In 2022 India became the world’s third-largest startup economy and also crossed the 100-unicorn mark. The country now ranks behind the US (661 unicorns) and China (312 unicorns), and the Indian economy is set to continue to stand out strongly in the coming years, according to the latest projections from the International Monetary Fund.
The IMF forecasts a growth of 6.1% for the Indian economy in FY 2023/24, which is significantly higher than the projected global average. This growth rate is expected to contribute to about 15% of the total global growth in 2023, underscoring the significant role that India is set to play in the global economic recovery. These positive projections come on the back of India’s strong recovery from the COVID-19 pandemic, which has been supported by a range of policy measures and reforms aimed at boosting economic growth and creating jobs.
India has a rapidly growing startup ecosystem that is fueled by a young, talented, and ambitious population. Several Indian cities have emerged as major startup hubs, with a thriving community of investors, mentors, and support networks. Bengaluru remains the largest unicorn hub in India, with 43 unicorns headquartered in the city. It also emerged as the world’s 7th largest unicorn hub in 2022. Meanwhile, Delhi and Mumbai were the second and third largest unicorn hubs with 34 and 20 start-ups respectively.
The Indian startup ecosystem has seen a surge in innovation and disruption. Currently, there are 115 unicorn startups in India. It constitutes almost 10% of the total unicorns in the whole world. The country continues to grow and attract global attention, making it an exciting space for entrepreneurs and investors alike.
The EU-India Innocenter is funded by the European Union to support and lead innovative solutions from European startups into the Indian market. The programme, divided into 4 phases, is being offered for free until the end of 2023.
Focusing on 4 main areas – Sustainability, Health, Mobility and Deeptech – the project has already supported more than 280 startups at different stages and is now starting another exciting cohort for their Explore and Validate India phase, helping entrepreneurs to explore and validate their business models in the Indian market, with the goal of building lasting partnerships and expanding their global reach.
The companies selected for this cohort are from the Health and Life Sciences, Energy, Mobility, Water Management, Agritech, Infrastructure and Quantum Computing sectors. Each company brings a unique perspective and innovative solutions to the table, making for a dynamic and collaborative programme.
Meet the 7 selected European startups on their way to India
Newborn Solutions develops non-invasive technology for detection and monitoring of infections in serous body fluids, with a main focus on infant meningitis, thanks to quick, easy and cost-effective solutions.
Meningitis suspicion is challenging due to the unspecific signs associated to the infection. Lumbar puncture to draw a sample of cerebrospinal fluid is an essential investigation, and the current standard, but it is difficult to perform and potentially hazardous for the sick child. Our team has developed Neosonics, a first-in-class medical device that uses high-resolution ultrasound, unique coupling materials and Artificial Intelligence algorithms to automatically count, at the push of a button, white blood cells in the cerebrospinal fluid directly below the infant fontanelle, a well-established diagnostic marker for infections.
AEInnova helps energy-demanding industries to become more digital with the least environmental impact.
Thanks to an international patent they are able to transform waste heat into clean energy. This energy powers a new generation of
battery-less and maintenance-free IIoT for predictive maintenance. Data is processed and represented in their cloud platform that incorporates analytics and reports in a user-friendly web-based tool.
Spotlite is an infrastructure monitoring system based on satellite imagery, providing analytics on a wide range of risks for structural health assessment. This tailored platform is designed to meet the specific needs of multiple industries, from transportation to mining or energy. Through a continuous large-scale monitoring activity, Spotlite allows for an early-detection of potentially harmful events. Operators now have the necessary tools to implement timely preventive measures, avoiding critical damages and losses.
Spotlite watches over infrastructure from space, identifying risks before they become problems.
BOSAQ is a circular water technology company with a mission to develop and build innovative solutions to secure process and drinking water worldwide in a circular and socially responsible way. Water safety brings economic stability which is connected to social empowerment, and a positive environment impact. This in turns bring equality to societies by allowing them more time for education, employment and a healthier lifestyle.
Bosaq supports industries in their journey to be more sustainable and efficient through circular water use and support governments by providing easy access to clean drinking water to communities.
Dovideq Medical Systems BV is an innovative company delivering smart solutions for the medical environment. In March 2016 the company won the Dutch National Health Innovation Award 2016 with ScopeControl due to their contribution to a better patient safety as well as the dramatically reduction of costs. Dovideq sells this device to hospitals, endoscope repair shops, manufacturers of endoscopes and decontamination service organisations.
Endoscope Testing: ScopeControl is the first fully automatic measuring device, designed for the quality control of rigid endoscopes. ScopeControl determines whether the endoscope still meets the required quality standards. A measurement will be done in approximately 2-3 minutes. All measuring data will be stored under the serial number of the endoscope after every usage and management reports can be made now.
Resistomap has a unique knowledge on the combination of microbial antibiotic resistance, molecular genetics and data science. The company’s mission is to enable researchers, academics and professionals to detect and quantify antibiotic resistance genes from environmental samples fast and comprehensively. This is gained by using a state-of-the-art technology in gene profiling. The ultimate goal is to predict and prevent the outbreak of antibiotic-resistant bacteria.
Resistomap offers a complete service from consultation on sample collections, laboratory service for DNA extraction and the quantification of antibiotic resistance genes using SmartChip Real-Time PCR system, data analysis, and providing comprehensive reports.
Foliomax® is a 100% natural and ecological plant growth enhancer made with 100% micronized calcite (particle size range from 3 to 10 microns), that has a complex and multilevel effect on the quality and quantity of the yield. It boosts photosynthesis, contributes to higher resistance to weather stress and to diseases (especially fungal) and pests, helps with pH management which leads to more efficient absorption of other nutrients, lowers the absorption of heavy metals from the ground, lowers the need for watering, and the need for additional fertilizers. This all leads to higher-quality crops, with higher nutritional value and superb organoleptic properties.
These startups will have the chance to dive into the Indian market and validate their product with potential Indian partners and customers in activities offered virtually and on-site, in India, and also take part in the flagship event: The Blue Carpet Night – Showcasing European Innovation, already in its third edition, this time in Hyderabad.
The EU-India Innocenter provides training, planning and networking through a free guiding journey through all phases of the internationalisation process and entry to the Indian market and is now on the final rounds of selection for 2023 as the program will be coming to an end under the current EU funding.
If you are a European startup with innovative solutions, India can be the perfect country to expand your business.
APPLICATIONS ARE OPEN FOR THE LAST SELECTION ROUNDS!
The programme enables European startups to explore the Indian market, validate their offering, and learn about sector-specific opportunities and regulations while collaborating with Indian stakeholders. Funded by the European Union, the project can guarantee the participation of European companies free of costs, and no equities involved, until the end of 2023.
WHO ARE WE LOOKING FOR?
Startups, Scale Ups and SMEs that:
- Have a legal entity based in Europe/EU Associate Member States
- Are relevant to our focus sectors
- Has an unique proposition or strong advantage against existing competitors in India
- Has defensible IP in India
- Current Annual Recurring Revenue EUR 700K – 1M or more
- Growth Rate 20-30% YoY
- Global Addressable Market > USD 1B
- Potential for India to become a key revenue-generating market
- Committed, technically prepared and globally competitive founding team
