5 Upcoming Business Ideas in India That You Should Keep an Eye on
India is one of the fastest-growing economies in the world. With a population of over 1.3 billion and a burgeoning middle class, there are numerous opportunities for new businesses. In this article, we will explore five upcoming business ideas in India that you should keep an eye on.
1. Healthtech
India has a vast healthcare industry, which is undergoing significant changes due to technological advancements. In recent years, startups have been using technology to improve healthcare services, including telemedicine, health wearables, and personalized nutrition. The Indian healthtech market is expected to reach US$21 billion by 2025, according to a report by Nasscom.
One example of an Indian healthtech startup is Practo, which offers a platform for booking doctor appointments and ordering medicines online. Another startup, Cure.fit, provides personalized fitness and healthy food services. Healthtech is an upcoming business idea in India that promises huge potential for growth and innovation.
2. Electric Mobility
As India faces challenges with air pollution and high fuel prices, electric mobility has become an important topic in the country. The Indian government has set a target of having 30% of all vehicles on the road be electric by 2030. This creates opportunities for startups in electric vehicle design, infrastructure development, and battery technology.
Ola Electric, a subsidiary of ride-hailing company Ola, is one example of an Indian startup that is in the electric mobility space. The company aims to enable sustainable electric mobility across India by providing a platform for electric vehicles and charging infrastructure. As the demand for electric mobility grows, this is an upcoming business idea in India that is worth keeping an eye on.
3. Edtech
The education sector in India is ripe for disruption, with the adoption of digital technology opening up new possibilities. Edtech startups are using technology to provide e-learning, online tutoring, and personalized learning experiences. The Indian edtech market is expected to reach US$3.5 billion by 2022, according to a report by Redseer.
Unacademy, an Indian edtech startup, provides online courses and test preparation for various competitive exams. Byju’s, another startup, has become one of India’s most valuable edtech companies by providing online tutoring and learning materials. With a massive student population, India’s edtech market has great potential for growth and innovation.
4. Agrotech
India is an agricultural powerhouse, with the sector contributing significantly to the country’s GDP. The use of technology in agriculture is opening up new opportunities for startups in the agrotech space. Agrotech startups are using data analytics, artificial intelligence, and other technologies to improve agriculture processes and increase yields.
One agrotech startup to watch in India is CropIn, which uses a digital platform to provide farmers with real-time data on crops. The company’s technology helps farmers increase yields, reduce waste, and better manage their resources. As more Indian farmers adopt technology, the agrotech sector has significant potential for growth and impact.
5. Fintech
India is one of the largest fintech markets in the world, with a rapidly growing digital payments ecosystem. The introduction of the Unified Payments Interface (UPI) has led to a surge in digital payments, creating opportunities for fintech startups.
Paytm, one of India’s largest fintech companies, has grown rapidly by providing digital payments, mobile wallet services, and e-commerce. Another fintech startup to watch is PhonePe, which provides a unified payments platform for mobile payments and bill payments. As the Indian population becomes increasingly digital-savvy, fintech is an upcoming business idea in India with immense potential for growth.
Conclusion
India is a land of innovation and opportunities. With a massive population and rapidly growing economy, the country offers enormous potential for new businesses. Healthtech, electric mobility, edtech, agrotech, and fintech are five upcoming business ideas in India that promise to make a significant impact in the years ahead. As these sectors continue to evolve, there will be ample opportunities for growth and innovation.
