of late 2023, at least 19 digital tech companies have filed or are preparing DRHPs for
listing in the next 2–3 years 33 , which likely includes e-com leaders like Flipkart and BYJU’S once
conditions improve.

M&A has been vibrant: Walmart’s $16 Bn acquisition of Flipkart in 2018 (pre-pandemic) set the tone, and
post-2020 we’ve seen large deals like Byju’s $1 Bn acquisition of Aakash Educational (ed-tech meets
offline, 2021) and Swiggy’s $700 Mn acquisition of Dineout (2022). Within e-commerce, as mentioned,
Zomato’s acquisition of Blinkit (2022) was significant (valued around $550 Mn) to enter instant grocery.
Reliance and Tata have together acquired over a dozen startups in commerce, spanning pharmacy
(Netmeds, 1mg), furniture (UrbanLadder), e-grocery (Milkbasket), and more 34 . Another trend is
unicorns acquiring startups: e.g., Byju’s (edtech unicorn) acquired >10 startups including Great
Learning and WhiteHat Jr; Ola (ride-hailing) acquired Avail Finance to bolster its fintech play; Flipkart
and its fashion arm Myntra have acquired smaller fashion startups to cement category leadership.
The sector also saw secondary exits where early investors sold stakes to later-stage investors or corporates –
for instance, in 2021 Tencent and Tiger Global partially exited Flipkart via share buybacks by Walmart,
and private equity firm TPG sold its stake in Lenskart to sovereign funds in 2023. These provided liquidity
even without IPOs.

An interesting development in the founder ecosystem here is the so-called “Flipkart Mafia.” Much like
how PayPal’s early team spawned dozens of Silicon Valley startups, Flipkart’s alumni have founded at
least 44 startups, collectively valued around $25 Bn 35 . This includes unicorns like PhonePe (fintech),
Groww (investment platform), Udaan (B2B trade), Cure.fit (health/fitness) and many others, spanning
multiple sectors. Flipkart’s success thus seeded a generation of entrepreneurs and angel investors, whose
ventures often attract top VC funding. This virtuous cycle – exemplified by Flipkart co-founders and early
executives reinvesting in new startups – has strengthened the entire consumer internet ecosystem in India
36 . We see similar networks forming around other successful companies (the “Zomato mafia”, “Paytm

mafia”, etc.), ensuring talent and capital remain in circulation within the ecosystem.

Emerging Models & Tech in E-commerce: The consumer internet space is continually reinventing itself
with new business models and tech innovation. Some key transformative trends include:

• Ultra-Fast Commerce and Logistics Tech: The rise of 10-minute delivery in grocery/essentials has
pushed e-commerce towards ultrafast fulfillment. Companies are leveraging dark stores, AI-driven
demand forecasting, and gig-worker fleets to shrink delivery times. Even outside groceries, faster
logistics (same-day delivery, 2-hour delivery for electronics, etc.) is becoming a competitive
differentiator, made possible by routing algorithms and dense local warehouses. Startups in B2B
logistics, route optimization, and warehouse robotics are enabling this shift.
• Omnichannel and O2O Integration: Brands and retailers are adopting omnichannel strategies –
integrating offline and online. Technology like endless aisle (ordering online in-store for out-of-
stock items), click-and-collect at local stores, and using physical stores as experience centers while
transacting online are gaining ground. This is powered by SaaS solutions that unify inventory and
customer data across channels. The line between e-commerce and physical retail is blurring, with
startups helping traditional retailers come online and online brands setting up offline touchpoints.
• Personalization and AI-Driven Merchandising: With the deluge of choices online, companies are
turning to AI/ML for personalization. Recommendation engines, image search for products, AR/
VR try-on for fashion, and AI chatbots for customer service are becoming standard. For example,

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 beauty platforms use AR to let users virtually try makeup; furniture sites use AR to place 3D models
in your room. AI is also used in dynamic pricing and discounting strategies in response to real-time
demand and competition.
• Consumer Data & Loyalty Ecosystems: Post-pandemic, there’s a stronger focus on customer
lifetime value and loyalty versus just user acquisition. Startups are building data-driven loyalty
programs (integrated across online/offline spends), and using analytics to segment customers finely.
Subscription membership programs (like Amazon Prime, Flipkart Plus) have become widespread,
and new startups offer tools to SMB e-commerce players to launch their own loyalty or membership
schemes.
• Sustainability and New Categories: Emerging consumer awareness is driving interest in
sustainable commerce – we see new marketplaces for eco-friendly products, second-hand goods
(resale platforms for fashion, electronics), and circular economy startups. Additionally, categories like
online healthcare services (e-pharmacy, teleconsultation) and ed-tech commerce (selling
courses, tutoring online) saw growth as part of consumer services beyond physical goods. These
adjacent consumer internet segments are leveraging e-commerce best practices to scale services on
demand.

In summary, the e-commerce and consumer internet sector in India has transitioned from infancy to
early maturity in the past 3–4 years. It’s now an integral part of everyday life for hundreds of millions of
Indians, with the pandemic acting as an inflection point. While growth has normalized from the torrid pace
of 2020–21, the long-term trajectory remains very positive, especially as rural and small-town India comes
online. Both big and small players will continue to innovate – whether via expanding to new product
categories, pioneering delivery models, or harnessing tech like AI/VR – to win the wallets of India’s
digital consumers.

3. Software & SaaS: India’s Enterprise Tech Ascendancy

India’s prowess in IT services is well-known, but since 2020 the country has also emerged as a powerhouse
in product software and SaaS (Software-as-a-Service) startups. Enterprise tech/SaaS has been among
the top three sectors by funding in recent years 21 , often rivalling fintech and e-commerce. By number
of deals, enterprise tech was the #2 sector in 2023 (157 deals) behind only e-commerce 37 , reflecting
strong investor appetite. The pandemic, by forcing businesses worldwide to digitize and adopt cloud
solutions, acted as a catalyst for Indian SaaS companies that serve global markets remotely. Many SaaS
startups saw accelerated customer acquisition as the world moved to remote work and cloud-based
operations. Investors poured capital into Indian SaaS – over $4–6 Bn annually during 2021–22 –
creating a new wave of unicorns (Postman, Zenoti, Chargebee, BrowserStack, Innovaccer, etc.). The
Indus Valley Report 2022 noted that SaaS was one of the four sectors producing the majority of new
unicorns 38 39 . Notably, in 2021, the Indian ecosystem got its first major SaaS IPO with Freshworks (a
customer support software provider) listing on NASDAQ – a landmark that showcased Indian SaaS can
attain global scale 40 .

Trends & Market Growth: The Indian SaaS sector’s mantra has been “build from India, for the world.” A
large proportion of SaaS startups here target customers in North America, Europe, and Asia-Pacific,
leveraging India’s cost advantages and talent to compete with US-based software firms. Over the last few
years, India has developed a deep pool of SaaS talent – cities like Bengaluru, Pune, and especially
Chennai have become SaaS hubs (Chennai is often dubbed the “SaaS capital of India” thanks to
homegrown successes like Zoho and Freshworks). According to industry reports, Indian SaaS companies

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are on track to generate $20–30 Bn in revenue by 2025 and could capture a sizable share of the global
SaaS market by 2030. The pandemic boosted demand in certain verticals: for example, software for remote
collaboration, HR and payroll, cybersecurity, cloud infrastructure management, and e-commerce
enablement saw a big uptick. Indian startups like Zoho, Freshworks, Chargebee (subscription billing),
Druva (cloud backup), HighRadius (fintech SaaS), etc., all reported strong growth as businesses invested
in digital tools.

One trend is the rise of Vertical SaaS and “SaaS+” models. Instead of generic horizontal software, many
new startups focus on specific industries – e.g. SaaS for logistics (FarEye), for pharmacies (Practo’s
enterprise arm), for hospitality (OYO’s SaaS for hotels) – or they combine software with fintech or
marketplace elements. The Indus Valley report observed that some SaaS startups evolved into full-stack
solutions by adding payments or marketplace features (SaaS + FinTech, SaaS + Marketplace) to
increase their total addressable market 41 . For instance, accounting software may integrate lending to
SMEs, or a healthcare SaaS platform may also host a network of patients and clinics. This convergence is an
innovative way Indian SaaS firms have expanded usage and revenues.

Another trend: Global investors and PE firms heavily backing Indian SaaS. Given the high gross margins
and sticky revenue of SaaS, late-stage capital has been abundant. In 2021, multiple SaaS startups raised
mega-rounds (e.g. Postman $225 Mn, Mindtickle $100 Mn+, Innovaccer $150 Mn). While funding cooled in
2022–23, by 2024 there was renewed interest, especially in AI-driven enterprise startups – funding for
Indian software/SaaS rose ~1.2× from 2023 to $1.7 Bn in 2024 42 . This included bets on generative AI-
focused SaaS companies building on the AI wave.

Crucially, SaaS has spread beyond the metro hubs: while Bengaluru and the NCR still lead in count, cities
like Chennai and Pune have carved out a strong presence. Pune has longtime enterprise product companies
(PubMatic, Druva, Icertis), and Chennai’s ecosystem stems from Zoho’s legacy (Zoho’s alumni have founded
companies like Freshworks, Chargebee, etc. 43 ). This geographical spread shows that enterprise startups
are less dependent on the consumer market or local user base; they can be built from anywhere with the
right talent and internet connectivity. The “talent mafia” effect is also evident – for example, Zoho and
Freshworks have spawned dozens of new SaaS startups by former employees, analogous to the Flipkart
mafia in e-com.

Structural Shifts: The enterprise tech sector has seen a maturation on several fronts. Business models
shifted towards sustainable growth and profitability much faster here than in consumer tech, as
enterprise clients demand stable, long-term partners. Many Indian SaaS companies adjusted in 2022–23
from a “growth at all costs” approach to focusing on unit economics, annual recurring revenue (ARR) quality,
and efficient sales. This was partly in response to the global tech downturn, but it has positioned them well
to weather funding cycles. Structurally, there’s also a trend of redomiciling or “reverse flipping” –
historically, many SaaS startups were Delaware or Singapore incorporated to tap foreign VC and enterprise
contracts. Now, with improving regulations and easier listing norms, some are moving their domicile back
to India 44 . The government’s simplification of rules (e.g. removing angel tax for domestic incorporation,
streamlining FDI in software) is encouraging founders to consider India as a base for IPOs down the line
45 .

Another shift is increasing product depth. Early Indian SaaS products were sometimes seen as cheaper,
good-enough alternatives to US software. But now several have world-class quality and innovation – e.g.
Postman became a global leader in API development tools, Druva in cloud data protection. This has been

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aided by hiring global talent and setting up local sales presence in key markets (many scaled SaaS firms
open offices in the US/EU for enterprise sales while keeping R&D in India). Indian SaaS pricing has also
crept up closer to global benchmarks as value delivery improved. On the flip side, domestic enterprise
adoption of SaaS is slowly growing – Indian corporates and SMEs, who were once reluctant to pay for
software, have begun adopting homegrown SaaS (helped by digital push during COVID). Sectors like
banking, manufacturing, retail in India are procuring SaaS for CRM, supply chain, etc., giving startups a local
market opportunity beyond just export markets.

Early-Stage Opportunities: The SaaS and enterprise tech space still has many niches that new startups are
exploring. Some promising early-stage opportunity areas include:

• AI-First SaaS: Leveraging artificial intelligence in specific enterprise workflows – e.g. AI for legal
contract review, AI for sales coaching, generative AI to create marketing content, or ML-driven
analytics for factory IoT data. As businesses drown in data, there’s demand for intelligent software
that provides insights or automates complex tasks (like AI-driven coding assistants, AI ops for IT
teams). Indian AI-SaaS startups can compete globally given strong AI/ML talent.
• Vertical SaaS for Underserved Industries: Target sectors that haven’t yet seen dedicated software
platforms. Examples could be agri-tech SaaS (software for large farms or FPOs to manage
operations), construction tech (project management for infrastructure companies), or logistics and
supply chain SaaS (beyond fleet management, think platforms for end-to-end supply chain visibility
tailored to emerging markets). These industries are ripe for digitization and often have India-specific
needs that global software hasn’t addressed.
• Cybersecurity and DevOps: With digital transformation, companies need better security and
developer tools. Startups can build cloud-native cybersecurity solutions (for identity management,
cloud threat detection, etc.) or DevOps tools (for cloud cost optimization, automated testing, etc.) at
competitive price points. India’s large developer community is both a market and a resource to build
such products.
• SMB SaaS for Bharat: There are ~60 million micro and small businesses in India – providing them
simple, mobile-first SaaS for bookkeeping, supply ordering, customer engagement, etc., is a big
opportunity. Many still use pen-paper or WhatsApp for business. Startups like Khatabook showed
initial traction in digital ledgers. There is space for more India-centric SMB SaaS that can later
monetize via fintech (e.g. lending or payments embedded, as discussed).
• Enterprise Fintech and Climate Tech: As financial services and sustainability become priorities, B2B
fintech software (for banks, NBFCs, insurers to modernize their tech) is an emerging niche.
Likewise, climate tech SaaS – software for carbon accounting, energy management for factories, or
EV fleet management – could see tailwinds as ESG focus rises. These intersect with other sectors but
fundamentally require strong software platforms to manage data and workflows.

Overall, the playbook of “identify a global problem, build a quality product in India, acquire customers
digitally or via partners, and scale ARR fast” is now proven, and new startups are applying it to ever more
specialized domains. Early-stage funding for SaaS remains relatively active because of quicker paths to
revenue.

Exits and Notable Players: The Freshworks IPO in September 2021 was a watershed moment –
Freshworks raised $1.03 Bn at a ~$10 Bn valuation on NASDAQ 40 , making it the first Indian SaaS unicorn
to list overseas. This provided a template for others, boosting confidence in the sector. While Freshworks’
stock has had ups and downs (as of 2023 it trades below IPO price), it still demonstrated the ability of Indian
SaaS to achieve global scale (Freshworks surpassed $400 Mn ARR in 2022). Another SaaS company, Zenoti

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(salon/spa software), was reportedly preparing for an IPO, and Icertis (contract management SaaS) is a
likely candidate in the near future given its $5 Bn+ valuation and strong metrics. On the M&A side,
enterprise tech has seen fewer large acquisitions in India compared to consumer sectors, but there are
examples: Tata Communications acquired digital workflow startup Altiostar for $100 Mn (2020);
Freshworks itself made several smaller acquisitions (e.g. chatbot startup AnsweriQ in 2020) to
enhance capabilities. A notable exit was Cisco’s acquisition of SaaS app monitoring company
AppDynamics in 2017 for $3.7 Bn, whose founders were of Indian origin – although that company was US-
based, it inspired Indian SaaS founders with the possibility of big-ticket exits. More recently, Google
acquired Sigmoid (data analytics startup) in 2022 for an undisclosed sum, and Twitter acquired
Reshuffle (an integration platform with Indian founders) the same year. These show global tech giants
are open to acquiring India-linked enterprise startups for talent and tech.

Additionally, we see private equity buyouts or majority investments as a path: for example, in 2023 the
PE firm KKR invested $400 Mn in Builder.ai, a no-code app development SaaS startup, giving early investors
an exit opportunity. And in late 2022, Tomei (HR tech) was bought by an HCM software giant. Such strategic
exits or PE rounds may precede IPOs for many SaaS firms. The sector has created a robust set of publicly
known companies now – e.g. Zoho (the bootstrapped giant with $1 Bn+ revenue), Tally (old accounting
software incumbent, now cloud pivoting), and newer stars like Postman (API dev tools, $5.6 Bn valuation)
and BrowserStack (web testing, profitable at $4 Bn valuation). These firms not only are valuable themselves
but have trained thousands of engineers and future founders. The investor ecosystem for SaaS is also well-
developed – aside from generalist VCs, several specialized funds and accelerators (e.g. Surge, Elevation’s
SaaS focus, Microsoft’s M12 fund, and global SaaS funds like Insight Partners, Salesforce Ventures) actively
back Indian enterprise startups. Their presence ensures mentorship and connections to enterprise clients
abroad, facilitating faster growth for portfolio companies.

Emerging Innovations in SaaS: Enterprise tech might not seem as flashy as consumer tech, but it is at the
forefront of applying cutting-edge technologies in practical ways. Key innovations and models include:

• Product-Led Growth (PLG): Many Indian SaaS companies have adopted PLG strategies – building
products that can be tried or adopted virally with minimal sales intervention. This bottom-up
approach (often via freemium models or community editions) helped startups like Postman gain
millions of users globally with low marketing spend. It’s an innovation in go-to-market, enabled by
great user-focused product design.
• Generative AI Integration: SaaS tools are rapidly integrating GPT-like AI to enhance functionality.
For instance, customer support software now offers AI-generated draft replies; sales CRM can
summarize call transcripts; coding tools auto-complete code. Indian startups in ed-tech, HR,
marketing, etc. are embedding generative AI to differentiate their offerings 46 47 . Some are also
building AI platforms themselves. This trend could make relatively smaller Indian startups globally
competitive by offering AI features incumbents haven’t rolled out yet.
• APIs and Developer Ecosystems: A number of Indian companies focus on API-first products (like
Twilio for communications, but from India). They provide building blocks (payments APIs, video call
APIs, etc.) that other developers can plug into their apps. This “developers as customers” model
creates ecosystem moats – e.g., Postman’s API platform has a network effect as more developers
and companies use it to collaborate on API development. We see more API platforms emerging from
India targeting fintech, healthcare (HIPAA-compliant API services), and other domains.
• Enterprise Marketplaces: Another model is creating B2B marketplaces or networks on top of
SaaS. For example, some startups provide software to clinics and then network those clinics to refer

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 patients or buy supplies collectively. Or a SaaS for retail shops could evolve into a marketplace for
wholesale procurement among its users. This combination of SaaS + Network/Marketplace is an
innovation to drive additional value for customers, and startups are uniquely positioned to execute
this if they own the software layer.
• Low-Code/No-Code Platforms: To serve non-tech business users, many Indian startups are building
low-code platforms – enabling customers to create apps, workflows, or analytics dashboards with
minimal coding. Given the shortage of skilled developers, these tools are in demand globally. Indian
companies like Zoho have excelled at this (Zoho Creator), and new startups are tackling specific
needs (no-code for e-commerce site design, for IoT setups, etc.). This democratization of software
development is an area where Indian firms can shine due to the large base of tech talent to build
intuitive platforms.

In essence, India’s SaaS sector has come of age, transforming from a nascent idea a decade ago to a core
pillar of the startup ecosystem post-2020. Indian SaaS startups today serve millions of customers
worldwide, contribute a growing share of export revenues, and are on a path to create $0.5T in
market value this decade. The combination of cost-effective engineering, English-speaking sales/support,
and global market ambition positions India to potentially rival Silicon Valley in enterprise software in the
long run. Challenges remain (e.g. breaking into large enterprise client accounts dominated by incumbents),
but the trajectory is firmly upward.

4. EdTech: Digital Learning’s Surge and Correction

No sector’s fate has been as tightly entwined with the pandemic as EdTech (education technology). When
COVID-19 hit and schools, colleges, and coaching centers closed overnight, edtech usage and funding
skyrocketed. Students shifted en masse to online learning for the first time, and investors poured money
hoping to capitalize on a paradigm shift in education. Compared to 2019, funding in Indian edtech
startups jumped by 223% in 2020 48 , and user adoption climbed sharply. The number of edtech startups
boomed as well – an estimated 2,700+ new edtech startups launched in 2020 alone 48 , aiming to
address various learning needs. This feverish growth continued into 2021, making edtech one of the top-
funded sectors that year (surpassing even fintech by share of funding) 49 . Indian edtech startups raised
roughly $4.7 Bn in 2021, a record, before the sector faced a harsh correction in 2022 50 . By 2022, funding
fell 44% YoY to ~$2.6 Bn 50 , and in 2023 it plummeted further to only a few hundred million. This boom-
and-bust reflects both the unique circumstances of the pandemic and the challenges of sustaining growth
in education once offline options reopened.

Trends & Market Evolution: During 2020–21, several trends defined edtech’s rise. K-12 online learning
saw the biggest surge – with schools shut, millions of students and teachers turned to digital platforms for
classes, homework, and test prep. Companies like BYJU’S, Vedantu, Unacademy offered free live classes
and recorded lessons, dramatically expanding their user bases. BYJU’S reported over 100 million
registered students by 2021, up from 40 million pre-pandemic. At the same time, test preparation and
tutoring went online: major exams like JEE, NEET, UPSC all saw coaching go virtual. Unacademy, Vedantu,
BYJU’S (through its acquisition of Aakash) competed in this space, as did niche players for specific exams.
Higher education and upskilling also moved online – platforms like upGrad, Great Learning, Coursera
partnered with universities to offer online degrees and professional certificates to a locked-down workforce
looking to reskill. And for younger kids, a new category of online extracurricular learning emerged (e.g.
WhiteHat Jr for coding classes, which BYJU’S acquired for $300 Mn). Overall, edtech adoption was across the
board: from kindergarten Zoom classes to working professionals doing MBAs on their laptops.

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This led to massive market size growth. The online education market in India was valued around $2–
3 Bn in 2020, and by one estimate it was projected to reach $10 Bn by 2025 51 . The National Education
Policy (NEP) 2020 also gave digital learning a push by emphasizing online and multilingual education 52 .
Advanced technologies like AI and machine learning began to be applied to personalize learning at
scale 53 . For example, edtech apps started providing adaptive practice questions based on a student’s past
performance, or AI tutors to clear doubts in real-time. The use of gamification and interactive elements
increased student engagement during remote learning. By 2021, edtech companies were integrating
features like live quizzes, AR/VR experiments (virtual science labs), and generative AI to create
content such as lecture summaries or practice problems 53 54 . All these trends pointed to a more tech-
rich education experience.

However, as COVID restrictions lifted in 2022, students flocked back to physical classrooms, causing
growth to stall or reverse for many edtech firms. Parents and students, having experienced the convenience
but also the limitations of purely online learning, began favoring hybrid models – a combination of online
resources with offline mentoring. Recognizing this, edtech leaders themselves started investing in offline
presence: BYJU’S opened tuition centers across cities; Unacademy launched physical coaching centers;
PhysicsWallah (a rising edtech star) set up offline batch centers. The “phygital” hybrid model is seen as the
way forward, especially in Tier II/III cities where access to quality coaching is limited 55 56 . A student in a
small town might learn theory online but attend a local center for doubt-solving or peer interaction. This
hybrid approach aims to offer the best of both worlds – wider reach through tech plus the trust and
effectiveness of in-person guidance.

Another structural trend is consolidation: larger players acquired smaller ones to broaden offerings and
customer base. BYJU’S was most aggressive – beyond WhiteHat Jr, it bought Aakash Educational Services
(a chain of test-prep centers) for ~$1 Bn, Great Learning (upskilling) for $600 Mn, Toppr (another K-12
app), etc. Unacademy acquired competitors like PrepLadder (medical prep) and niche platforms like
Graphy (creator-led courses). This M&A spree in 2020–21 was aimed at capturing market leadership
across segments during the boom. By 2023, however, funding dried up and many edtech startups that had
over-expanded had to downsize or shut down. Over 7,000 edtech employees were laid off in 2022–2023
as companies cut costs to survive the lean period. The sector overall underwent a healthy correction,
shaking out weaker models and prompting a focus on sustainable growth.

Market Size & Segments (2023): Even after the cooling, the edtech sector is significantly larger than pre-
pandemic. Key sub-segments include K-12 supplemental learning, test prep, higher-ed degrees,
upskilling/certification, and B2B edtech (selling solutions to schools/universities). KPMG’s analysis
noted education and training now make up 7% of all DPIIT-recognized startups 57 , indicating the breadth
of ventures in this space. The K-12 education market (mostly offline) is valued at nearly $49 Bn in 2023
51 , so even a partial shift online represents a multi-billion dollar opportunity. With NEP 2020 encouraging

digital content and coding in schools, the addressable market for edtech in classrooms is growing. Higher
education online has also become mainstream – hundreds of thousands of students enrolled in online
degrees or MOOCs during the pandemic, a behavior that continues due to flexibility and cost benefits.

Early-Stage Opportunities & White Spaces: After the shakeout, which opportunities remain attractive in
edtech? A number of gaps still need innovative solutions:

• Vernacular and Regional Content: There’s huge unmet demand for quality educational content in
Indian languages. Most top edtech platforms initially focused on English or Hindi. Startups that

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 create regional language courses, exam prep in vernacular, and localized curricula for non-
English medium students in Tier II/III towns can tap a large market. For instance, providing NEET
medical exam coaching in Tamil or bank exam prep in Bengali, with interfaces and teachers in those
languages.
• Affordable & Outcome-Oriented Models: One criticism of the edtech boom was the high cost of
some courses and aggressive marketing. A white space exists for low-cost, high-impact learning
solutions targeting economically weaker sections. This could include ad-supported free content,
Income Share Agreements (pay after you get a job) for skilling courses, or government-school focused
solutions. Startups like PhysicsWallah thrived by offering courses at a fraction of competitors’ prices,
proving there is a volume play in affordable education.
• Niche Skill Training: Beyond generic upskilling, focusing on niche verticals can be fruitful – for
example, training for jobs in solar plant installation, digital marketing for vernacular small
businesses, UX design for mobile apps, or even blue-collar job skill platforms. These targeted
skill-tech solutions can address employability gaps not served by universities.
• B2B EdTech and Infrastructure: Many schools and colleges still lack robust digital infrastructure or
content. Startups can provide learning management systems (LMS), online exam proctoring
tools, VR lab simulations, or AI-driven grading software to educational institutions. With
institutions more open to tech post-COVID, a B2B SaaS approach in edtech (selling tech to schools) is
an emerging opportunity. Also, building platforms for teachers (content marketplaces, tools to
create and sell courses) empowers educators and fills a gap in content supply.
• Continuous Education & Corporate L&D: As industries evolve, continuous learning is vital. Startups
can target corporations with platforms to upskill employees (enterprise edtech) or professional
communities with specialized courses (for instance, CPD for doctors, or coding updates for software
engineers). These are willing-to-pay segments if the content is top-notch and accredited.

In essence, while the easy growth of generic online learning has faded, these specific needs present new
avenues for startups that are leaner and more focused on outcomes. Notably, the government’s push in
digital education (e.g. DIKSHA platform for school content, virtual labs initiative) can complement or
partner with startups rather than compete, creating space for public-private collaboration.

Exits and Notable Events: Unlike other sectors, edtech has not yet seen a major IPO – many had
expected BYJU’S to go public by 2023, but it has been delayed amid the downturn and internal challenges.
So far, the sector’s “exits” have mostly been acquisitions. Byju’s acquisition of Aakash Educational
Services in 2021 stands out: it provided an exit to Blackstone and other Aakash investors, reportedly at a
7.5× return 58 . This deal symbolized the crossover of online-offline, and valued a decades-old brick-and-
mortar coaching brand at nearly $1 Bn – validating the enduring value of offline channels. Another notable
acquisition was Tata’s purchase of majority stake in Upskill platform Simplilearn for $200 Mn in 2021,
giving PE backers a partial exit. We also saw upGrad acquire smaller rival Talentedge and PhysicsWallah
acquire test-prep player FreeCo – indicating consolidation.

For the most part, however, investors in edtech are waiting for the giants (Byju’s, Unacademy, upGrad, etc.)
to either list or find strategic exits. Byju’s is India’s most valued startup at ~$22 Bn at its peak, so its outcome
is closely watched. If it manages to stabilize and IPO, it could be one of the country’s biggest IPOs,
unlocking liquidity for many. Conversely, the sector has also had its share of write-offs – some startups shut
abruptly (e.g. Lido Learning in early 2022 after failing to raise funds, leaving staff unpaid), and others
downsized significantly (Vedantu had multiple layoff rounds). This has made investors more cautious, now
favoring edtech models that demonstrate profitability or clear ROI for learners.

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Despite the turbulence, one positive ecosystem development is the rise of profitable edtech unicorns
like PhysicsWallah. PhysicsWallah started as a lone teacher’s YouTube channel and became a full-fledged
platform offering affordable courses; it turned profitable and raised $100 Mn at a $1.1 Bn valuation in 2022
59 – a rare case of a unicorn with strong unit economics in this space. Its success has inspired a wave of

teacher-led startups and showed that alternative models (focusing on Tier II/III students, low pricing, in-
house content creation) can succeed against heavily-funded incumbents.

Another noteworthy aspect is how traditional education players engaged with startups. Some
universities partnered with edtech for online programs (e.g. IITs with Coursera), and coaching institutes that
were initially disrupted ended up collaborating or merging (like Aakash with Byju’s). Also, big tech
companies like Google and Amazon invested in edtech initiatives (Google partnered with CBSE to train
teachers in online tools, Amazon launched Academy for JEE prep). This signals that exits could also come in
form of strategic investments by large corporates diversifying into education.

Emerging Models & Tech in EdTech: Going forward, the edtech sector’s innovation is centered on
enhancing learning efficacy and expanding reach sustainably. Key emerging trends include:

• Personalized and AI-Augmented Learning: Edtech platforms are increasingly leveraging AI/ML to
tailor learning pathways for each student 53 47 . Adaptive learning systems can identify a
student’s strengths and weaknesses through quizzes and then adjust the difficulty or focus of
content accordingly. Additionally, generative AI is being used to create practice questions,
explanatory videos, even grading of subjective answers – helping teachers scale their impact. We’re
also seeing AI tutors/chatbots that students can ask doubts 24/7 (like an “Alexa” for homework).
These technologies promise to make remote learning more responsive and interactive, closer to a
one-on-one tutor experience.
• Hybrid Models & Local Learning Centers: As mentioned, hybrid is the future. Startups are coming
up with tech solutions to integrate offline centers – for example, apps that track a student’s progress
both online and in-class, or using VR/AR in physical coaching classes to visualize concepts.
Telepresence and live two-way interactive classes are making online classes feel more like
classroom – some startups provide hardware kits to students (tablets, stylus, etc.) to better
participate in live classes. The line between an online student and an offline student may blur, as
edtech companies strive to give all students a similar experience.
• Focus on Outcomes – Skills and Jobs: There’s a shift from just offering courses to ensuring
outcomes. Many upskilling edtechs now include career services, interview prep, and job
placement assistance as part of their package, effectively becoming talent pipelines for companies.
Metrics like placement rate and average salary increase have become key selling points. This
outcome-oriented approach is likely to extend to test prep (college admissions success rates) and
even K-12 (improvement in grades). Edtech startups are thus collecting more longitudinal data to
prove their effectiveness, which in turn feeds into improving their product via analytics.
• Integration with Formal Education System: Instead of existing purely parallel to schools/
universities, edtech is increasingly being embedded within formal systems. For example, school ERP
platforms with edtech content, state governments partnering with startups to train teachers or
broadcast quality lectures to government schools (as seen in some states during COVID via TV and
YouTube). If NEP 2020 is implemented fully, it envisions a more tech-enabled education system with
flexibility for online courses to be part of curricula. Startups that align with these policy directions
(like offering accredited courses, or tools for teachers to use in classrooms) are innovating on
distribution by riding on the formal system’s reach.

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 • New Segments: B2B2C and Family Learning: Some startups are exploring selling via employers or
directly to parents as a new channel – e.g. an employer might offer an edtech subscription as a
benefit to employees’ children (B2B2C model). Others are promoting family learning platforms
where parents and kids learn together (e.g., financial literacy or language learning apps for whole
family). Such models recognize that learning in India is often a family affair, and engaging parents
(who pay for it) more deeply can improve retention and outcomes.

After a rollercoaster ride, India’s edtech sector is settling into a more rational growth path. The core value
proposition – using technology to improve access to quality education – remains incredibly important
in a country with vast disparities in educational resources. Edtech’s future will likely intertwine with
traditional education rather than replace it, creating a more hybrid and enriched learning ecosystem.
Investors have become more discerning, favoring startups that demonstrate strong pedagogy and viable
economics, but they haven’t written off the sector. As one of the fastest-growing large economies with a
huge youth population, India’s demand for education and skilling is massive and lifelong, ensuring that
edtech, in one form or another, will continue to be a critical sector.

5. HealthTech: Digitizing Healthcare Delivery

The pandemic was a watershed moment for HealthTech in India. With hospitals overwhelmed and
movement restricted, technology became essential to deliver healthcare services remotely and efficiently.
As a result, healthtech startups saw surging adoption from 2020 onwards – from telemedicine
consultations to e-pharmacy orders – and the sector attracted record funding. In 2021, Indian
healthtech funding reached an estimated $3.76 Bn (up ~4× from $0.93 Bn in 2020) 60 , fueled by investors’
recognition that digital health solutions were not just nice-to-have but critical infrastructure. Although
funding dipped to ~$1.55 Bn in 2022 and further in 2023 amid market correction 60 , the sector’s long-term
growth drivers remain intact: a massive population with inadequate healthcare access, increasing chronic
diseases, rising internet connectivity, and supportive government policy for digital health. Healthtech has
firmly established itself as one of India’s top startup sectors since 2020, with innovations that are
bridging gaps in the traditional healthcare system.

Key Trends & Market Evolution: The pandemic accelerated several healthtech trends, chief among them
telemedicine. Millions of patients tried consulting doctors via phone or video for the first time during
lockdowns. Startups like Practo, mFine, DocPrime facilitated online doctor consultations, while many
hospitals also set up tele-OPDs. The government launched an official telemedicine service (eSanjeevani)
which further legitimized this mode. By 2021, telehealth services had gone mainstream, addressing
patient needs when physical visits were risky 61 62 . Another major trend was e-pharmacy and medicine
delivery. Companies such as PharmEasy, 1mg, Medlife, Netmeds saw demand skyrocket as people
ordered medicines and wellness products online to avoid stepping out. PharmEasy’s order volumes grew so
much that in mid-2021 it even acquired Thyrocare, a leading diagnostics lab chain, to expand into offline
testing and diagnostics – a reverse of the usual startup acquisition (here a startup acquired an established
listed company). Concurrently, diagnostics and at-home testing became popular – healthtech startups
offered home sample collection for blood tests, Covid tests, etc., and diagnostic chains invested in tech
integration for online booking and report delivery.

Digital fitness and wellness was another segment that thrived. With gyms closed, Indians turned to
fitness apps (like HealthifyMe, Cure.fit’s online classes) and mental wellness platforms (such as InnerHour

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for therapy, or meditation apps) to maintain health at home. Some of these apps integrated wearable data
and offered personalized plans, contributing to a more preventive approach to health.

Behind the scenes, healthcare providers accelerated tech adoption. Many hospitals and clinics adopted
electronic health record (EHR) systems, digital appointment scheduling, and even AI-based radiology tools
to cope with the surge and to reduce infection risk from handling physical documents or films. Startups in
healthtech SaaS – offering practice management for clinics, tele-ICU solutions for hospitals, or AI analysis
of medical images – saw increased interest. For instance, Qure.ai (which uses AI on X-rays/CT scans for
quick diagnosis) was deployed in many hospitals for COVID lung scans.

Overall, India’s digital health market has become the third largest globally, attracting ~$8 Bn VC funding
cumulatively by 2023 63 . The user base expanded dramatically: Practo reported facilitating 5 crore+
teleconsults by late 2021, and e-pharmacies were serving 8-10 million households. The government’s push
via Ayushman Bharat Digital Mission (ABDM) is a major enabler – ABDM introduced Health IDs for
citizens and a unified digital health infrastructure (for storing records, verifying doctors, etc.), which
startups can integrate with 64 65 . This is akin to how UPI boosted fintech; ABDM could boost healthtech
by standardizing data exchange and building trust in digital records.

Structural Shifts: A defining structural change in healthtech post-2020 is the blurring of online-offline
boundaries in healthcare. Omni-channel models emerged: e-pharmacies started acquiring or partnering
with local pharmacies for last-mile delivery; teleconsult startups tied up with clinic networks for physical
referrals; hospitals launched their own apps for remote follow-ups. The era also saw traditional healthcare
giants embracing startups – for example, Tata Digital acquired 1mg in 2021, and Reliance acquired
Netmeds in 2020, signaling that large conglomerates view healthtech as strategic. Apollo Hospitals, a legacy
player, ramped up its Apollo 24/7 digital platform and now competes toe-to-toe with startups on e-
pharmacy and teleconsults, leveraging its offline network. This increased competition has driven everyone
to improve service quality (faster deliveries, better teleconsult UX, etc.) and to diversify into full-stack
offerings.

Another shift: healthtech startups aggregating multiple services to become one-stop health platforms.
Practo, PharmEasy and others aim to cover the patient’s journey end-to-end – consultation, lab tests,
medicine delivery, follow-up, and even health insurance or financing. This integration is both to improve
patient experience and to increase monetization per user in a sector where frequency of use can be low
(outside of chronic patients). However, as one analysis noted, many of these services when unbundled
weren’t fully tech-driven or efficient 66 67 . The spree of acquisitions (like PharmEasy buying smaller
competitors Medlife and LifCare, or Cure.fit buying fitness startups) aimed to build scale, but now
companies are focusing on improving unit economics and operational efficiency within their integrated
models.

The pandemic also forced regulatory adaptations. Telemedicine practice guidelines were issued by the
government in 2020, legally allowing and setting norms for remote consultations (prescriptions via
WhatsApp, etc., which previously was a gray area). This regulatory green light gave startups and doctors
confidence to expand telehealth 68 69 . Similarly, e-pharmacies, which had operated in a semi-regulatory
vacuum, came under clearer rules regarding prescriptions and allowable drugs online. Data privacy in
health became a talking point too, with ABDM ensuring some standards. Overall, regulation has started
catching up to digital health, which long-term is positive for sector stability.

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Early-Stage Opportunities & White Spaces: The healthtech arena, despite progress, still has many unmet
needs in a country of 1.4 billion. Some high-impact opportunities for new startups include:

• Rural and Tier III Healthcare: Bridging the rural healthcare gap remains huge. Startups can create
solutions like telemedicine kiosks in villages (with a nurse and diagnostic devices, connected to
remote doctors), or apps connecting rural patients to city specialists periodically. Also, low-cost
portable diagnostic devices (for example, handheld ECG or smartphone-based blood tests) to
equip health workers in remote areas are needed. These can dramatically improve access where
doctor-population ratios are lowest.
• Chronic Disease Management: India faces rising chronic illnesses (diabetes ~75 million cases,
hypertension, cardiac diseases). There is scope for digital disease management platforms that
combine remote monitoring devices, app-based coaching, and specialist teleconsults to manage
these conditions. For instance, a diabetes management app that syncs with glucometers and
provides nutrition advice and endocrinologist access could improve patient outcomes. Some
startups exist here (BeatO, OneCare), but the field is far from saturated given the scale of chronic
disease.
• Mental Health and Holistic Wellness: The pandemic brought mental health into focus, but access
to quality mental healthcare is limited. Startups can expand online counseling in regional
languages, AI-driven chatbots for cognitive behavioral therapy, or corporate mental wellness
programs. Similarly, holistic wellness (integrating Ayurveda, yoga with modern medicine) is an area
where tech platforms can connect users to trusted practitioners or regimens, especially since
interest in preventive health spiked post-COVID.
• Health Insurance Tech (Insurtech): Health insurance penetration is still low (~3% of Indians have
retail private health cover). There’s opportunity for startups to innovate in insurance distribution
and management – for example, bite-sized illness-specific insurance sold via telehealth apps, or
employer insurance platforms that use data to tailor plans. Also, claims facilitation tech (helping
users navigate cashless claims, hospital networks) can improve user experience and trust in
insurance, driving uptake.
• Biotech and Deeptech in Healthcare: While not classic IT startups, a new breed of healthtech
includes those at the intersection of biotech and IT – like genomics testing companies, AI-driven
drug discovery, or telemedicine integrated with wearables and IoT. India’s cost advantage in R&D
means startups can build genomic diagnostics for Indian populations (e.g., genetic tests for
common cancers or diseases prevalent in South Asia) at lower cost, or use AI to repurpose drugs for
diseases like TB or dengue. These require more capital and time, but hold potential to leapfrog
healthcare outcomes.

The healthtech sector is also seeing early moves in femtech (women’s health) solutions, home healthcare
marketplaces (nurses, caregivers on-demand), and healthcare education/training platforms for medical
professionals – each an area with room for growth.

Notable Exits and Consolidation: Healthtech hasn’t yet seen big-bang IPOs, but it has seen noteworthy
acquisitions and consolidations. As mentioned, the PharmEasy–Thyrocare deal in 2021 was
unprecedented: a startup acquiring a 25-year-old publicly-listed diagnostics firm for ~$600 Mn 58 . This
gave PharmEasy a strong offline presence and signaled the coming together of new and old healthcare
models. PharmEasy later filed for an IPO in 2022 but deferred it due to market conditions. Another
example, Medlife’s merger into PharmEasy (2020), combined two e-pharmacies and rewarded Medlife’s
early investors with PharmEasy equity (which at one point was valued at unicorn levels). Similarly, Reliance’s
acquisition of Netmeds (2020) for ~$83 Mn provided an exit to its investors. The entry of Reliance and Tata

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through acquisitions (1mg, Netmeds) essentially “bought out” some of the pioneering startups in e-
pharmacy, integrating them into larger retail platforms.

In telemedicine, we haven’t seen major M&A yet, but some smaller players were acquired (e.g., MediBuddy
acquired Clinix in 2022 to get into Bharat markets). The online fitness sector saw Cult.fit (formerly Cure.fit)
acquire Fitternity and Onyx to add capabilities, and then Cult.fit itself sold a large stake to Tata Digital in
2021 as Tata eyed the fitness space. This strategic investment by Tata gave Cult.fit a lifeline and an avenue
to reach Tata’s user base.

It’s worth noting that some healthtech startups reached unicorn status: Innovaccer (health data platform)
hit $1.3 Bn valuation and is considered a potential IPO candidate in the US, given most of its revenue is
from American healthcare providers. Pristyn Care (a healthtech-enabled surgery provider) also became a
unicorn by 2022, running a hybrid model of elective surgery clinics with a tech-driven patient acquisition
and care management system. These show that beyond e-pharmacy and teleconsultation, innovative
models in healthcare services can achieve scale and attract late-stage capital.

In terms of ecosystem, healthtech benefited from cross-pollination with the pharma and hospital
industries. Many doctors and pharma executives turned entrepreneurs or mentors for startups, bringing
domain expertise. Large hospital chains like Apollo and Max started their own incubators for healthtech.
The government too became a big supporter – the National Health Authority (NHA) actively works with
startups to roll out ABDM features, and healthtech was a focus in programs like Startup India. This
collaborative environment likely means we’ll see future exits where maybe a big hospital chain acquires a
tech startup (for its software or telehealth arm) or vice versa, startups partnering deeply with public health
systems.

Tech Innovations Driving Transformation: The healthtech sector, at its core, is about using technology to
overcome the traditional constraints of healthcare – whether distance, scarcity of specialists, or information
asymmetry. Key innovations include:

• Remote Monitoring & IoT: Startups are deploying Internet of Things in healthcare – devices like
smart glucometers, blood pressure cuffs, ECG patches that patients can use at home, with data sent
to doctors in real time. Remote patient monitoring gained traction especially for COVID home
isolation and is now expanding to post-surgery care and chronic illness management 69 68 . This
tech enables early warnings of complications and reduces the need for hospital visits.
• AI in Diagnostics: We already touched on AI analyzing medical scans. Beyond radiology, AI is being
used in pathology (image analysis of blood smears, biopsy slides), ophthalmology (screening
for diabetic retinopathy via retinal images), and even in predicting disease outbreaks from
patterns. Indian startups like Niramai use AI for breast cancer screening via thermal imaging,
offering a radiation-free, painless alternative for early detection. These innovations can scale
expertise by assisting doctors in making faster, more accurate diagnoses 70 69 .
• Integrating Healthcare Data: One of the biggest challenges has been fragmented health records.
The ABDM’s Health ID system and upcoming Unified Health Interface (UHI) aim to allow consented
sharing of patient records between providers. Startups are building Electronic Medical Record
(EMR) systems and health clouds that can plug into this infrastructure. The result in a few years
could be that a patient’s history, lab results, prescriptions are available digitally wherever they go,
enabling better continuity of care. Some startups focus on data interoperability and secure health
data exchanges – a crucial backbone for the industry.

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 • Preventive and Personalized Healthcare: There’s a shift from sick-care to wellness. Tech is enabling
personalized health insights – for example, genome sequencing startups offer nutrition and
fitness plans tailored to one’s genetic profile. Mobile apps connected to wearable devices give users
a “health score” and nudges to improve lifestyle. Corporate wellness platforms analyze employee
health data (anonymized) to craft workplace health programs. This focus on prevention is being
supported by tech that can crunch big data (genomics, wearables, lab tests over years) to deliver
actionable advice to individuals. Over time, this could reduce healthcare costs and load on hospitals
by keeping people healthier.
• Supply Chain and Med Tech Innovation: Apart from direct patient services, startups are improving
the medical supply chain – for instance, connecting clinics with pharma distributors via B2B
marketplaces, or ensuring cold-chain integrity for vaccines using IoT sensors. In medical devices,
some Indian startups are innovating cheaper, portable devices as mentioned (like low-cost
ventilators that were built during COVID, or point-of-care test kits). 3D printing is also coming up –
e.g., startups 3D-printing affordable prosthetics and dental implants customized for patients. These
tech innovations, while more hardware-focused, are vital for a self-reliant healthcare system and
present an opportunity for India to leapfrog import dependencies.

In summary, healthtech in India since 2020 has moved from niche to necessity, proving its value in the
toughest of times. The sector has matured with more full-stack models, closer collaboration with traditional
healthcare, and supportive public policy. Challenges like monetization, patient trust, and integration with
offline systems are being steadily addressed. With a population of India’s scale, even incremental
improvements via technology can save or improve millions of lives – making healthtech a sector not
just of commercial interest but also of immense social importance. As the ecosystem continues to innovate,
one can expect Indian healthtech startups to not only solve local problems but also expand to other
emerging markets, riding on the credibility and expertise built during the pandemic response. The next few
years could well see an Indian healthtech IPO or two, and more importantly, a transformation in how
healthcare is delivered to the masses, powered by the convergence of medicine and technology.

Conclusion & Outlook

Since 2020, India’s startup ecosystem has undergone transformative growth, and the five sectors profiled
– fintech, e-commerce, SaaS, edtech, and healthtech – have led this charge. These sectors accounted
for the majority of startup funding and innovation breakthroughs, and they are reshaping fundamental
aspects of India’s economy and society (how Indians pay and save, shop, learn, and access healthcare).
Together, they also contributed disproportionately to the creation of unicorns – for instance, 17 of the
23 unicorns minted in 2022 came from just fintech, SaaS, e-commerce, and logistics 71 – underscoring
their central role in the tech landscape.

A few cross-cutting themes emerge from our deep dive: digital inclusion beyond metros, hybrid online-
offline models, focus on profitability, and ecosystem maturation. Startups in these sectors are no
longer catering only to urban early adopters; they are reaching “Bharat” – smaller towns and rural users – in
meaningful ways, whether it’s farmers taking loans via fintech apps or students in tier III towns learning
from online content in their own language 26 55 . The importance of going beyond the top cities is clear
from the data: nearly 45% of new startups now originate in Tier II/III cities 72 73 , and investors are
increasingly looking at opportunities catering to these markets.

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Another common thread is the realization that purely digital playbooks often need a physical
component in India (and vice versa). Successful companies are blending modes: fintechs partner with
banks, e-commerce leverages kirana stores for hyperlocal reach, edtech and healthtech integrate offline
touchpoints for trust and efficacy. This “phygital” approach acknowledges India’s structural realities – the
digital revolution works best when complementing, not completely replacing, existing networks and
behaviors. It also creates defensibility, as building seamless omni-channel experiences is not trivial for
newcomers.

The past two years introduced a much-needed focus on sustainable growth. The funding winter of 2022–
23 acted as a stress test. Startups in our top sectors reacted by cutting burn, improving unit economics, and
prioritizing core businesses over wild expansion. By mid-2024, the ecosystem showed signs of revival, with
funding rebounding ~1.4× from 2023 levels 74 and investors refocusing on quality. The fact that India still
added 20+ unicorns in the “down” years of 2022–24 and even saw 5 new unicorns emerge in 2024 75
indicates resilience. Moreover, exit pathways are reopening – 2023–24 saw a wave of tech IPO filings and
a 7× surge in IPO exit value in 2024 76 , as companies like ideaForge (drones), Yatra (online travel) hit the
public markets and others prepare to follow. These exits will recycle capital and talent, further maturing the
ecosystem.

From an investor ecosystem perspective, India now has a more diverse and robust pool of capital. Beyond
the big-name VCs, there are corporate venture arms, global PE firms, family offices, and even government-
backed funds active in tech deals 77 . In 2024, non-traditional investors stepped up, contributing to varied
funding sources similar to the heyday of 2021 78 77 . Founder ecosystems have also solidified – earlier, we
noted the Flipkart Mafia; similarly, alumni networks from companies like Paytm, Zoho, Ola, BYJU’S, and
others are now spawning new startups and angel investments, creating virtuous cycles of mentorship and
funding. The ecosystem is increasingly self-sustaining, with successful founders reinvesting in the next
generation.

Looking ahead, a few emerging sectors could join the top ranks in coming years. Cleantech and climate
tech is one – India’s push for EVs, renewable energy, and sustainability has led to a spike in startups in EV
mobility, battery tech, climate finance, etc., which might see similar growth trajectories (IBEF projects
cleantech startups to multiply by 2030 79 80 ). Deeptech and spacetech are also on the horizon, with
India’s privatization of space and focus on semiconductors giving rise to startups in satellite tech, chip
design, and defense tech. While these are currently smaller in funding share, they could be tomorrow’s
fintech/e-commerce as government and private interest align.

In conclusion, India’s startup ecosystem since 2020 has proven its mettle – weathering a pandemic, scaling
to unprecedented heights, then navigating a correction, all while solidifying its position as the world’s
third-largest startup hub with 100+ unicorns 81 82 . The top five sectors we’ve analyzed have been the
growth engines, each undergoing its unique evolution but also feeding into each other (fintech enabling e-
commerce, SaaS empowering all sectors, etc.). Their journey reflects the broader narrative of Indian
startups: innovating to solve India’s unique challenges, adapting global models to local needs, and
increasingly, creating solutions that can go global. With strong domestic fundamentals – a large
consuming class, digital infrastructure, and supportive policies – and lessons learned from recent years,
these sectors are poised not only to continue leading in India but to produce world-beating companies. The
coming years will likely see deeper penetration of these innovations into everyday life and possibly new
sectoral leaders emerging, but at its core the Indian startup story remains one of optimism and ingenuity.

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As investors and founders often say, the 2020s could well be “India’s decade” in tech, and the trajectory
of these sectors since the COVID era certainly reinforces that belief.

Sources: The insights and data in this report are drawn from a range of credible industry sources and
reports, including Inc42’s Indian Tech Startup Funding Reports 2 15 , Blume Ventures’ Indus Valley Annual
Reports 71 , KPMG’s Startup Ecosystem analysis 21 55 , Bain & Co’s India Venture Capital Report 2025 22
76 , PwC and NASSCOM insights on fintech and edtech 13 48 , and multiple news/features from

Entrepreneur, Forbes, YourStory and others highlighting sectoral trends in India 26 1 . These sources
collectively paint a comprehensive picture of the Indian startup landscape in the post-2020 period,
corroborating the key trends, statistics, and examples discussed in each sector’s deep-dive. Each citation is
indicated in the text in the format 【source†lines】 for reference.

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