2019 has been a year full of achievements for the startups in India. It has been ranked as the third-largest startup unicorn following China and the United States. Not only did we see a rise in the number of startups being started this year, but we also saw some major brand failures.
Speaking digitally, India took a step forward to moving digital by lancing their businesses and ventures online. However, India did see a downfall from the side of digital currencies with the proposed ban of cryptocurrencies and the institutes functioning around cryptos.
So, let’s relish the happenings for Indian startups, ecommerce & websites, and the crypto community in detail for the year 2019.
Wrapping Up 2019- The Startup Ecosystem
Top Startups in India that Became Unicorns
These startups proved their place in the market constantly through their hard work and efforts. The following have been considered some of the top startups in India that have forayed into the unicorn category this year.
- BigBasket- Consumer Services
- Druva- Enterprise Services
- Ola Electric- Travel tech
- Rivigo- Logistics
- Delhivery– Logistics
- Icertis- Enterprise tech
- Dream11- Travel tech
Some Innovative Startup Approaches Adopted
Some businesses created their start a startup mission and took diagnostic measures in fulfilling the direct need of their consumers. A few of the great innovative startup approaches adopted by firms are:
- Tatkal for Sure: Tatkal for Sure is a mobile application and Google Chrome extension which auto-fills the details and makes the booking of the tickets on the IRCTC website that can be made using Google Pay, internet banking, etc.
- Suta: Initiated by two sisters, Sujata and Taniya, Suta is a brand that is trying to make the traditional outfit of our country- Saree more accessible, especially to the younger generations.
- Licious: Licious is a startup that provides meat and seafood to its customers and is headquartered in Bengaluru, Karnataka.
- OCEO: OCEO is an IoT-enabled smart water purifier startup that works on providing accessible pay-as-you-use (Rs 1 per liter) model where the customer pays only for the amount of water purified and consumed.
According to reports by ET (1), Indian startups have the capability to create over 12 lakh direct jobs by 2025, rising from 3.9 to 4.3 lakh direct jobs in 2019.
A large number of startups choose to hire talent for part-time jobs, full-time jobs, freelance, etc. via online recruitment websites like LinkedIn, Indeed, Internshala, etc. in cities across the nation like Chandigarh, Mumbai, and more.
Digital India- Trending Domains for Startups
The .com domain has been the number domain extension that has been used for decades by businesses, companies, and organizations across the world. It is often used as a replaceable domain for searching for websites by users.
This year, we noticed higher volumes of creative domains being registered, especially by the startups in India, instead of their pricy counterpart, .com.
Some of the trending domain extensions this year were:
- .io domain: The .io domain name is a domain extension that was started back in 1997 and has gained top-level domain popularity amongst the tech startup community for its unique and short extension compared to generic TLDs.
- .me domain: The .me domain is the domain extension that was introduced back in 2006 and has gained top-level domain popularity, especially amongst social media companies & businesses in Maine & Middle East.
- .ru domain: The popular Russian .ru domain extension has a total of 5,381,137 as per the latest data
Keyword searches ranging from specifics like electronic music studio to industry of the business like media, tech, etc. analyses the appropriate app name for the company using the advanced AI technology.
India Failed Cryptocurrency
The Reserve Bank of India proposed a ban on cryptocurrencies like Bitcoin, calling it a risky digital asset that is used for illicit activities on the dark web like,
- money laundering
- terror financing
- Illegal purchases like drugs, ammunitions, etc.
Though cryptocurrencies are not considered a legal tender in India, it only bans the dealing of cryptocurrency illegal amongst crypto-exchanges and institutions and doesn’t state anything about the individuals holding crypto assets, enabling them to buy Ripple, Bitcoin, Ethereum, etc. from peer-to-peer platforms.
Note: Countries like Malta and Finland have embraced and opened their arms towards the use of Bitcoin.
As a Bitcoin miner, it gets necessary to cash out the digital asset, that can only be done either via,
- Crypto Exchanges
However, since the RBI declared a proposed ban on cryptocurrency, the majority of the crypto exchanges have either shut down or have shifted to crypto-friendly nations. So how can you, as the owner of the cryptocurrency, buy with Bitcoin, Ripple, etc.in India?
Some of the services that you can redeem using Bitcoin are:
- Dating services like OkCupid, Sparklet, etc.
- Pay for VPN like ExpressVPN, PureVPN & AirVPN
- Microsoft products
- Overstock products
- Shopify stores
- Cheap Air
- Playstation Network
- Humble Bundle
Overall, the cryptocurrency community in India has seen a dark phase, but since the court hearing of the same has been delayed to 29th January 2020, let’s hope the starting of the new year brings good news for the crypto community.