“The range of applications we are seeing today, including satellite technology, hyperspectral imaging, AI-enabled brain mapping and advances in computing, demonstrate the ambition and technical talent driving India’s startup ecosystem,” Vaidyanathan said at the ET Startup Awards event.
The startup story is not confined to a handful of sectors or cities, but is being shaped by talent and ideas across the country, Vaidyanathan said. About 52% of the startups banking with IDFC First Bank come from tier-II and -III locations, reflecting the widening geography of entrepreneurship, he said.
The growth of the ecosystem depends on practical support that helps young companies move from an idea to a functioning business, and access to finance, suitable banking services and advice on managing funds can be as important to a startup’s progress as its technology and ability to attract investment, he said.
Vaidyanathan advised founders to pay greater attention to how they manage their money. Startups often raise capital from investors but may leave funds in accounts that do not earn interest; entrepreneurs should understand their options and make their cash work more effectively, he said.
IDFC First Bank was founded by the merger of Capital First and IDFC Bank in December 2018.