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In numbers: How women lead India's startup revolution
India is witnessing a quiet yet powerful transformation — one that is being led by women entrepreneurs across the length and breadth of the country. Union Minister Jitendra Singh has said that of the 1.7 lakh startups currently operating in India, nearly 76,000 are led by women.
This milestone is more than symbolic as it signals a structural shift in how innovation, economic participation and leadership are being reshaped across India's entrepreneurial landscape. Collectively, these startups have generated over 17 lakh jobs, contributing meaningfully to India's employment base and economic development.
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This transformation is not limited to India's metropolitan hubs. The Indian minister pointed out that smaller towns, particularly in Tier 2 and Tier 3 urban clusters in poorer states such as parts of Bihar, are emerging as fertile grounds for women-led ventures. These new entrepreneurial hotspots show the expanding reach of India's startup ecosystem into areas that were historically left out of the innovation discourse.
Where women found and flourished
Data from the Startup India digital map reveals that states such as Maharashtra, Delhi, Karnataka, Tamil Nadu and Uttar Pradesh host the highest number of women-led startups. Maharashtra alone accounts for nearly 13,700 of these ventures, demonstrating how infrastructural advantages and capital access can fuel female entrepreneurship.
Southern states such as Telangana and Kerala also show strong numbers, suggesting the influence of state-level policies designed to foster inclusive growth.
However, the data also reflect disparities. Northeastern states and Union Territories such as Sikkim, Ladakh and Lakshadweep continue to lag in supporting women-led enterprises, largely due to limitations in market access, mentorship and funding. This regional imbalance highlights the need for more localised interventions tailored to the challenges of these underrepresented areas.
A global powerhouse in women-led startup funding
On the global stage, India ranks second only to the United States in terms of cumulative funding raised by companies with women founders. According to a recent report by Tracxn, women-led tech startups in India have collectively raised a staggering $26.4 billion to date. In 2024 alone, these ventures secured $1 billion in funding — representing 8.76 per cent of all tech startup capital raised in the country that year.
Despite a 25 per cent decline from 2023's funding figures, the early-stage investment segment actually grew by six per cent, reflecting increased investor confidence in newer women-led ventures. Still, the need for sustained capital support remains critical, especially as fewer startups progress beyond Series A funding.
Bengaluru: India's startup capital for women
Among Indian cities, Bengaluru stands as the unequivocal leader in both the number of women-led startups and total funding secured. It is followed by Mumbai and the Delhi-NCR region. This dominance reflects not only access to capital and talent but also the presence of supportive ecosystems that encourage risk-taking and innovation by women founders.
Bengaluru's startup culture — long heralded for its openness to diversity and experimentation — has provided a conducive environment for many prominent women-led companies further strengthening its position as a launchpad for entrepreneurial success.
Sectoral impact: Beyond traditional boundaries
Women-led startups are not confined to a narrow band of sectors. The Tracxn report reveals that these ventures span diverse industries, with the retail sector leading in cumulative funding at $7.8 billion. Edtech follows at $5.4 billion, while enterprise applications claim $5 billion. This diversification signals a maturity in the ecosystem—women founders are not just participating, they are innovating across verticals that were once considered male-dominated.
Emerging sub-sectors such as fashion tech, Internet-first consumer brands and B2C ecommerce are seeing increased activity by women founders, redefining what entrepreneurial leadership looks like in India.
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Unicorns, IPOs and the journey ahead
India's women-led startup ecosystem has already produced multiple unicorns, with notable spikes in 2021 when eight new unicorns emerged. While the pace has slowed — 2023 and 2024 saw no new unicorns — the groundwork for future growth continues to be laid.
In terms of public market participation, five women-led startups went public in 2024, including notable names like MobiKwik and LawSikho. These successful IPOs mark important milestones, proving that women entrepreneurs are not only building scalable businesses but also ones that are investment-worthy at the highest levels.
However, the path to unicorn status and public listing remains steep. Only 2.3 per cent of funded women-led startups have advanced to Series C or beyond. Addressing this requires more institutional backing, mentorship networks, and long-term funding strategies.
Icons of innovation
A number of women-led startups have emerged as industry benchmarks. Startups such as ACKO, LivSpace, Amagi and The Good Glamm Group are disrupting fields such as insurtech, proptech, SaaS and digital consumer goods. These ventures showcase the range, impact and ambition that characterise the new wave of women-led innovation in India.
Government support and vision
The government has not remained a passive observer in this evolution. At a recent conference on women's development in Bihar, Singh stressed upon the government's focus on empowering women through institutional and scientific avenues. Initiatives such as the WISE (Women in Science and Engineering), CURIE and GATI schemes aim to build both skill and confidence among aspiring women innovators.
Bihar, for instance, is being positioned as a model state in women-led development, thanks to programmes like the Lakhpati Didi scheme and 50 per cent reservation for women in Panchayats. These efforts reflect a strategic push to embed women-centric leadership into the country's developmental blueprint.
Singh also emphasised how women are increasingly occupying leadership roles in traditionally male-dominated sectors. India now boasts over one-third of its CSIR laboratories headed by women scientists. Women are playing vital roles in space missions, defence and policy-making—reshaping perceptions and realities at the highest levels.
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Inclusive and bold
India's women-led startup revolution is more than a statistical phenomenon. It is a powerful indicator of what inclusive, equitable growth can look like. From Bengaluru's tech corridors to the grassroots of Bihar, women are shaping a new economic narrative grounded in creativity, resilience and impact.
Yet, the journey is far from complete. Funding gaps, regional disparities and a lack of late-stage capital remain significant hurdles. Closing these gaps will require not only public sector commitment but also proactive support from investors, incubators and industry leaders.
As India looks toward its Viksit Bharat@2047 vision, one thing is increasingly clear: the future of Indian innovation is not just inclusive, it is female-led. And in that future, numbers don't just tell a story; they tell a revolution in progress.
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