The Indian startup arena demonstrated significant growth during April, with a notable 37 per cent uptick in the establishment of new ventures, reveals a recent report. This surge not only contributed to expanding employment opportunities but also resulted in a 14 per cent rise in overall job creation.
The report, conducted by talent platform Foundit (formerly known as Monster APAC & ME), states that nearly 53 per cent of all positions within startups are available for fresh graduates and individuals entering the workforce for the first time. The overall hiring activity experienced a 9 per cent increase compared to the previous month and showed a 9 per cent rise compared to the same period last year.
“Additionally, the production and manufacturing sector has witnessed a remarkable 31 per cent year-on-year surge in hiring,” said Sekhar Garisa, CEO of Foundit.
From April 2023 to April of the current year, startups within the IT (information technology) services sector observed consistent growth in job openings, rising from 20 per cent to 23 per cent. Conversely, startups operating in the Internet, BFSI/fintech, and media and entertainment sectors experienced a marginal decrease in their hiring activities.
In the meantime, the report highlighted that startups in the education/e-learning/edtech sectors maintained steady growth, indicating a phase of stability within this industry during April. Bengaluru, Delhi-NCR, and Mumbai continue to lead as prominent startup hubs.
“However, India’s startup ecosystem is rapidly expanding beyond these metros, with non-metro locations increasingly emerging as entrepreneurial hubs,” states the report.
Jaipur takes the lead in growth metrics, boasting an impressive 24 per cent increase in hiring compared to the previous year, closely followed by Kolkata, according to the report.
While the world is grappling with difficult times and several waves of layoffs, this report shows a positive sign regarding jobs in the startup ecosystem.
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