Oyo founder Ritesh Agarwal shares the journey of Indian entrepreneurship.

Startup India Initiative: Oyo CEO Shares Indian Entrepreneurship Journey

Ritesh Agarwal, Founder and CEO of Oyo Group, recalls the day the Startup India initiative was seized by the government in 2016. He was also part of the inaugural ceremony that led India’s rise as the start-up capital of the world.

The Oyo CEO took a moment and shared the journey of the Indian startup on his official Twitter account.

“In 2016, I fondly remember being part of the inaugural Startup India initiative that cemented India’s rise as the startup capital of the world. Recently, as we celebrated National Startup Day, I took a moment to reflect on the growth of Indian entrepreneurship,” Agarwal tweeted.

“The last decade has been phenomenal for Indian startups. In 2000, it took 18 years for the startup ecosystem to reach $100 million in revenue. This has been reduced to 5 years in 2017, according to RedSeer,” he further tweeted.

He also shared a chart showing the list of countries with their respective unicorn count. According to the data, India ranks third in the Global Unicorn race.

“60% of the Indian unicorns emerged during the tumultuous period of 2021 and 2022. The true story is yet to be revealed! (@Inc42) I believe the next generation of unicorns will emerge from tier 2 and 3 cities,” the Oyo CEO said in a Twitter post.

“A great enabler in the success of India’s start-up ecosystem has been resilient entrepreneurs, investors, a rich talent pool, supportive government and public-private collaboration,” he added.

The world’s eyes are on India and despite the challenges of the global economy, Oyo’s Agarwal believes that “Build in India, for the World” would be the most powerful driving force for India’s founders.

He also expressed his gratitude to Prime Minister Narendra Modi, Startup India Initiative, NITI Aayog and the Government of India for making the country the global epicenter.

“My gratitude to Shri@narendramodiji, @startupindia, @DPIITGoI, @NITIAayog, founders, media, investors and all other stakeholders who have allowed entrepreneurship to flourish, making India the epicenter of the world!” he said.

India celebrated ‘National Startup Day’ on January 16. The country is recognized as a hub for start-ups and such government initiatives encourage innovation in all sectors.

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