In a developing country like India, the best ideas for startups can be drawn in a split second. But for a startup, thriving and sustaining against all odds matters the most. For consecutive years, the unemployment rate in our country has been at its peak. Startups have been contributing to flatten the unemployment curve by providing remunerative job opportunities. If you are a startup enthusiast sharing the same vision and if you want to know how to startup, here are 7 best ideas to startup in India.
E-commerce Startups
While online shopping became the trend back in the late 2000s, it’s the new normal of today considering the pandemic situation. Ask any startup strategist and he would suggest selling anything online would be the best and lucrative startup idea. Followed by Flipkart and Amazon, India opened its doors to e-commerce in a very short span of time. Today, not just clothes, gadgets and electronic goods, a lot of personal care products, groceries and household items have also joined the e-commerce club and are getting sold online.
The revenue that an e-commerce startup generates is enormous. Earlier in 2018, Economic Times had also projected that the revenue from e-commerce companies in India would be $52 billion by 2022. Apart from the top e-commerce giants in India, there also evolved other smaller e-commerce startups in the last few years. Altogether, Indian e-commerce companies have ensured no-contact or safe delivery of goods expressing their care for customers even during the pandemic. This has favored a few business ideas in India during these downswings too.
So,the present detrimental socio-economic condition of India in the year 2020, will be generous to e-commerce and turn out to be one of the best startup ideas in the years to come.
Online Education
Gone are those blackboard days and here comes online classrooms. Online classrooms have evolved for all age groups. Beyond students, online education has also quenched the thirst of ardent learners who belong to the workforce.
India, being one of the world’s populous countries, has advanced as the second largest nation for e-learning market next to the US. According to a forecast by KPMG, India is expected to expand e-learning market generating a revenue of $1.96 billion dollars with 9.6 million users by 2021. E-learning startups like BYJUs, Vedantu, Testbook, Unacademy have ventured out as game changing business ideas in India. These startups have brought a revolution in the old school education system of our country thereby making learning easy and interesting.
Are you having enough resources to build an e-learning platform? Do not fret on the current situation! The future in India is embracing such startups in India.
Cyber Security
India is a country that is focusing on comprehensive development. However, cyber security is one of the factors that the country needs more attention. Recently, through a survey, Symantec Corp ranked India among the top world countries that are vulnerable to cyber threats. The healthcare and financial institutions have been the most affected due to cyber insecurities and data breaches.
The number of smartphone users is spiking up everyday. There goes out an unimaginable amount of user data from the phones that could be breached. A chunk of this data includes health, financial and other personal information of the end users. Ideally, upcoming startups ideas in India are utilizing these facts and figures to arrive at a solution to the very common cyber security problems.
In the burgeoning India, a startup with a cybersecurity background would be a revenue churning business idea. Currently, the country boasts of having more than 200 startups from the same domain. Companies like Lucideus Tech, Seconize, Varonis, TAC Security Solutions have created a remarkable problem-solving record contributing to cybersecurity.
Entertainment & Media Startups
It’s sad to see that conventional TV watching has become obsolete. The idiot box almost ruled our lives for decades. OTT has replaced it beating the monotony. TV serials & dramas have been upgraded to sitcoms and series. People have stopped going to the theatre despite the present pandemic situation. Movie producers have come forward to release the movies on OTT platforms which is being the most preferred way of screening today.
Earlier on the web, Youtube was one of its kind entertainment platforms. Slowly evolved channels on Youtube that delivered diverse and intriguing content. From news, cooking & lifestyle, edutainment channels to channels for the millennial generation and geriatric population, today’s Youtube has become panoramic.
Apart from video content, Entertainment & Media has also encapsulated online gaming platforms like Dream 11 & Ludo King, vernacular social media platforms like Roposo, Hello and Sharechat have also been gaining popularity and momentum among the users.
Therefore, the present condition in India is candid enough for entertainment startups ideas.
Healthcare
The impact of COVID – 19 in India has been an eye-opener for the development of healthcare businesses and related services. Prior to this, startup evangelists & venture capitalists have come forward to incubate and nurture healthcare business ideas in India.
A recent prediction by Inc4 also states that the Indian health care would be worth $372 Billion by the year 2022. It is evident enough that the Indian market is favorable for emerging healthcare startups too. Some of the startups like Netmeds, Practo, Remidco have seen rapid growth in the past few years. These startups have enabled customers to get doorstep pharmacy support, find medical & related information online and consult their physicians online.
Apart from this, healthcare tech startups are also expected to ease remote patient monitoring, in-patient & out-patient data management, paperless health checkup and a few other problems. However, the best and revenue-generating business ideas in India are available in plenty in the healthcare sector awaiting startup enthusiasts to startup in India.
SaaS & Fintech Startups
Saas has been a constant member of the Indian startup community for almost two decades by now. Saas applications have ably solved office and communication problems. Improvising Video Conferencing, Customer & Employee Management, User & Business Analytics, Chat Support are some of the existing ideas by Saas startups in India.
Following Be Indian, Buy Indian & Make In India movements, users – be it corporates or public have started to use applications of Indian origin. Recently, Zoho Corporation, one of the best and renowned startups in India, has also launched a campaign highlighting Made In India. A lot of companies today have seen great use for some of the office apps by Zoho.
India is experiencing tremendous growth in the financial and banking sectors for the last few years. The evolution of fintech companies have made this feasible. To mention a few, companies like Paytm & Mobikwik have influenced digital payment options; Razorpay & PayU have catalyzed online payment options; Juspay has facilitated easy OTP verification for online payments. Apart from these, a few fintech companies have also fostered paperless loans, mutual funds and investment planning for customers pan-India.
This situation will continue to prevail in a technologically booming country like India. The number of Saas startups in India is expected to touch 10,000 by 2022. Therefore, beyond 2020, fintech and Saas startups can be counted as the future startup ideas in India.
Freelancing & Portals
Startups with a chain of freelancers is something that has been in trend for a while. Online internship portals like Internshala, incubated by IIT & IIM Alumnus are gaining momentum among college students, freelancers and women who are restarting their career. Upwork & Guru.com are entrusted by freelancers , entrepreneurs and business owners.
Before setting up a company, one can also get actively involved in solopreneurship through freelancing sites, seeking opportunities to grow eventually. Over years, the solopreneurship can get it converted as entrepreneurship and startup based on their business model.
While working from home is the new cool, hiring more freelancers than now is likely expected in the future. Preferably, starting up a freelancing, online job or internship portals would be the future business idea beyond the year 2020 in India.
Over all these years, India was technologically-driven by the corporate companies. Ten years from now, startups are expected to be the major players in the country’s technological development. However, the co-existence of both startups and corporate companies shall promise higher job and business opportunities upgrading the nation’s economy in future
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