Are you a budding entrepreneur in India seeking the perfect business idea? Look no further! In this article, we have compiled a list of 40 trending new business startup ideas in India based on different cities in India. If you’re in Mumbai, Delhi, Bangalore, or any other city, we’ve got you covered.
Are you looking to startup in e-commerce, food and beverage, technology, or service-based enterprises, then, we will provide you the latest market trends and insights in this blog.
We’ll also dive deep into real-life case studies, showcasing how entrepreneurs have turned their ideas into thriving businesses. Discover the untapped potential of your city and unleash your entrepreneurial spirit with these exciting new business ideas.
Factors Favoring Startups to Start a Business in India
There are several factors that make India an exciting and favorable destination for startups to start their business.
Startup Boom in India – In recent years, India has witnessed an unprecedented surge in the number of startups across various sectors, including technology, e-commerce, fintech, healthcare, and more. These startups have been able to attract substantial investments, enabling them to achieve unicorn status, which denotes a valuation of over $1 billion.
Talented Workforce – India is known for its strong education system and produces a large number of graduates every year. These young professionals are eager to work in startups and bring fresh ideas and innovation to the table. With such a vast pool of talent, startups can easily find the right people to help them build and grow their businesses.
Government Schemes for Startups – The Indian government has launched various initiatives and programs to support startups. The “Startup India” campaign is one such initiative that provides a favorable ecosystem for startups to thrive. It offers tax benefits, funding opportunities, and regulatory support to encourage entrepreneurship in the country. This supportive environment makes it easier for startups to set up and operate their businesses in India.
Technological Advancements – With increasing internet penetration and smartphone usage, startups can leverage these digital platforms to reach a wider audience and offer innovative solutions. The rise of e-commerce and digital payments has also created new avenues for startups to explore and grow their businesses.
Top Startup Sectors in India in 2023
Let us discuss some low-cost business ideas for start-up companies and first time business owners.
The most popular idea among low-cost businesses is any small-scale business related to the food and beverage industry. There are a variety of food startups to consider. Cloud Kitchens, food truck business, food delivery services, meal subscription boxes, catering services, healthy food startups, food-tech and agri-tech, meal planning apps are just some ideas for you to get started.
According to the studies and research, many food start-ups are running along with the help and collaboration of food delivery giants, such as Swiggy and Zomato
The development of a proper business strategy especially with the help of social media and digital markets is important for the success of such small-scale food start-ups
The government and the financial institutions provide all the required financial assistance for the start-ups along with flexible repayment options
Another attractive idea for low-cost business startups is related to digital marketing. You can provide a variety of services from home. Content writing and copywriting, website designing, writing ebooks, podcasting, coaching , social media consulting agency and Paid ads are some of the profitable business ideas in this niche
Another lucrative business idea is setting up an online store to sell a product or service. All that you need is an inventory and a small space and you can get started selling your items online to potential customers.
Online Business Ideas to Start in India
Online business ideas is the best business idea to start for any aspiring entrepreneur with ZERO investment. If you develop the skills and have the necessary passion, these business ideas are great to start a new business.
- e-commerce store
- dropshipping business
- online grocery delivery
- digital marketing agency
- online marketplace
- affiliate marketing
- online coaching or consulting
- mobile app development
- content creation and blogging
- subscription box service
- virtual assistance services
- web design and development
- online event planning
- social media management
- online health and wellness services
New Business Startup Ideas in India with Low Investment
If you’re interested in starting a new business in India with a low investment, there are several ideas worth exploring. Starting a dropshipping business, providing freelance services or coaching services, starting a food truck business and an event management business are just some of the small business ideas with low investment.
Read more :
Which Business is Best To Start in 2023
With a myriad of options to choose from, it can be quite confusing to determine which business can turn you into a successful entrepreneur. What’s important is the passion and skills you have for a particular niche. Once you select the right niche, you can succeed in any business.
These are the top startup sectors in India as per the Inc42 Ecosystem Report 2022.
1) Fintech in India : Market Opportunity
The market opportunity in Fintech is estimated to touch $1.3 Trillion in 2025. Digital Lending and Insurance to make 73% of the total addressable market.
Trends and Opportunities
- Fintech is the top funded sector in H1 2022
- Regulations to become more binding and tech integration will be the key to success
- Personalisation to play key role
2) eCommerce in India : Market Opportunity
The market opportunity for eCommerce is expected to touch $400 Bn in 2025. The D2C model brands are expected to make 25% of the total accounting for $100Bn in 2025.
Trends and Opportunities
- Alternate financing for small businesses like invoice discounting and inventory financing provides stable revenue streams
- Cross border ecommerce to gain strength
- More scale with focus on economies is necessary to beat the competitive players
3) HealthTech in India : Market Opportunity
The market opportunity for healthtech is expected to touch $21 Billion in 2025. The overall market is expected to grow at a CAGR of 26% (2022 to 2025)
Trends and Opportunities
- Hybrid healthcare models with dominance of AI will be on the cards
- Healthcare startups will continue attracting investors
- Diagnostics will be the key
4) EdTech in India : Market Opportunity
The market opportunity for EdTech is estimated to touch $10 billion by 2025. The overall market is expected to grow at a CAGR of 31%. (2022 to 2025)
Trends and Opportunities
1) Hybrid models with omnichannel offerings are expected to grow. Even industry experts like BYJU’s, Unacademy and Vedantu have introduced a hybrid model.
2) Mapping a buyer’s journey and keyword research will be the key trends followed by edtech players
3) More mergers and acquisitions to be seen in coming days
Other Key Sectors in India
Following these top4 sectors, some of these will be the fastest growing sectors in India over the next few years
- Media and Entertainment
- Enterprisetech (SaaS)
- Deeptech (AI and ML)
Small business ideas In India For Students
Gone are the days when people had to wait until they graduated to start earning. Nowadays, students are taking a proactive approach, exploring career opportunities while they’re still studying, whether it’s driven by passion or the desire to earn extra income.
Take, for instance, Saheli Chatterjee, a well-known digital marketer who embarked on her freelancing and digital marketing journey at the age of 16. And she’s not alone; many others have similar inspiring stories to share.
Here are some career options for students to launch profitable businesses on the side and become entrepreneurs at a young age, often before graduating:
- Freelance Writing: Students with strong writing skills can offer freelance writing services for blogs, websites, and digital publications.
- Social Media Management: With a good understanding of social media platforms, students can manage the online presence of businesses, creating content and engaging with audiences.
- Graphic Design: Those with design skills can provide graphic design services, creating logos, graphics, and visuals for businesses and individuals.
- Web Development: Students proficient in coding can offer web development services, building and maintaining websites for clients.
- App Development: For those with coding knowledge, creating mobile apps or software solutions can be a lucrative venture.
- Online Tutoring: Share your expertise by offering online tutoring services in subjects you excel in.
- E-commerce Store: Start an e-commerce store selling products or crafts online. Many successful e-commerce entrepreneurs began their journey while in college.
- Content Creation: Students interested in vlogging, podcasting, or content creation on platforms like YouTube or Twitch can monetize their channels through ads, sponsorships, and merchandise.
- Photography Services: Capture and sell photos for events, stock photography, or art prints.
- Affiliate Marketing: Promote products or services through affiliate marketing on your blog or social media channels, earning commissions for referrals.
- Dropshipping: Set up a dropshipping business, selling products online without holding inventory.
- Print on Demand: Create and sell custom-designed merchandise, like t-shirts, mugs, and posters, through print-on-demand services.
- Consulting: Leverage your expertise in a specific field to offer consulting services to businesses or individuals.
- Event Planning: Organize and manage events, such as parties or weddings, and earn a fee for your planning services.
- Apparel or Fashion Brand: Start your own clothing or fashion brand, designing and selling apparel online.
- Handmade Crafts: If you’re crafty, create and sell handmade crafts or art on platforms like Etsy.
- Language Translation: Offer translation services for documents, websites, or content in multiple languages.
- Virtual Assistance: Provide administrative support services remotely, such as email management and data entry.
- SEO Services: Learn and offer search engine optimization (SEO) services to help businesses improve their online visibility.
- Gaming or Esports: If you’re skilled in gaming, consider streaming your gameplay, participating in esports tournaments, or creating gaming content on platforms like Twitch or YouTube.
- Online Fitness Coaching: If you’re passionate about fitness, become a virtual fitness coach, offering workout plans and guidance.
- Podcasting: Start your own podcast on a topic you’re passionate about and monetize it through ads and sponsorships.
- Health and Wellness Products: Create and sell health or wellness products, such as supplements, herbal remedies, or organic skincare.
These options not only allow students to explore their interests but also provide valuable entrepreneurial experience that can be applied in the future. Starting early can give students a competitive edge and help them build a strong foundation for their careers as entrepreneurs.
Want to know the roadmap to entrepreneurship. Register to Dev Gadhvi’s Passionpreneur program and learn the techniques to build business the organic way.
Best Business Ideas In India
While you can find many generic business ideas in the previous articles, we all need the right business idea which is suitable to our particular locality or region.
Hence, we’ve picked these new business startup ideas in India carefully, thinking about what’s popular and what’s needed in the market for each business hub.
So go ahead, explore these startup business ideas, and get ready to tap into the huge potential of the Indian market, categorized by major business pockets in India.
New Business Startup Ideas in Delhi for 2023 (100% Profit Making)
Are you in search of new and unique business ideas for Delhi? If that’s a yes, you’ve likely got a bunch of questions. Is it a smart move to start a business in Delhi? Where in Delhi is booming right now? Will my business do well here? Will people like what I offer? How can I get customers interested? And of course, the big one: “What kind of business should I go for?” We will answer all these questions and also provide a list of business ideas specific to India’s capital.
Is Delhi a Good Place to Start a Business?
According to the most recent economic survey 2021-2022 (Inc Report’ 2022) , Delhi has actually surpassed Bangalore with 6.5K+ registered startups and $39Billion funding compared to Bangalore with just $62 Billion funding and 4K+ registered startups.
With 33 unicorns just in Delhi, it is a great startup hub for you to launch your business. Now, we will enlist some of the best ideas for setting up a business in Delhi.
- Street Food Stall: Delhi is known as the street food capital of India. Its diverse culinary culture and love for chaats, kebabs, and parathas make it an ideal place to start a street food stall. The city’s bustling markets and numerous tourists provide a steady flow of customers.
- Online Grocery Delivery: Delhi is a fast-paced city, and people often find it challenging to shop for groceries amid their busy schedules. Offering online grocery delivery services can cater to this need for convenience and time-saving.
- Event Planning: Delhi hosts a wide array of events, from weddings to corporate conferences and cultural festivals. With its affluent population, there’s a strong demand for professional event planners who can organize and manage these occasions seamlessly.
- Fitness and Yoga Studio: As Delhiites become increasingly health-conscious, the demand for fitness centers and yoga studios is on the rise. Health and wellness have become top priorities, making it a lucrative business opportunity.
- Co-Working Space: Delhi’s thriving startup ecosystem and a growing number of freelancers create a high demand for co-working spaces. Entrepreneurs and professionals seek well-equipped and convenient workspaces to boost their productivity.
- Fashion Boutique: Delhi is a fashion hub, with a fashion-forward population that values style and trends. Opening a boutique with unique and trendy clothing can attract fashion enthusiasts and trendsetters.
- Tutoring and Coaching: The competitive education environment in Delhi makes tutoring and coaching centers highly relevant. Parents and students are constantly seeking quality educational support to excel in exams and entrance tests.
- Travel Agency: Delhi’s strategic location makes it a gateway to various travel destinations in India and abroad. Starting a travel agency in Delhi allows you to tap into the wanderlust of its residents and provide them with memorable travel experiences.
- Digital Marketing Agency: With businesses in Delhi looking to expand their online presence, there’s a significant demand for digital marketing services. Entrepreneurs and companies need help with SEO, social media marketing, and online advertising to reach their target audiences effectively.
- Healthcare Services: Delhi’s growing population means an increased need for healthcare services. Starting a clinic or pharmacy can provide essential medical care to residents while offering a stable and socially impactful business opportunity.
In Delhi, the key is to understand the local culture, preferences, and trends, and tailor your business accordingly. These business ideas align with the city’s dynamic and diverse nature, making them suitable for aspiring entrepreneurs in Delhi.
- Tourism and Hospitality: Kerala’s lush green landscapes, serene backwaters, and pristine beaches make it a top tourist destination. Businesses related to tourism, such as eco-resorts, houseboat rentals, and tour operators, can prosper in this scenic paradise.
- Ayurveda and Wellness: Kerala is renowned for its traditional Ayurvedic treatments and therapies. Establishing Ayurveda centers, spas, and wellness retreats can be highly successful, given the state’s focus on holistic health.
- Cultural Experiences: Kerala has a rich cultural heritage, with traditional dance forms like Kathakali and Mohiniyattam, and festivals like Onam. Starting cultural centers, art galleries, or offering cultural experiences can be rewarding.
- Eco-Friendly Initiatives: With a strong emphasis on environmental conservation, businesses focused on eco-friendly products and services, such as organic farming, sustainable tourism, and eco-friendly construction, are well-received.
- Education and E-Learning: Kerala boasts one of the highest literacy rates in India. Setting up educational institutions, coaching centers, or e-learning platforms can tap into the state’s passion for learning.
- Food and Spice Products: Kerala is famous for its spices and traditional cuisine. Businesses related to spice production, organic farming, and restaurants offering authentic Kerala dishes can flourish.
- Handicrafts and Handlooms: The state has a rich tradition of handicrafts and handloom products. Establishing a business that promotes these crafts, either through retail stores or online platforms, can find a receptive audience.
- Healthcare and Medical Tourism: Kerala has a well-developed healthcare sector, known for its quality services. Initiatives in medical tourism, hospitals, and specialized healthcare facilities can thrive, drawing both local and international patients.
- Renewable Energy: Kerala’s commitment to sustainable practices makes it an ideal location for renewable energy ventures, such as solar power generation and wind energy projects.
- IT and Technology: Kerala is also making strides in the IT sector, with the Technopark in Thiruvananthapuram and Infopark in Kochi. IT-related businesses, software development firms, and tech startups can find support and opportunities in these tech hubs.
- Fisheries and Aquaculture: Given its extensive coastline and network of water bodies, fisheries and aquaculture businesses, including fish farming and seafood processing, have a strong presence in the state.
- Social Enterprises: Kerala has a history of strong social movements. Social enterprises focusing on community development, sustainable agriculture, and healthcare access often receive support and recognition.
Kerala’s unique ecosystem, characterized by its natural beauty, cultural richness, and emphasis on social welfare, offers a fertile ground for businesses that align with these values and preferences. Entrepreneurs looking to establish successful ventures in Kerala should consider the state’s distinct characteristics and the needs and aspirations of its people.
New Business Start up Ideas in Gujarat
Gujarat is not just a state but a thriving hub of business opportunities. With its go-getter spirit, solid infrastructure, and diverse economy, Gujarat’s got something for every entrepreneur. A wide range of opportunities exist across sectors such as manufacturing, renewable energy, tech startups, agriculture, textiles, real estate, jewelry, pharmaceuticals, tourism, education, maritime services, food processing, healthcare, and sustainability. The state’s robust infrastructure, entrepreneurial spirit, and commitment to sustainability make it a fertile ground for diverse business ventures.
Below is a brief list of the kinds of opportunities that can thrive in Gujarat.
- Manufacturing: Gujarat’s strong industrial base and well-developed infrastructure make it an ideal hub for manufacturing ventures. The state’s strategic location and access to ports facilitate the movement of raw materials and finished goods. Gujarat’s skilled workforce and business-friendly policies are additional incentives for setting up manufacturing units. Whether it’s textiles, chemicals, or petrochemicals, the state offers the resources and support needed for manufacturing success.
- Renewable Energy: Gujarat’s commitment to sustainability and its abundant natural resources, such as sunlight and wind, make it a prime destination for renewable energy projects. The state has invested significantly in solar and wind power generation, offering favorable incentives and policies for businesses in this sector. Its vast open spaces and progressive energy policies create a conducive environment for renewable energy entrepreneurs.
- Start-ups: Gujarat’s nurturing environment for start-ups is driven by its robust educational institutions, entrepreneurial culture, and government initiatives. Cities like Ahmedabad and Gandhinagar are emerging as start-up hubs, providing co-working spaces, incubators, and networking opportunities. Gujarat’s diverse economy and access to markets make it an attractive location for tech start-ups and innovative businesses.
- Agriculture and Agribusiness: Gujarat’s agricultural strengths stem from a diverse range of crops, favorable climate, and advanced farming techniques. Opportunities abound in agriculture, horticulture, and food processing. The state’s well-established supply chains and access to both domestic and international markets create a fertile ground for agribusiness ventures.
- Textiles and Garments: The textile industry has been a cornerstone of Gujarat’s economy for decades. The state’s skilled labor force, thriving textile clusters, and access to cotton and other raw materials make it an ideal location for textile and garment businesses. Additionally, Gujarat’s textile parks offer modern infrastructure and incentives for the industry.
- Real Estate and Infrastructure: Gujarat’s rapid urbanization and infrastructure development projects present opportunities in real estate and construction. The state government’s focus on building modern infrastructure, including roads, ports, and airports, generates demand for construction and real estate ventures. As Gujarat continues to grow, so does the need for housing, commercial spaces, and logistics facilities.
- Jewelry and Gems: Gujarat’s rich tradition in jewelry and gemstones makes it a thriving marketplace for these industries. The state is known for its craftsmanship and expertise in jewelry design and gemstone cutting. The availability of skilled artisans and a well-established jewelry trade ecosystem make it a favorable location for businesses in this sector.
- Pharmaceuticals: Gujarat is a pharmaceutical manufacturing powerhouse in India, contributing significantly to the country’s pharmaceutical exports. The state’s well-developed pharmaceutical clusters, research institutions, and a skilled workforce attract businesses in pharmaceutical manufacturing, research, and development. Gujarat’s favorable regulatory environment and strong logistics network further enhance its appeal to pharma-related ventures.
- Tourism: Gujarat’s unique blend of cultural heritage and natural beauty offers immense potential for tourism-related businesses. From historic sites like Ahmedabad’s old city to the white desert of Kutch and the Gir Forest, the state provides diverse attractions. The government’s efforts to promote tourism and infrastructure development, including the Statue of Unity, make it a promising sector for entrepreneurs seeking to tap into India’s tourism boom.
Gujarat’s suitability for these opportunities is grounded in its strategic location, proactive government policies, skilled workforce, and robust infrastructure. These factors combine to create an environment where businesses can thrive and contribute to the state’s economic growth and development.
Best Startup Ideas in Bangalore
“Bangalore, the ‘Silicon Valley of India,’ is a dreamland for entrepreneurs. It’s like having a treasure chest of financial support and a nurturing environment right at your doorstep. Here, you’re not alone; venture capitalists and angel investors are more than willing to join your journey.
But, yes, the competition can be fierce. The city buzzes with businesses already making their mark. So, what’s the secret to thriving here? It’s being unique, bringing your A-game, and truly knowing the ins and outs of your chosen business idea. Remember, in Bangalore, innovation is the name of the game. You’ve got what it takes to stand out and make your entrepreneurial dreams a reality!”
If you are seeking trending business ideas for Bangalore, this list will help you get started.
Tech Start-up Incubator:
What it’s about: A tech start-up incubator is a platform that supports early-stage tech entrepreneurs by providing mentoring, resources, and workspace. It fosters innovation and accelerates the growth of tech start-ups.
Investment: Initial investment can range from INR 15 lakhs to INR 50 lakhs. Ongoing operational costs include mentor salaries, workspace rent, and events.
Marketing Strategy: Collaborate with universities, tech communities, and industry leaders to attract start-ups. Promote success stories and host networking events to build a strong ecosystem.
Health and Wellness Apps:
What it’s about: Health and wellness apps cater to the growing health-conscious population in Bangalore. These apps offer fitness plans, mental health support, diet tracking, and access to healthcare professionals.
Investment: Initial investment may start at INR 10 lakhs to INR 30 lakhs for app development, marketing, and hiring healthcare experts.
Marketing Strategy: Partner with local fitness centers, wellness experts, and healthcare providers for cross-promotions. Run targeted online ad campaigns and provide free trials to build a user base.
Online Grocery Delivery:
What it’s about: Online grocery delivery services offer convenience to busy professionals by delivering a wide range of grocery products to their doorstep.
Investment: Initial investment can range from INR 10 lakhs to INR 30 lakhs for website/app development, inventory, and delivery logistics.
Marketing Strategy: Offer competitive prices and fast delivery options. Run localized advertising campaigns, partner with apartment complexes, and offer referral bonuses to customers.
Urban Gardening Solutions:
What it’s about: Urban gardening solutions cater to Bangalore’s green living enthusiasts. They provide gardening kits, workshops, and consultancy services to help residents create lush gardens in limited spaces.
Investment: Initial investment may be around INR 5 lakhs to INR 15 lakhs for sourcing materials, marketing, and conducting workshops.
Marketing Strategy: Collaborate with interior designers for green home makeovers, host gardening workshops, and offer free online guides. Create a strong online presence through social media and an informative website.
Co-Working Space with a Twist:
What it’s about: Unique co-working spaces cater to specific niches, such as tech professionals, artists, or wellness practitioners. They provide specialized facilities and networking opportunities.
Investment: Initial investment can vary widely, starting from INR 20 lakhs to INR 60 lakhs for customized interiors, equipment, and marketing.
Marketing Strategy: Create niche-specific marketing campaigns, host industry-related events, and offer flexible pricing plans. Collaborate with local businesses for mutual promotions.
Home Healthcare Services:
What it’s about: Home healthcare services offer medical care at patients’ homes, including nursing, physiotherapy, and elder care. They cater to Bangalore’s aging population seeking convenient healthcare solutions.
Investment: Initial investment may start at INR 20 lakhs to INR 50 lakhs for hiring qualified medical professionals, obtaining licenses, and marketing.
Marketing Strategy: Collaborate with local clinics and hospitals for referrals. Build trust through testimonials and online reviews. Offer discounted packages for regular check-ups.
Food Delivery Solutions:
What it’s about: Food delivery solutions streamline the ordering process for both customers and restaurants. They focus on efficient logistics to make food delivery more convenient and cost-effective.
Investment: Initial investment can vary but may start at around INR 15 lakhs to INR 40 lakhs for app/website development, marketing, and delivery operations.
Marketing Strategy: Partner with popular restaurants, offer exclusive deals, and provide timely delivery guarantees. Utilize social media marketing and user-generated content to engage customers.
Pet Care Services:
What it’s about: Pet care services encompass grooming, training, and pet-sitting for Bangalore’s growing population of pet owners. They cater to the needs of pets and their owners.
Investment: Initial investment can range from INR 10 lakhs to INR 30 lakhs for staff training, equipment, and marketing efforts.
Marketing Strategy: Build trust through pet care certifications and positive customer reviews. Offer loyalty programs and collaborate with pet stores for cross-promotions.
What it’s about: Ed-tech platforms provide online tutoring, test preparation, or vocational courses tailored to the education-oriented population in Bangalore.
Investment: Initial investment may start at INR 20 lakhs to INR 60 lakhs for content creation, platform development, and marketing.
Marketing Strategy: Collaborate with schools and colleges for course integration. Run targeted online ad campaigns and offer free trial courses to attract students.
Electric Vehicle Charging Stations:
What it’s about: Electric vehicle charging stations cater to the increasing interest in electric vehicles in Bangalore. They provide infrastructure for EV owners to charge their vehicles.
Investment: Initial investments can be substantial, ranging from INR 50 lakhs to INR 1 crore or more for equipment, electrical infrastructure, and location setup.
Marketing Strategy: Collaborate with EV manufacturers for promotion. Ensure visibility through online maps and apps. Offer subscription plans for regular users.
These marketing strategies provide a foundation for each business idea. However, adapting them to specific market trends and audience preferences in Bangalore is essential for success.
Watch the Recent Success Story of Our Passionpreneur Mentee who Earned 10 Lakhs by teaching Maths after She Completed Dev Gadhvi’s Business Coaching Program
Title: The Success Story of MeritTrac: A Bangalore Startup that Thrived
MeritTrac is a pure play assessment company offering assessment services to corporates for hiring and workforce development. It is a company that not only survived the challenges of entrepreneurship but also thrived in a highly competitive market.
Enterprenurial Traits of MeritTrac
MeritTrac’s founders exhibited key entrepreneurial traits that were instrumental in their journey to success. Their initiative led them to embark on an unconventional business idea, leaving secure jobs to pursue their vision. They creatively solved problems, even inspiring employees to work without salaries during challenging times. Unwavering self-confidence empowered them to persuade investors, customers, and employees to believe in their vision.
Moreover, seizing opportunities during the DotCom boom catapulted them into the BPO sector. These traits collectively underpinned MeritTrac’s extraordinary success.
Setting and Achieving Goals
MeritTrac set an ambitious goal –
To become a pioneer in providing labor resources to IT and BPO companies. ~~MeritTrac
Despite resource constraints and obstacles, they persisted. They overcame personal and worldly obstacles by bringing in additional expertise and seeking financial help from employees. By the end of 2004, they had achieved commendable sales and a growing customer base.
Effective Cash Flow Management
MeritTrac’s credit policy played a pivotal role in managing its cash flow. Although clients offered a 30-day payment term, they extended it to 60 days due to cash flow requirements. By revisiting their credit policy and offering discounts for early payments, they efficiently managed their working capital.
Exploring Diversification Opportunities
In a highly competitive market, diversification is often a key to long-term success. MeritTrac could explore diversification by adding new strategic business units, such as providing software solutions and additional services to clients.
MeritTrac’s remarkable journey from a Bangalore startup to a thriving business offers valuable lessons for aspiring entrepreneurs. Their entrepreneurial traits, goal setting, risk management, financial planning, and adaptability all contributed to their success. In an ever-evolving business landscape, MeritTrac’s story serves as an inspiration for those willing to take the entrepreneurial plunge.
ATTEND OUR WEBINAR TO KNOW MORE:
Funding and Support
While Bengaluru has been the hotbed of tech startups in the country, the state government was seen taking several initiatives to boost its standing in 2022.
In December 2022, the Karnataka government approved the Karnataka Startup Policy for the next five years, from 2022 to 2027. Some of the key announcements of the policy include stimulating 25,000 startups in the next five years and establishing new-age innovation network (NAIN) centres to set up an INR 100 Cr venture capital fund to back deeptech startups.
The Delhi Startup Policy 2022 was approved by the Cabinet on 5th May 2022. VIa the incentives and initiatives outlined in the Delhi Startup Policy, The Government of National Capital Territory of Delhi aims to achieve an ambitious target of encouraging, facilitating and supporting the emergence of at least 15000 startups by 2030
The Delhi Government will help startups get collateral-free loans which will be interest free for a year. The Delhi Government shall also empanel CAs, Lawyers and Experts to aid startups for free. The Government will also ease out procurement norms to help startups but not bargain with the quality of our products.
The state has a dedicated nodal agency named ‘Maharashtra State Innovation Society’ (MSInS) that intends to foster innovation-driven entrepreneurial ecosystem in the state. MSInS is the governing council for implementation of the policy.
The state has a dedicated online portal (msins.in) for startups. The portal has a user-friendly registration process and is also equipped with an online resolution of queries. The screenshots of the same is shared below:
The Startup India Seed Fund Scheme and the Startup India initiative are two of the biggest government schemes for startups in India. Other schemes include the Pradhan Mantri Mudhra Yojna, Standup India Scheme, and Venture Capital Assistance Scheme.
The 21 government schemes for startups in India also faciliate the rapid growth of startups and unicorns in India
Starting a New Business in India
The time for starting a new business in India is more promising than ever. The success stories of companies like Flipkart and Ola prove that, today, our economy is ripe with opportunities.
If you’re thinking about launching your own startup, consider joining Devgadhvi’s Business Program. It’s tailor-made for the Indian market, offering both knowledge and mentorship. Whether you have a tech idea or a traditional business in mind, this program can help you turn it into a thriving venture.
In a nutshell, the time is right to start your own business in India. With the support of programs like Devgadhvi’s, you can be the next success story in our booming entrepreneurial landscape. So, don’t wait, take the plunge, and turn your startup dreams into reality in our vibrant economy.
Also read these entrepreneur success stories to get motivated and launch your startup today.