This article examines the major trends in the Indian startup ecosystem based on three key parameters: new venture creation & fundraising, characteristics of the founding teams, and types of entrepreneurial exit, especially exit via acquisitions. It highlights the key developments in these parameters over the past decade (2010–2020) by collating data from leading databases and industry reports. The key data sources are Tracxn, Crunchbase, and Global Entrepreneurship Monitor. Four key findings emerge from the analysis: First, despite dedicated policy interventions, the startup activity in India remains concentrated in three prominent clusters - Delhi NCR, Bengaluru, and Mumbai. Second, the data suggest that the startups outside these clusters create disproportionately more jobs vis-a-vis their share in the total entrepreneurial activity. Third, a handful of universities dominate the founder pool, and women entrepreneurs remain severely underrepresented in the founding teams. Finally, acquisitions are a popular exit route for Indian startups, with a higher proportion of acquired startups coming from outside the three prominent clusters. This article recommends increased targeted policy support towards female founders and entrepreneurial activity outside the three clusters.
