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A 15-min guide by World Startup Report



                                         Updated: Mar 19, 2013
Authors
                         Bowei Gai                                                            Benjamin Joffe Aka. Mr.
                         • Silicon Valley serial entrepreneur                                 Asia
                         • Founder, World Startup Report                                      • Founder, Plus 8 Star
                         • Founder, CardMunch (acquired by                                    • Angel investor (Cmune, Gengo, etc.)
                           LinkedIn)                                                          • Startup Mentor (500 Startups)
                         • Bowei@worldstartupreport.com                                       • benjamin@plus8star.com
                         • @Bowei                                                             • @BenjaminJoffe




                                          Contributors


           Left to right: Giggleloop, 500Startups, Oodio, Yourstory, 91Springboard, India Internet Group, Startup Kindness



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Our Mission

                             Document
                             Document our world‟s startup ecosystems through a series of
                             reports detailing the local culture, trends, key players and
                             challenges. Share these reports for free to benefit everyone
                             in the global startup community.




                             Connect
                             Identify and empower local startup activists to become the
                             ambassadors of each ecosystem. Leverage this network of
                             ambassadors to help connect people to each other and to the
                             global startup community.




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Why India?




    In a country that houses 1/6 of the world‟s population, what will be its
    future?
        “India is not simply emerging, it has emerged”
    By year 2025, India will overtake China to be the most populous
                                                      @BarackObama
    country in the world. Here are a few things you should know.

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India at a Glance
                                                 INDIA             CHINA             US

      Population                                    1.2B             1.3B          0.3B

      GDP                                         $1.8T             $7.3T         $15T

      Growth since ‟85                               x7.8             x31           x3.6

      Millionaires in „10                   190,000             1,110,000    5,220,200

      Billionaires                                        52           66           422

      Population < $2/day          68.7% („10)                 29.8% („08)            ---

      Population < 30 years old                      63%             38%          ~42%


                                                                             All $ amounts in USD


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Web & Mobile Markets
                                      INDIA                                CHINA                        US

  Population                            1.2B                                 1.3B                     0.3B

  Internet Users                      125m                                  516m                     243m

  Internet Penetration                   10%                                 38%                      78%

  Online ad market                 ~ $0.52B                                ~ $12B                   ~ $37B

  Mobile Subscriptions                893m                                  986m                     332m

  Mobile Penetration                    72%                                   73%                   106%
                            (mostly prepaid)                      (mostly prepaid)   (mostly subscription)
  Smartphone Users                      35m                                 246m                     230m

  Smartphone penetration                   3%                                19%                      76%

  Mobile Operator ARPU                   $2.5                               $10.7                    $46.5

  ARPU x Mobile Users                 $2.2B                                   $9B                   $15.5B

  E-commerce Market Size              $1.6B                                $170B                    $215B

                                                                                            All $ amounts in USD

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India vs China
                                        India today is like China in…



         1990                       2000                            2006              2005 - 2013
     Infrastructure                 IPO exits                        Internet                  Mobile
   India‟s roads, electricity    India has one tech           India has roughly       India has roughly equal % of
   & water leaves much to         IPO to date and a             10% internet         mobile subscriber as present
      be desired. It lags       couple more IPOs on          penetration, mainly     day China. However India has
        behind China‟s             the horizon. (not        focused in big cities.    much less smartphone users
       infrastructure by             counting the             Like 2006 China.               than in China.
      multiple decades.          outsourcing firms).




            *Important Note: India will follow a very different growth path from China. In some
            areas, India may never catch up. In others, it could leapfrog China‟s growth (e.g. in
            smartphone & tablet usage).


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Names to know
                        “India might leapfrog the offline phase of retail
                    and give birth online to many new product brands”

                                                                  @BenjaminJoffe


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Key Players
                 Recent                                                                      Rising Stars
                Successes


E-commerce megastore (2007)   Mobile Ads (2007)                                  E-commerce (2010)       E-Commerce/fashion (2007)
     $800M valuation           $1B valuation                                      $200M valuation            $100M valuation




                                             Past Successes



                      Search engine (1996)        Matrimony (1997)                      Travel (2000)
                        $720M valuation           $250M valuation                      $688M valuation


                                                                                                                The full list of top
                                                                                                               Indian startups and
                                                                                                               contacts is available
                                                                                                              on: India Startup Wiki

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Angels, Incubators, VCs
        Popular Angels        Incubators/Accelerators             Angel groups / VCs

          Rajan Anandan               AngelPrime                       500 Startups

        Praveen Chakravarty         GSF Accelerator                   Blume Ventures

           Vishal Gondal              iAccelerator                     India Quotient

            Sunil Kalra           Microsoft Accelerator                     IAN

           Ranjan Kapur                The Hatch                        Kae Capital

          Rehan Yar Khan             Startup Village                  Mumbai Angels

         Anand Ladsariya             The Morpheus                   One97 Mobility Fund

         The Mirchandanis         The Startup Centre                    SeedFund

          Mukund Mohan                      Tlabs                     Sequoia Capital

         Rajesh Sawhney             Venture Nursery                       Nexus
                                                                                    The full list of top
                                                                                  angels/incubators/V
                                                                                   Cs is available at:
                                                                                   India Startup Wiki
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Media, Conf, Events
       Tech Media            Conferences                                   Meetups              Events

        YourStory.in           TechSparks                            Open Coffee Club        StartupWeekend

          VCCircle      Nasscom Product Conclave                               TiE              In50hours

        NextBigWhat         Nasscom EmergeOut                                 NEN               iWeekend

        StartupDigest       Microsoft/Morpheus/                          Tlabs community    Startup Leadership
                             GSF Demos Days                                   events             Program

                                  TiECon                                  Nurture Talent     Startup Saturday

                                 Unpluggd                        VC/Angel group meet       Microsoft Accelerator
                                                                      & greet                    Events




                                                                                                      The list of events
                                                                                                      and conferences
                                                                                                       will be on: India
                                                                                                        Startup Wiki
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Culture
                     “When you face India’s traffic, you understand
                                 why India developed meditation”

                                                                 @BenjaminJoffe




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Internet Culture
    • India missed the PC Revolution
        -   Personal computer was and still is too expensive for the general population. For many,
            their first exposure to internet is through mobile phones and tablets in the future.

    • Indians are using the internet without realizing it
        -   Here are examples of some Indian startup that provides human interfaces to the
            internet:
            - People can search the web via a phone call (JustDial, $720M valuation),
            - Travel agent who is simply typing customer queries into websites to facilitate ticket
            purchasing (Makemytrip, $688M valuation, Redbus, $200M valuation)

    • The missing internet cafes & gaming culture
        -   One would expect India to be filled with internet cafes like other developing countries, but
            you rarely see them in the big cities due to regulations.
        -   Perhaps due to the lack of consistent internet connections, there isn‟t a strong gaming
            culture in India either. That should change as India‟s internet connectivity improves.



       “I believe there is room for one or two billion dollar online gaming companies in India ”
                                                                               @benjaminjoffe

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Competition
    • Fast-growing market with limited competition
        -   India is a young ecosystem with a relatively small number startup companies at the
            moment.
        -   The risk-averse culture leads to less competition than in the US and China.
        -   Currently, the only real competition is in the e-commerce sector, many other fields are
            wide open.
        -   Angels/VCs rarely compete for deals, which leads to lower valuations among Indian
            startups than what is seen in the Valley.


        Important note: The lack of overall competition is hurting India‟s startups as it leads
        to poorer quality, lower valuations and slower market-building.




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Startup Surprises
      “If you want to get married, don’t do a startup.” – Delhi startup event audience

  • Many Internet companies are solving big infrastructure problems
      -   Flipkart is building their own shipment and cash-on-delivery workforce to solve India‟s poor
          logistics and payment infrastructures.
      -   Companies like Redbus provide software/devices to bus companies, to build India‟s missing
          ticketing infrastructure.
      -   Quick Note: Trust in online stores is still an issue, so all e-commerce companies are
          effectively participating in market-building.


  • Startups have high social risk for founders
      -   Startup founders might have trouble getting married! It‟s a bad point on the matchmaking check-
          list, like being a struggling artist (without the glamour).
      -   Thus, to convince someone to join your startup, you‟ll likely end up needing to convince their
          entire family!
  • Lots of traditional entrepreneurs
      -   India has millions of entrepreneurs. They are mostly small business owners and fairly risk-averse
          so they stick to traditional cash-flow businesses and family run businesses.
      -   Due to people‟s traditional cash-flow mindset, in the tech space, startups that can monetize
          quickly are favored by both entrepreneurs and investors (e.g. E-commerce).

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India Surprises
    • India is “Made in China”
        -   India import an incredible amount of good from China, despite its ultra-low wage. Nearly all
            products sold are manufactured in China and later shipped to India. Why? Efficiency,
            infrastructure and short term vision by the manufacturers. Indians in general prefer to be
            “traders” than to be “makers”.


    • Unusually high interest rate
        -   India‟s nominal interest rate is ~10%. Why risk it at a startup?
        -   Real-estate, gold investments and traditional cash-flow businesses are much more appealing to
            most investors.


    • Few returnees
        -   India has a lower returnee rate in comparison to China. This could be because the living
            condition is not yet good enough to attract the top talents back to India. 1.65M out




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India Surprises cont.
    • India time
        -   Due to culture & poor traffic, it‟s expected that people
            will be late to meetings/events. 15min-1hr delay is common,
            but sometimes it can be as long as 2 hrs.


    • Decision by committee
        -   India is also slow because of the decision by committee mentality.
            Everything is slower in India by a factor of 2-10x in comparison to Silicon Valley.


    • Despite difficult conditions, people seem content
        -   People‟s expectations are focused on lower tiers of Maslow‟s hierarchy of needs (feeding their
            family). Among the general population, there‟s little drive to change things for the better.
        -   People are accustomed to living under difficult conditions. They seem happy with the country‟s
            recent progress and are optimistic for the future.




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In depth look
                      “In China, things happen because of the government.
                                       In India, things happen in spite of it.”

                                                                    @Mukund


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Indian Startup Trends

              41% reside in Bangalore



                                       33% are E-Commerce




                                Data from of Microsoft India Accelerator Program Applicants, Bangalore

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India Infrastructure

            Everything is possible, nothing is easy. Lots of “friction”.



        Roads – Poorly planned
        Logistics – Inefficient
        Internet – Slow & unreliable
        Water– Numerous Outages
        Electricity – Frequent power cuts




            Important note: According to many, infrastructures are much better from where
            they were just a few years ago.


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Talents
                       “Too many Indians, not enough chiefs” - @benjaminjoffe

            Talent Costs                          Entry level                    Good experienced hire
     Industry salary (yearly)                           $10k                             $20k - $30k
     Startups salary (yearly)                        $6k-$8k                        $18k-$24k + equity


   • Plenty of engineers, few specialized experts
        -    India graduates over 1M engineers every year, many of which join big IT firms.
        -    Good engineers do not stay in engineering, they seek management for a better paycheck.
        -    As a result, senior developers, designers, marketers, product managers are hard to find. Experts in
             specific technologies (e.g. Node.js, Hadoop) are virtually nonexistent.
   • IIT rules India. But you can hire from other schools
        -    Indian Institute of Technology is the MIT of India, but their engineers are easily the best but are the
             most expensive. For startups, look beyond IIT for schools with good internship programs like like
             Birla Institute of Technology & Science.
   • Avoid job sites
        -    You‟ll be bombarded with tons of doctored resumes. Stick with recruiters and your network.



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Policies
    • Strict rules against foreign multi-brand retailers
        -   India is extremely protective of its retail sector and forbids major foreign investments in multi-
            brand retailers (Walmart/Bestbuy). These laws are evolving and startups have found ways to
            get around this rule, so expect to see major changes in India‟s retail sector soon.


    • Incorporate base on potential capital source
        -   Startups seeking only Indian capital tend to incorporate in India.
        -   Startups seeking foreign capital tend to incorporate in Delaware or Singapore.


    • The new startup tax is more annoyance than
      deterrence
        -   India proposed a new startup tax to battle money laundering schemes. India angel
            investments are now taxed at 30%, for any amounts that exceeds accounting laws of a fair
            market valuation.
        -   This law will not be stop the angel investments in India, but it will generate unnecessary
            costs and annoyances to the startups.



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Community Outlook

         ** Startup Pillars              Rating                                        Notes

                                                                      Good to see some early success like
           Entrepreneur-led               Good
                                                                     Munkund Mohan starting to take charge.

            Long term vision                                        Indian startup community leaders have a
                                          Great
              (20+ years)                                            long term vision, even beyond 20 years.

                                                                      Many entry-level ones, fewer events for
        Events for all skill levels   Could be better
                                                                        semi-experienced entrepreneurs
                                                                           Incredibly warm community, but
           Inclusive of others            Great                           entrepreneurs could use more peer
                                                                              support when startups fail.


                                           ** Based off of Brad Feld‟s Boulder Thesis on startup communities




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Unique Local Innovations


                            Find anything and everything with a phone call. Like
                            Google w/a giant call center for people without access to
                            internet.

                            Offline marketing, community building & analytics using
                            free miscalls as call to action

                            Cash-on-delivery. Created a national-wide team to solve
                            India‟s payments and logistics challenges.




                                                                     Other interesting models: Olacab, Redbus, Zivame.
                                                                     These models are likely to work other emerging markets


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India Opportunities
    •   India missed the PC revolution, but will it catch up in the phone and tablet
        revolution?

    •   Organized retail is responsible for only 7-8% of the total retail market. The
        question is not “if”, but rather “how and when” the retail market will change
        and who will change it.

    •   The country‟s infrastructure needs a lot of help. Fortunately, India is open
        to privatizing some of these infrastructures. Can startup leverage
        technology take a piece of this big pie?

    •   70% of the country lives under $2 a day and is neglected by the first world.
        Can innovations touch these 840M people?




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India Commodity Innovation Map                                                              Saturated
                                                                                                 Mature
                                                                                                 Semi-mature
   A map of India’s current market leaders in 25 commodity internet business models              Infancy
                                                                                                 Non-Existent


     Dating              Search                 Travel                      Blogging        Communication
    OKCupid              Google                 Kayak                        Tumblr           Whatsapp
  Shaadi/Stepout      Google/JustDial         Makemytrip                     Tumblr           Whatsapp

    Ticketing            Events            Transportation                Social discovery      Listing
     Stubhub            Eventbrite             UBER                         Pinterest         Craigslist
   BookMyShow           MeraEvents             Olacab                       Pinterest         Quikr/OLX


    Payment             Online retail            Deals                       Gaming             Music
     Paypal              Amazon                 Groupon                       Zynga            Pandora
  CCAvenue/EBS            Flipkart              Snapdeal                    Sourcebits       Saavn/Gaana


     Dining                Auto            Subscription Rtl                 Finance         Local Discovery
    OpenTable             Carmax               Birchbox                       Mint                Yelp
    PoshVine              CarWale           FashionandYou                  FutureWise           Zomato


   Social news          Real estate                Rental                   Education         Microwork
     Reddit               Trulia                   Airbnb                    Coursera         Taskrabbit
     Reddit            CommonFloor                 Airbnb                      ???               ???
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Ecosystem Ratings
                                                                                     India
                                    MARKET                                           China
                                      4                                              US

                                      3


              REGULATIONS             2                           CAPITAL

                                      1


                                      0




                    INFRA                                         PEOPLE




                                    CULTURE

                                                                                 Ratings
 * Criteria based on Benjamin‟s Joffe‟s Ecosystem 101                       explanation: India
                                                                              Startup Wiki
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Culture Ratings
                                                                                         India
                                              MONEY                                      China
                                                3
                                                                                         US


                                                2

                  APPEARANCE                                      FAMLY
                                                1



                                                0




                  SPIRITUALITY                                    SOCIAL LINK




                                            CULTURE
                                                                                     Ratings
 * Criteria based on Benjamin‟s Joffe‟s Ecosystem 101                           explanation: India
                                                                                  Startup Wiki
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“In India, you skate to where the puck is right now”
                                                                         @Bowei




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Advice for Local Entrepreneurs
    •   Stay in India, there are lots of unfilled opportunities waiting to be
        tackled, you don‟t need to reinvent the wheel. Just “skate to where the puck
        is right now” and focus on execution.

    •   Try to get into an incubator/accelerator to avoid a lot of the early mistakes
        that people make. You‟ll also have an easier time finding mentors and
        funding in the future.

    •   If you must come to the US, remember many US startups have Indian co-
        founders (rumored to be up to 62%). Reach out to them for help and they‟ll
        likely give you a hand.




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Advice for Foreign Entrepreneurs
    •   In correlation to China‟s internet history, many Indian startup wins will come
        in the next few years from returnees/foreigners. Unfortunately, that
        opportunity won‟t last, so if you want to come then come soon.

    •   You will be highly regarded, so use it to your advantage. Be bold, tackle the
        big opportunities that scare away most of the local entrepreneurs. But also
        be humble, go find yourself an Indian co-founder who can navigate the
        complicated and often convoluted social & business pathways.




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Advice for Foreign Angels
    •   Yes, it is safe to invest for exploratory purposes.

    •   Have realistic expectation for your investment. IPOs are virtually non-
        existent in India. Most local angels aim for series B exits or small
        acquisitions.

    •   Definitely co-invest with reputable organizations. Let the local investment
        groups complete your due diligence (e.g.Mumbai
        angels, GSF, Seedfund, 500Startups, IAN, Blume, Kae Capital, etc.).




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Advice for Foreign Companies
    •   India is an easier market to break into than China. Talent is cheap and
        regulations are good. Online companies can easily win in
        India, Google, Facebook, Twitter and LinkedIn are doing amazingly well. On
        the other hand, companies relying on offline infrastructures like Ebay and
        Amazon are getting killed by the local competitors. Know thyself and you
        can win in India.

    •   Be PATIENT! Business progresses slower than usual in India because of
        the poor infrastructures, slower pace of life and people‟s general lack of
        motivation. This is unavoidable. India has a ton of potential, but it is a LONG
        market. You will win eventually, but don‟t be discouraged by the initial
        results.




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Conclusion
         There‟s no doubt India will grow, the only question is how fast?

         India is a place that can be whatever you want it to be. It can be
         ideal for a small cash flow business or a billion dollar empire. It‟s
         true, building a company in India is full of friction, but less friction
         usually means 10x the competition.

         Pick your battles.




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India Startup Wiki

  For the latest updates on the Indian Startup Ecosystem and our full India
  Startup Report, please visit:

                            http://wiki.worldstartupreport.com




                                                                   Want to help write
                                                                    YOUR country‟s
                                                                    startup report?

                                                                      Let us know!


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India Ambassadors
    Want to learn more or visit in person? These Ambassadors have graciously
    volunteered to educate and welcome our readers to the Indian startup
    ecosystem. Feel free to reach out.

             Lead Ambassador
             Mohit Bijlani               Aditya Rao                 Parul Raj Lodha
             Founder, GiggleLoop         Founder, Oodio             Curator, StartupDige
             Mumbai                      Studio                     st
                                         Bangalore                  Bangalore

             Anirudh Suri                Varsha Adusumilli          Yatin Thakur
             Partner, India              AVP, YourStory.in          Founder, Moonlightin
             Internet                    Bangalore                  g
             Group, Mumbai                                          New Delhi

             Deven Shah                  Chandan Raj                Varun Chawla
             Founder, StartupKindnes     VP, YourStory.in           Partner, 91springboard
             s                           Bangalore                  New Delhi
             Mumbai
                                                                             Want to be an
                                                                            ambassador for
                                                                             your country?
Join us: @WorldStartupRpt              © 2013 All Rights Reserved
                                                                               Let us know!
Need More Help?
    Get expert advice from our team of industry thought leaders.

    We offer:

             • Global research and connections
             • International best practices
             • Worldwide go-to-market strategies

    Email us at: consulting@worldstartupreport.com




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Acknowledgements


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Special thanks to:
    Dave McClure                                                                      Brad Feld




        Want to be a World Startup Report sponsor? Email us: hello@worldstartupreport.com


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Resources
    •   https://www.cia.gov/library/publications/the-world-factbook/
    •   http://www.slideshare.net/QuantMarkets/online-market-in-india
    •   http://www.gapminder.org
    •   http://www.rediff.com/business/slide-show/slide-show-1-countries-with-the-most-
        millionaires/20110603.htm?print=true
    •   http://statspotting.com/2011/03/india-mobile-statistics-monthly-average-revenue-per-user-2-46-usd/
    •   http://www.totaltele.com/view.aspx?ID=472089
    •   http://www.convergedigest.com/2012/10/china-mobile-nears-700-million-users.html
    •   http://www.emarketer.com/newsroom/index.php/digital-ad-spending-top-37-billion-2012-market-
        consolidates
    •   http://www.iamwire.com/2012/04/india-to-be-the-fastest-growing-e-commerce-market-in-asia-pacific-
        market-set-to-grow-to-8-8-billion-by-2016/
    •   http://www.factbrowser.com/facts/5037/
    •   http://nationalatlas.gov/articles/people/a_age2000.html
    •   http://www.vijayanand.name/2012/10/comparing-accelerators-in-india-side-by-side-part-1/
    •   http://techcircle.vccircle.com/2011/12/01/meet-india%E2%80%99s-hottest-angel-investors/
    •   http://techcurry.co/some-bizarre-numbers-on-smartphones-in-india/
    •   http://blog.flurry.com/bid/94352/China-Knocks-Off-U-S-to-Become-Top-Smartphone-Tablet-Market
    •   http://www.slideshare.net/mukundmohan/startup-application-trends-spring-2013
    •   http://www.firstpost.com/economy/budget-2012-threat-to-enterprise-mentoring-angel-investors-worried-
        248363.html
    •   http://www.globaljurix.com/fdi-in-multi-brand-retail-sector-india.php
    •   http://www.pwc.com/gx/en/technology/moneytree/private-equity-vc-investing-in-india.jhtml




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Thanks for reading!



                WorldStartupReport




                @WorldStartupRpt




           Hello@WorldStartupReport.com



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India Startup Report

  • 1. A 15-min guide by World Startup Report Updated: Mar 19, 2013
  • 2. Authors Bowei Gai Benjamin Joffe Aka. Mr. • Silicon Valley serial entrepreneur Asia • Founder, World Startup Report • Founder, Plus 8 Star • Founder, CardMunch (acquired by • Angel investor (Cmune, Gengo, etc.) LinkedIn) • Startup Mentor (500 Startups) • Bowei@worldstartupreport.com • benjamin@plus8star.com • @Bowei • @BenjaminJoffe Contributors Left to right: Giggleloop, 500Startups, Oodio, Yourstory, 91Springboard, India Internet Group, Startup Kindness Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 3. Our Mission Document Document our world‟s startup ecosystems through a series of reports detailing the local culture, trends, key players and challenges. Share these reports for free to benefit everyone in the global startup community. Connect Identify and empower local startup activists to become the ambassadors of each ecosystem. Leverage this network of ambassadors to help connect people to each other and to the global startup community. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 4. Why India? In a country that houses 1/6 of the world‟s population, what will be its future? “India is not simply emerging, it has emerged” By year 2025, India will overtake China to be the most populous @BarackObama country in the world. Here are a few things you should know. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 5. India at a Glance INDIA CHINA US Population 1.2B 1.3B 0.3B GDP $1.8T $7.3T $15T Growth since ‟85 x7.8 x31 x3.6 Millionaires in „10 190,000 1,110,000 5,220,200 Billionaires 52 66 422 Population < $2/day 68.7% („10) 29.8% („08) --- Population < 30 years old 63% 38% ~42% All $ amounts in USD Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 6. Web & Mobile Markets INDIA CHINA US Population 1.2B 1.3B 0.3B Internet Users 125m 516m 243m Internet Penetration 10% 38% 78% Online ad market ~ $0.52B ~ $12B ~ $37B Mobile Subscriptions 893m 986m 332m Mobile Penetration 72% 73% 106% (mostly prepaid) (mostly prepaid) (mostly subscription) Smartphone Users 35m 246m 230m Smartphone penetration 3% 19% 76% Mobile Operator ARPU $2.5 $10.7 $46.5 ARPU x Mobile Users $2.2B $9B $15.5B E-commerce Market Size $1.6B $170B $215B All $ amounts in USD Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 7. India vs China India today is like China in… 1990 2000 2006 2005 - 2013 Infrastructure IPO exits Internet Mobile India‟s roads, electricity India has one tech India has roughly India has roughly equal % of & water leaves much to IPO to date and a 10% internet mobile subscriber as present be desired. It lags couple more IPOs on penetration, mainly day China. However India has behind China‟s the horizon. (not focused in big cities. much less smartphone users infrastructure by counting the Like 2006 China. than in China. multiple decades. outsourcing firms). *Important Note: India will follow a very different growth path from China. In some areas, India may never catch up. In others, it could leapfrog China‟s growth (e.g. in smartphone & tablet usage). Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 8. Names to know “India might leapfrog the offline phase of retail and give birth online to many new product brands” @BenjaminJoffe Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 9. Key Players Recent Rising Stars Successes E-commerce megastore (2007) Mobile Ads (2007) E-commerce (2010) E-Commerce/fashion (2007) $800M valuation $1B valuation $200M valuation $100M valuation Past Successes Search engine (1996) Matrimony (1997) Travel (2000) $720M valuation $250M valuation $688M valuation The full list of top Indian startups and contacts is available on: India Startup Wiki Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 10. Angels, Incubators, VCs Popular Angels Incubators/Accelerators Angel groups / VCs Rajan Anandan AngelPrime 500 Startups Praveen Chakravarty GSF Accelerator Blume Ventures Vishal Gondal iAccelerator India Quotient Sunil Kalra Microsoft Accelerator IAN Ranjan Kapur The Hatch Kae Capital Rehan Yar Khan Startup Village Mumbai Angels Anand Ladsariya The Morpheus One97 Mobility Fund The Mirchandanis The Startup Centre SeedFund Mukund Mohan Tlabs Sequoia Capital Rajesh Sawhney Venture Nursery Nexus The full list of top angels/incubators/V Cs is available at: India Startup Wiki Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 11. Media, Conf, Events Tech Media Conferences Meetups Events YourStory.in TechSparks Open Coffee Club StartupWeekend VCCircle Nasscom Product Conclave TiE In50hours NextBigWhat Nasscom EmergeOut NEN iWeekend StartupDigest Microsoft/Morpheus/ Tlabs community Startup Leadership GSF Demos Days events Program TiECon Nurture Talent Startup Saturday Unpluggd VC/Angel group meet Microsoft Accelerator & greet Events The list of events and conferences will be on: India Startup Wiki Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 12. Culture “When you face India’s traffic, you understand why India developed meditation” @BenjaminJoffe Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 13. Internet Culture • India missed the PC Revolution - Personal computer was and still is too expensive for the general population. For many, their first exposure to internet is through mobile phones and tablets in the future. • Indians are using the internet without realizing it - Here are examples of some Indian startup that provides human interfaces to the internet: - People can search the web via a phone call (JustDial, $720M valuation), - Travel agent who is simply typing customer queries into websites to facilitate ticket purchasing (Makemytrip, $688M valuation, Redbus, $200M valuation) • The missing internet cafes & gaming culture - One would expect India to be filled with internet cafes like other developing countries, but you rarely see them in the big cities due to regulations. - Perhaps due to the lack of consistent internet connections, there isn‟t a strong gaming culture in India either. That should change as India‟s internet connectivity improves. “I believe there is room for one or two billion dollar online gaming companies in India ” @benjaminjoffe Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 14. Competition • Fast-growing market with limited competition - India is a young ecosystem with a relatively small number startup companies at the moment. - The risk-averse culture leads to less competition than in the US and China. - Currently, the only real competition is in the e-commerce sector, many other fields are wide open. - Angels/VCs rarely compete for deals, which leads to lower valuations among Indian startups than what is seen in the Valley. Important note: The lack of overall competition is hurting India‟s startups as it leads to poorer quality, lower valuations and slower market-building. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 15. Startup Surprises “If you want to get married, don’t do a startup.” – Delhi startup event audience • Many Internet companies are solving big infrastructure problems - Flipkart is building their own shipment and cash-on-delivery workforce to solve India‟s poor logistics and payment infrastructures. - Companies like Redbus provide software/devices to bus companies, to build India‟s missing ticketing infrastructure. - Quick Note: Trust in online stores is still an issue, so all e-commerce companies are effectively participating in market-building. • Startups have high social risk for founders - Startup founders might have trouble getting married! It‟s a bad point on the matchmaking check- list, like being a struggling artist (without the glamour). - Thus, to convince someone to join your startup, you‟ll likely end up needing to convince their entire family! • Lots of traditional entrepreneurs - India has millions of entrepreneurs. They are mostly small business owners and fairly risk-averse so they stick to traditional cash-flow businesses and family run businesses. - Due to people‟s traditional cash-flow mindset, in the tech space, startups that can monetize quickly are favored by both entrepreneurs and investors (e.g. E-commerce). Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 16. India Surprises • India is “Made in China” - India import an incredible amount of good from China, despite its ultra-low wage. Nearly all products sold are manufactured in China and later shipped to India. Why? Efficiency, infrastructure and short term vision by the manufacturers. Indians in general prefer to be “traders” than to be “makers”. • Unusually high interest rate - India‟s nominal interest rate is ~10%. Why risk it at a startup? - Real-estate, gold investments and traditional cash-flow businesses are much more appealing to most investors. • Few returnees - India has a lower returnee rate in comparison to China. This could be because the living condition is not yet good enough to attract the top talents back to India. 1.65M out Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 17. India Surprises cont. • India time - Due to culture & poor traffic, it‟s expected that people will be late to meetings/events. 15min-1hr delay is common, but sometimes it can be as long as 2 hrs. • Decision by committee - India is also slow because of the decision by committee mentality. Everything is slower in India by a factor of 2-10x in comparison to Silicon Valley. • Despite difficult conditions, people seem content - People‟s expectations are focused on lower tiers of Maslow‟s hierarchy of needs (feeding their family). Among the general population, there‟s little drive to change things for the better. - People are accustomed to living under difficult conditions. They seem happy with the country‟s recent progress and are optimistic for the future. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 18. In depth look “In China, things happen because of the government. In India, things happen in spite of it.” @Mukund Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 19. Indian Startup Trends 41% reside in Bangalore 33% are E-Commerce Data from of Microsoft India Accelerator Program Applicants, Bangalore Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 20. India Infrastructure Everything is possible, nothing is easy. Lots of “friction”. Roads – Poorly planned Logistics – Inefficient Internet – Slow & unreliable Water– Numerous Outages Electricity – Frequent power cuts Important note: According to many, infrastructures are much better from where they were just a few years ago. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 21. Talents “Too many Indians, not enough chiefs” - @benjaminjoffe Talent Costs Entry level Good experienced hire Industry salary (yearly) $10k $20k - $30k Startups salary (yearly) $6k-$8k $18k-$24k + equity • Plenty of engineers, few specialized experts - India graduates over 1M engineers every year, many of which join big IT firms. - Good engineers do not stay in engineering, they seek management for a better paycheck. - As a result, senior developers, designers, marketers, product managers are hard to find. Experts in specific technologies (e.g. Node.js, Hadoop) are virtually nonexistent. • IIT rules India. But you can hire from other schools - Indian Institute of Technology is the MIT of India, but their engineers are easily the best but are the most expensive. For startups, look beyond IIT for schools with good internship programs like like Birla Institute of Technology & Science. • Avoid job sites - You‟ll be bombarded with tons of doctored resumes. Stick with recruiters and your network. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 22. Policies • Strict rules against foreign multi-brand retailers - India is extremely protective of its retail sector and forbids major foreign investments in multi- brand retailers (Walmart/Bestbuy). These laws are evolving and startups have found ways to get around this rule, so expect to see major changes in India‟s retail sector soon. • Incorporate base on potential capital source - Startups seeking only Indian capital tend to incorporate in India. - Startups seeking foreign capital tend to incorporate in Delaware or Singapore. • The new startup tax is more annoyance than deterrence - India proposed a new startup tax to battle money laundering schemes. India angel investments are now taxed at 30%, for any amounts that exceeds accounting laws of a fair market valuation. - This law will not be stop the angel investments in India, but it will generate unnecessary costs and annoyances to the startups. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 23. Community Outlook ** Startup Pillars Rating Notes Good to see some early success like Entrepreneur-led Good Munkund Mohan starting to take charge. Long term vision Indian startup community leaders have a Great (20+ years) long term vision, even beyond 20 years. Many entry-level ones, fewer events for Events for all skill levels Could be better semi-experienced entrepreneurs Incredibly warm community, but Inclusive of others Great entrepreneurs could use more peer support when startups fail. ** Based off of Brad Feld‟s Boulder Thesis on startup communities Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 24. Unique Local Innovations Find anything and everything with a phone call. Like Google w/a giant call center for people without access to internet. Offline marketing, community building & analytics using free miscalls as call to action Cash-on-delivery. Created a national-wide team to solve India‟s payments and logistics challenges. Other interesting models: Olacab, Redbus, Zivame. These models are likely to work other emerging markets Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 25. India Opportunities • India missed the PC revolution, but will it catch up in the phone and tablet revolution? • Organized retail is responsible for only 7-8% of the total retail market. The question is not “if”, but rather “how and when” the retail market will change and who will change it. • The country‟s infrastructure needs a lot of help. Fortunately, India is open to privatizing some of these infrastructures. Can startup leverage technology take a piece of this big pie? • 70% of the country lives under $2 a day and is neglected by the first world. Can innovations touch these 840M people? Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 26. India Commodity Innovation Map Saturated Mature Semi-mature A map of India’s current market leaders in 25 commodity internet business models Infancy Non-Existent Dating Search Travel Blogging Communication OKCupid Google Kayak Tumblr Whatsapp Shaadi/Stepout Google/JustDial Makemytrip Tumblr Whatsapp Ticketing Events Transportation Social discovery Listing Stubhub Eventbrite UBER Pinterest Craigslist BookMyShow MeraEvents Olacab Pinterest Quikr/OLX Payment Online retail Deals Gaming Music Paypal Amazon Groupon Zynga Pandora CCAvenue/EBS Flipkart Snapdeal Sourcebits Saavn/Gaana Dining Auto Subscription Rtl Finance Local Discovery OpenTable Carmax Birchbox Mint Yelp PoshVine CarWale FashionandYou FutureWise Zomato Social news Real estate Rental Education Microwork Reddit Trulia Airbnb Coursera Taskrabbit Reddit CommonFloor Airbnb ??? ??? Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 27. Ecosystem Ratings India MARKET China 4 US 3 REGULATIONS 2 CAPITAL 1 0 INFRA PEOPLE CULTURE Ratings * Criteria based on Benjamin‟s Joffe‟s Ecosystem 101 explanation: India Startup Wiki Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 28. Culture Ratings India MONEY China 3 US 2 APPEARANCE FAMLY 1 0 SPIRITUALITY SOCIAL LINK CULTURE Ratings * Criteria based on Benjamin‟s Joffe‟s Ecosystem 101 explanation: India Startup Wiki Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 29. “In India, you skate to where the puck is right now” @Bowei Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 30. Advice for Local Entrepreneurs • Stay in India, there are lots of unfilled opportunities waiting to be tackled, you don‟t need to reinvent the wheel. Just “skate to where the puck is right now” and focus on execution. • Try to get into an incubator/accelerator to avoid a lot of the early mistakes that people make. You‟ll also have an easier time finding mentors and funding in the future. • If you must come to the US, remember many US startups have Indian co- founders (rumored to be up to 62%). Reach out to them for help and they‟ll likely give you a hand. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 31. Advice for Foreign Entrepreneurs • In correlation to China‟s internet history, many Indian startup wins will come in the next few years from returnees/foreigners. Unfortunately, that opportunity won‟t last, so if you want to come then come soon. • You will be highly regarded, so use it to your advantage. Be bold, tackle the big opportunities that scare away most of the local entrepreneurs. But also be humble, go find yourself an Indian co-founder who can navigate the complicated and often convoluted social & business pathways. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 32. Advice for Foreign Angels • Yes, it is safe to invest for exploratory purposes. • Have realistic expectation for your investment. IPOs are virtually non- existent in India. Most local angels aim for series B exits or small acquisitions. • Definitely co-invest with reputable organizations. Let the local investment groups complete your due diligence (e.g.Mumbai angels, GSF, Seedfund, 500Startups, IAN, Blume, Kae Capital, etc.). Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 33. Advice for Foreign Companies • India is an easier market to break into than China. Talent is cheap and regulations are good. Online companies can easily win in India, Google, Facebook, Twitter and LinkedIn are doing amazingly well. On the other hand, companies relying on offline infrastructures like Ebay and Amazon are getting killed by the local competitors. Know thyself and you can win in India. • Be PATIENT! Business progresses slower than usual in India because of the poor infrastructures, slower pace of life and people‟s general lack of motivation. This is unavoidable. India has a ton of potential, but it is a LONG market. You will win eventually, but don‟t be discouraged by the initial results. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 34. Conclusion There‟s no doubt India will grow, the only question is how fast? India is a place that can be whatever you want it to be. It can be ideal for a small cash flow business or a billion dollar empire. It‟s true, building a company in India is full of friction, but less friction usually means 10x the competition. Pick your battles. Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 35. India Startup Wiki For the latest updates on the Indian Startup Ecosystem and our full India Startup Report, please visit: http://wiki.worldstartupreport.com Want to help write YOUR country‟s startup report? Let us know! Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 36. India Ambassadors Want to learn more or visit in person? These Ambassadors have graciously volunteered to educate and welcome our readers to the Indian startup ecosystem. Feel free to reach out. Lead Ambassador Mohit Bijlani Aditya Rao Parul Raj Lodha Founder, GiggleLoop Founder, Oodio Curator, StartupDige Mumbai Studio st Bangalore Bangalore Anirudh Suri Varsha Adusumilli Yatin Thakur Partner, India AVP, YourStory.in Founder, Moonlightin Internet Bangalore g Group, Mumbai New Delhi Deven Shah Chandan Raj Varun Chawla Founder, StartupKindnes VP, YourStory.in Partner, 91springboard s Bangalore New Delhi Mumbai Want to be an ambassador for your country? Join us: @WorldStartupRpt © 2013 All Rights Reserved Let us know!
  • 37. Need More Help? Get expert advice from our team of industry thought leaders. We offer: • Global research and connections • International best practices • Worldwide go-to-market strategies Email us at: consulting@worldstartupreport.com Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 38. Acknowledgements Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 39. Special thanks to: Dave McClure Brad Feld Want to be a World Startup Report sponsor? Email us: hello@worldstartupreport.com Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 40. Resources • https://www.cia.gov/library/publications/the-world-factbook/ • http://www.slideshare.net/QuantMarkets/online-market-in-india • http://www.gapminder.org • http://www.rediff.com/business/slide-show/slide-show-1-countries-with-the-most- millionaires/20110603.htm?print=true • http://statspotting.com/2011/03/india-mobile-statistics-monthly-average-revenue-per-user-2-46-usd/ • http://www.totaltele.com/view.aspx?ID=472089 • http://www.convergedigest.com/2012/10/china-mobile-nears-700-million-users.html • http://www.emarketer.com/newsroom/index.php/digital-ad-spending-top-37-billion-2012-market- consolidates • http://www.iamwire.com/2012/04/india-to-be-the-fastest-growing-e-commerce-market-in-asia-pacific- market-set-to-grow-to-8-8-billion-by-2016/ • http://www.factbrowser.com/facts/5037/ • http://nationalatlas.gov/articles/people/a_age2000.html • http://www.vijayanand.name/2012/10/comparing-accelerators-in-india-side-by-side-part-1/ • http://techcircle.vccircle.com/2011/12/01/meet-india%E2%80%99s-hottest-angel-investors/ • http://techcurry.co/some-bizarre-numbers-on-smartphones-in-india/ • http://blog.flurry.com/bid/94352/China-Knocks-Off-U-S-to-Become-Top-Smartphone-Tablet-Market • http://www.slideshare.net/mukundmohan/startup-application-trends-spring-2013 • http://www.firstpost.com/economy/budget-2012-threat-to-enterprise-mentoring-angel-investors-worried- 248363.html • http://www.globaljurix.com/fdi-in-multi-brand-retail-sector-india.php • http://www.pwc.com/gx/en/technology/moneytree/private-equity-vc-investing-in-india.jhtml Join us: @WorldStartupRpt © 2013 All Rights Reserved
  • 41. Thanks for reading! WorldStartupReport @WorldStartupRpt Hello@WorldStartupReport.com Join us: @WorldStartupRpt © 2013 All Rights Reserved