Bangalore: India is emerging as a software product hub globally with revenues of USD 2 billion from 2400 product firms. Cost of setting up a product startup has gone down significantly from hundreds of thousands of dollars to a few thousand dollars. Cloud, mobility and the opportunity in the India market is greatly driving product innovation. Moreover, an enabling ecosystem, availability of skilled talent, disruptive technologies, availability of funds, and strong industry support is also driving the market. Start-up activity is also witnessing rapid growth with more than 1100 start-ups being incorporated in the last five years. Mobility, SMBs, E-Commerce and Education are the main focus segments for start-ups. Emergence of tire-ii cities as the hub for product startup companies in India in India with over 330 companies based out of these cities is another achievement. New segments have emerged for Indian products-Consumer, Government and SMBs.
