With increasing numbers of online active users becoming consumers of e-commerce solutions and related marketplaces, Indian startups are building global digital solutions to capitalise on this rapid growth, he said.

Hyper-growth, capital availability and acquisitions are the leading drivers of the growing startup ecosystem in India, he added. Indian start-ups are well positioned to address the entire Asian market opportunity and also expand beyond the U.S and European region, Chandrashekhar said.

"The Indian startup ecosystem is rapidly evolving driven by an extremely young, diverse and inclusive entrepreneurial landscape. This is leading to emergence of focused domain solutions for verticals like healthcare, agriculture, and education," he said.

An additional driving force is a four-fold increase in access to capital through venture capitals, angel investment and seed funding is allowing Indian entrepreneurs to work on building tailor-made products for their customers, he added.

Simultaneously, Nasscom needs to work addressing challenges on creating supportive government policies in terms of ease of doing business, tax incentives, participation in government contracts, availability of risk capital, he added.

Nasscom will continue to actively engage with stakeholders across to address these challenges, Chandrashekhar said. "Scaling up, design and growth hacking are the key priority for startups today. On the innovation front, it is imperative to increase collaboration and partnerships for product companies with platform players, IT services, global MNCs and CIOs," Nasscom Product Council Chairman Ravi Gururaj said.

The conclave this year will showcase interesting technologies that are evangelizing the product space and that are poised to become ubiquitous across both the consumer and industrial fabric of our society, he said.

Also Read:

Start-Up Innovates Affordable Fix For Website Crashes

Softbank Group To Invest $627 Mn In Snapdeal