To outsiders, India seems like a younger, more freewheeling China. Look closer, though, and its advantages lie elsewhere
A flood of foreign money is washing into India’s startup scene. Flipkart, an e-commerce site, has just raised $3.6bn in a record-breaking funding round. There has been a wave of public listings this year, as fledglings take advantage of India’s buoyant stockmarket to raise capital and provide an exit for their venture-capital backers. The recent initial public offering of Zomato, a food-delivery firm, was heavily oversubscribed. Paytm, a much-touted payments app, is due to list soon.
Start with what is meant by Indian tech. An ideal tech startup would give investors exposure to a couple of important elements. One is entrepreneurship. India is a hard place to make a living in. Every proprietor of a-educated managers in richer places. India’s tough business climate thus breeds a certain commercial flair, which its best startups exhibit. The other element is engineering chops.
But can it? Flipkart was founded in 2007 by two software engineers who had worked at Amazon. The e-commerce market was then wide open. It isn’t anymore. Amazon itself entered the Indian market in 2013. India’s old conglomerates have woken up to the fact that their consumer franchises might be upended by startups. Reliance, one of India’s big business groups, has invested heavily in telecoms and broadband, and has a large network of supermarkets.
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