India’s entrepreneurial landscape is on the brink of transformation, with the potential to create over 30 million women-owned enterprises, generating 150 to 170 million jobs. These insights were unveiled by KPMG at the TiE Global Summit 2024, underscoring the critical role of women-led ventures in driving inclusive economic growth and innovation.
The power of women entrepreneurs
Boosting venture capital (VC) funding for women-led startups is essential to unlock India’s untapped entrepreneurial potential. Increased access to capital will enable women founders to scale their businesses, creating jobs and contributing significantly to India’s economy.
“Investing in women-led ventures has a multiplier effect, as women entrepreneurs are more likely to reinvest in their communities, fostering local development and inspiring future generations,” noted KPMG in its report on the democratisation of entrepreneurship in India.
Akhilesh Tuteja highlights MSME contribution
Addressing a global audience of entrepreneurs, Akhilesh Tuteja, Client’s and Market Partner at KPMG, highlighted the remarkable contributions of women in the micro, small, and medium enterprise (MSME) sector. “Over 20% of India’s MSME startups are women-led, with 45% emerging from tier-2 and tier-3 cities,” he said, emphasizing the vital role of smaller cities in expanding India’s startup ecosystem.
Startup ecosystem on the rise
India’s startup ecosystem has experienced exponential growth over the past decade. With a vast consumer market, supportive government policies, increased VC funding, and a surge in entrepreneurial talent, the sector is poised for continued expansion. In FY23, startups contributed $140 billion to the economy, a figure projected to soar to $1 trillion by 2030.
While Bengaluru, Delhi, and Mumbai remain the traditional unicorn hubs, securing over $8.1 billion in funding in 2023, other cities like Pune, Chennai, and Hyderabad are emerging as key players in the ecosystem.
Emerging sectors and opportunities
India’s growing focus on sectors like fintech, healthtech, and automotive offers vast opportunities for startups. The electric vehicle (EV) market alone is projected to reach $113 billion by 2029, necessitating the development of 1.3 million charging stations, presenting a golden opportunity for entrepreneurs.
India’s focus on inclusivity and innovation promises a thriving future, making it a global beacon of entrepreneurial success.
