The demonetization had an enormous impact on the public in India, as many of them did not even have a proper bank account including the vendors, fruit-vegetable sellers, housewives, etc. Not only these people but it also affected the wholesalers, retailers, businessmen, and startup firms. As things went digitally during the pandemic, people are now used to digital media/social media about every tiny thing, whether it is about posting their content on social media, online cab services, or digital payments, from online shopping to getting everything online at home. As a result, Tech startup companies are growing in India with massive growth. Companies are getting more platforms to showcase more availabilities and technologies, thus Startups in India have become the world’s third-largest startup network area.
Indian tech startups have become skilled and experienced people to design, building, and expanding their technologies, which include mobile commerce, digital money transformation, supply chain management, internet advertising & Marketing, online transaction processing, electronic data interchange (EDI), inventory control systems, automatic data collections, and many other services. They build and refine their workforce and skills flexibility based on market developments and needs.
According to the data for 2018, almost 8,900-9,300 among 50,000 were technology-based in India, and according to the data for 2019 every day, there were 2-3 start-ups founded and 1300 new start-ups established.
India is the core of nearly 2,027 logistics tech startups. Small e-commerce businesses can now offer transportation across India with a transaction cost model and supply chain offerings, tracking services, subscription-based policies, and other features that make groups sustainable from a cost and overall performance perspective. These tech startups support simple functionality and operations by providing end-to-end shipping services and solutions for small e-commerce organizations. India now has around 6,636 FinTech startups, making it one of the fastest-growing FinTech markets in the world. Payments, Lending, WealthTech, Personal Finance Management, Insurance Technology (InsurTech), Regulatory Technology (RegTech), and other sub-segments make up the Indian fintech business network. Microloans, pay-later tech startups, and 0 transaction fee gateways with nearly same-day SLAs have enabled small e-commerce businesses in India to access a low ticket size organization. The Indian FinTech company was valued at $31 billion in 2021 and is expected to grow to $150 billion by 2025.
Various new platforms have emerged to support the development of new technology companies that are helping small e-commerce businesses in India. Many software-as-a-administration (SaaS)-based tech start-ups provide automation, association, and management of many types of tasks that are essential for small online businesses, i.e inventory platforms for managing records.
According to IBEF, e-commerce in India is expected to reach $188 billion by 2025 from $46.2 billion by 2020. It is estimated to reach $350 billion US dollars by 2030. The increasing usage of the internet and mobile phone has become the reason for the vast majority of business extensions. Due to the digital India campaigns, the number of web connections has grown significantly to reach 830 million per year in 2021. Hyper-local logistics, better consumer experience, analytical-driven customer experience, and Digital advertising, getting easy for people to access with the help of these technologies, this is how technologies always play a major role in e-commerce companies.