JULY 20228he number of new startups launched in India increased by 15 percent in calendar year 2021, to 1,436. In the year 2021 alone, 71 startups raised $871 million in investment. Is this the start of a new development phase for startup formation in India, especially in light of the slew of new ecommerce and direct-to-consumer (D2C) startups? India presently has the world's third largest startup ecosystem. As of January 12th, 2022, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognized 61,548 startups. According to DPIIT estimates, Indian entrepreneurs have produced 6.5 million employments thus far. The average number of jobs created by each company is 11, and this revolution is shifting our country from job seekers to job givers.The rise of startups has broadened the local job market, giving young graduates and experienced job seekers more options. As entrepreneurs grow and expand their businesses, they create a slew of new job possibilities, which benefits the overall economy. Slice, a finTech firm, wants to hire over 800 workers before the end of the year. With more individuals joining up for the company's services, the strategy is to hire more employees across the product, design, and engineering teams, according to Rajan Bajaj, the company's Founder & CEO. This year, Razorpay plans to increase its admissions at IITs. According to Chitbhanu Nagri, senior vice-president, people operations, the company would hire 600 individuals in total.Harappa, an indigenous edTech business and India's foremost online institution for behavioral skilling, has also announced plans to double its team size in FY 2022 by hiring almost 150 additional staff across verticals, ahead of planned strategic expansion. Harappa's engineering and product teams will onboard 30 percent of new hires, with a particular focus on product innovation. Harappa has already assembled a solid team of 150 employees in the last quarter, including CXO-level leadership. Mohalla Tech, the parent company of ShareChat and Moj, is aiming to expand its AI, product, engineering, and ad-sales teams after raising over $913 million in three funding rounds this year. The company will employ its AI talent team's knowledge to supplement the products' recommendation engines and give a personalized user feed to each user. Sudhir Nair, Vice-president, talent acquisition at ShareChat and Moj, indicated that the creation-tech team will focus on camera work, which is critical for video development. Both networks claim to have a combined monthly active user base of 340 million people.Nair, on the other hand, noted that India lacks significant AI skills, particularly those needed to service specialized areas of AI. To address this, he brings in AI talent from all over the world. Being a remote company has allowed them to scale their AI department without being limited to simply India. Apna.co, a local job and professional networking portal, also expects to deploy around 65 percent of its more than 400 new personnel in engineering, data science, and product teams by EDITORIAL EXCLUSIVECOUNTRY OF JOB SEEKERS TO JOB GIVERS, THANKS TO INDIAN STARTUP ECOSYSTEMtBy Team Startupcity
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